COVID-19 PANDEMIC AS A CHALLENGE TO US ECONOMIC SECURITY IN THE CONTEXT OF GLOBALIZATION
DOI:
https://doi.org/10.29038/2524-2679-2021-03-271-281Keywords:
economic security, COVID-19 pandemic, the United States of America, globalizationAbstract
In the context of globalization, the COVID-19 pandemic has become a global threat. Overcoming its consequences requires consolidating the efforts of the world community. Although the United States of America has a strong health care system, the pandemic has resulted in significant deaths. At the same time, its influences can be traced in other spheres as well. The COVID-19 pandemic has had significant negative effects on the US economy.
The article examines the impact of the COVID-19 pandemic on the economic security of the United States of America. It is noted that in the context of globalization, the negative effects on the economy have been intensified. An additional negative factor in the stability of the US economy appeared to be the COVID-19 pandemic. The study analyzes a number of negative factors that have emerged in the economy of the United States of America since the beginning of the COVID-19 pandemic. The pandemic has become a challenge to US economic security, leading to lowering GDP, reducing industrial production, reducing federal budget revenues, a sharp rise in unemployment, crisis and stagnant processes in transport, tourism etc. A number of measures aimed at combating the effects of the US economic security pandemic have been studied. Moreover, we studied the actions of the administration of D. Trump and J. Biden aimed at overcoming the negative effects of the pandemic on the economy of the United States of America.
Study and analysis of the challenges to economic security caused by the COVID-19 pandemic are important tasks, as the next waves caused by new strains of Sars-Cov2 virus are already predicted. Therefore, as the impact of negative factors on the economy will continue spreading, it is possible that new negative trends in the world economy in general and in the United States of America in particular, as one of the most powerful economies, will emerge. Governments are constantly forced to develop mechanisms for rapid response to such changes and fluctuations in the economic sphere.
References
McKinsey. URL: https://www.mckinsey.com/about-us/covid-response-center/home/about-the-covid-response-center
Verschuur, J., Koks, E., Hall, J. (2021). Global economic impacts of COVID-19 lockdown measures stand out in high-frequency shipping data. PLoS ONE 16(4). doi: 10.1371/journal.pone.0248818
Coronavirus: How the pandemic has changed the world economy. URL: https://www.bbc.com/news/business-51706225
Szmigiera, M. (2021). Impact of the coronavirus pandemic on the global economy - Statistics & Facts. URL: https://www.statista.com/topics/6139/covid-19-impact-on-the-global-economy/
Trade and Economic Security. URL: https://www.dhs.gov/trade-and-economic-security
Leibovici, F., Santacreu, A. The Dynamics of the U.S. Trade Deficit During COVID-19: The Role of Essential Medical Goods. URL: https://research.stlouisfed.org/publications/economic-synopses/2020/09/16/the-dynamics-of-the-u-s-trade-deficit-during-covid-19-the-role-of-essential-medical-goods
Ott, M. (2021). US trade deficit up 1,9% in January on record goods imports. URL: [https://apnews.com/article/global-trade-united-states-coronavirus-pandemic-economy-39242e3e19e3f0d29c895ec96f2184cf
Josephs, L. (2021). U.S. airlines' 2020 losses expected to top $35 billion as pandemic threatens another difficult year. URL: https://www.cnbc.com/2021/01/01/us-airline-2-losses-expected-to-top-35-billion-in-dismal-2020-from-pandemic.html
COVID-19 Travel Industry Research. URL: https://www.ustravel.org/toolkit/covid-19-travel-industry-research
Ten Facts about COVID-19 and the U.S. Economy. URL: https://www.brookings.edu/wp-content/uploads/2020/09/FutureShutdowns_Facts_LO_Final.pdf
What to know about the report on America’s COVID-hit GDP. URL: https://www.weforum.org/agenda/2020/07/covid-19-coronavirus-usa-united-states-econamy-gdp-decline/
Global foreign direct investment fell by 42% in 2020, outlook remains weak. URL: https://unctad.org/news/global-foreign-direct-investment-fell-42-2020-outlook-remains-weak
Hamilton, R. (2020). COVID-19 and Pandemics: The Greatest National Security Threat of 2020 and Beyond. URL: https://www.fpri.org/article/2020/07/covid-19-and-pandemics-the-greatest-national-security-threat-of-2020-and-beyond/
Levinson-King, R. Covid economy: What economists got right (and wrong). URL: https://www.bbc.com/news/world-us-canada-56938750
Wright, T. (2020). Global Security Challenges and Strategy. URL: https://www.brookings.edu/testimonies/global-security-challenges-and-strategy/
National Security Strategy of the United States of America. URL: https://trumpwhitehouse.archives.gov/wp-content/uploads/2017/12/NSS-Final-12-18-2017-0905-2.pdf
Interim National Security Strategic Guidance. URL: https://www.whitehouse.gov/briefing-room/statements-releases/2021/03/03/interim-national-security-strategic-guidance/
Leibenluft, J., Olinsky, B. (2020). Protecting Worker Safety and Economic Security During the COVID-19 Reopening. URL: https://www.americanprogress.org/issues/economy/news/2020/06/11/486146/protecting-worker-safety-economic-security-covid-19-reopening/
President Trump Declares State of Emergency for COVID-19. URL: https://www.ncsl.org/ncsl-in-dc/publications-and-resources/president-trump-declares-state-of-emergency-for-covid-19.aspx
COVID-19 International Responses: Resources for Comparison with U. S. Policies. URL: https://fas.org/sgp/crs/row/R46270.pdf
Cheng, J., Powell, T., Skidmore, D., Wessel, D. (2021). What’s the Fed doing in response to the COVID-19 crisis? What more could it do? URL: https://www.brookings.edu/research/fed-response-to-covid19/
Biden administration releases COVID funds to boost local economies. URL: https://www.reuters.com/world/us/biden-administration-releases-covid-funds-boost-local-economies-2021-07-22/
The Biden Plan to Combat Coronavirus (COVID-19) and Prepare for Future Global Health Threats. URL: https://joebiden.com/covid-plan/
US economy accelerates as recovery continues. URL: https://www.bbc.com/news/business-56932023
U.S. leading indicator points to further economic recovery in June. URL: https://www.reuters.com/business/us-leading-indicator-points-further-economic-recovery-june-2021-07-22/
