As a Researcher Working for a Local Academic Institution, You have been Tasked: Economics Assignment, NUS, Singapore

Assignment Brief:

The outbreak of the COVID-19 coronavirus pandemic which became publicly recognised in end-January 2020 has affected many economies worldwide. The pandemic has impacted the global hospitality and tourism industry directly and has been disrupting global supply chains since then, adversely affecting many countries around the world.

As a Researcher working for a local Academic Institution, you have been tasked to conduct research and prepare a 2-section report on the impact of the COVID-19 coronavirus pandemic on ONE (1) of the following countries:

1. Singapore
2. Malaysia
3. China
4. Spain
5. the United States of America

In the first section of the report, discuss the following:

1. Identify and research on ONE (1) product that saw extreme changes in demand and/or supplies during the pandemic. Assuming that everything else remains constant, evaluate, and illustrate using the demand/supply model(s) to predict how the equilibrium price and quantity of the product will change.
2. Research and describe how the pandemic had affected ONE (1) key industry in the country is chosen.

In the second section of the report, discuss the following:

1. How pandemic impacted the production activities of the country. You may research and discussion based on the trends of relevant GDP-related indicators before and after the outbreak of the pandemic.
2. How the pandemic impacted the labour market by studying the trends of labour market indicators such as unemployment rate and labour force participation rate.
3. How the pandemic impacted the price level in the economy by studying the inflation rate trends in the economy.
4. How the government tried to reduce the adverse impact of the pandemic. Identify and elaborate on the economic measures implemented by the government and explain what the policy was meant to achieve.