International Trade During the Shutdown

In 2020, for the first time in modern times, the world community faced an infection unprecedented in its scale and consequences – the coronavirus. After the announcement of the global pandemic, most countries of the world introduced measures aimed at limiting the spread of the virus (social distancing, border closures, quarantines, etc.). As a result, economic activity declined, causing a sharp recession in the world economy and trade, foreign direct investment, and financial flows.

Were companies able to return to work during the pandemic?   

Having recovered from the initial shock of the virus, business representatives began to look for ways to resume work in the face of the pandemic. It is primarily a question of ensuring a safe environment for customers, visitors, and partners. The most relevant to this was the emergence of the FlowFlex Covid-19 test, which allows in the shortest possible time and without the involvement of a medical worker to check whether a person is healthy or sick for coronavirus. Accordingly, this becomes an indicator of whether a particular employee can be allowed to work. Later, with the advent of vaccines and the beginning of vaccination, one type of coronavirus Certificate became mandatory in many countries (a vaccination certificate, a test Certificate, a Certificate of recovery). It was the existence of such a document that made it possible to resume work processes as much as possible and to try to raise the economy and world trade to pre-crisis levels.

An alternative to PLR tests – how to find out COVID status at home

In addition to PLR tests, how to do Lateral Flow tests work is among the most common questions. The Lateral Flow (LFT) tests are also popular, affordable, and easy to use at home. In order to get a result in just half an hour, you need to take a standard swab from the back of your nose or throat. If you are found to have coronavirus, you will see two bands. Notably, in some countries, such rapid test kits were provided to citizens for free. As for their accuracy, according to research reviews, LFT tests correctly detect on average 72% of people infected with the virus and having symptoms and 78% within the first week of illness. But in people without symptoms, that rate drops to 58%. In other words, if you get a negative LFT test result, it does not mean that you are not a carrier of the virus.

Economic losses due to the coronavirus pandemic

The main consequence of epidemics and pandemics is loss of life, but they also have a devastating impact on all economic activities, including world trade. Border closures, travel restrictions, and stricter border controls have particularly affected global trade, as well as trade in services, which often requires direct physical contact between supplier and consumer. In addition, the closure of service businesses and supply chain disruptions due to the epidemic has contributed to the decline in business activity in the countries.

Author: Carolyn Mason