Research on the Impact of the Coronavirus Disease 2019 (COVID-19) Pandemic on the Global Trade Economy Based on Big Data Analysis

Research on the Impact of the Coronavirus Disease 2019 (COVID-19) Pandemic on the Global Trade Economy Based on Big Data Analysis

Jianfei Li, Juxing Li, Jin Ji, Shengjun Meng
Copyright: © 2021 |Pages: 18
DOI: 10.4018/JOEUC.20211101.oa14
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Abstract

The coronavirus disease 2019 (COVID-19) epidemic that began in early 2020 quickly formed a global trend, bringing unprecedented shocks to many countries’ and even the global trade economy. Big data is the main feature of the Internet era, which has transformed the industrial development pattern of modern society and has now flourished in the field of trade economy; therefore, it is of great significance to apply the big data analysis technology to study the impact of the COVID-19 epidemic on the global trade economy. On the basis of summarizing and analyzing previous research works, this paper, expounded the research status and significance of the impact of the COVID-19 epidemic on the global trade economy, elaborated the development background, The study results of this paper provide a reference for further researches on the impact of the impact of the COVID-19 epidemic on the global trade economy based on big data analysis.
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1. Introduction

The global pandemic of the coronavirus disease 2019 (COVID-19) has had a broad and far-reaching impact on the world's economic development. It will not only re-deconstruct the core concepts and basic connotations of economic globalization, but also reshape the ecological system of the world economy, and promote a fundamental change in the global governance system (Jones, 2020). Based on past experience, the spread of the epidemic will have an impact on the normal operation of the economy, and then it will evolve into an important exogenous factor affecting economic growth. The previous outbreaks of the epidemic will have a certain impact on the place where the epidemic broke out, and even the development of the world economy (Halawani et al., 2020). The COVID-19 epidemic will accelerate the world’s multi-polarization trend and regional division of labor will accelerate the replacement of global division of labor. As an infectious disease crisis, the COVID-19 epidemic is a typical global public crisis, whose spread exceeds expectations and has a huge impact on public health, economic development, and social stability (Matthijs, 2020). Public crises have important characteristics such as suddenness and urgency, uncertainty, sociality, and non-procedural decision-making, which may cause major damage to the smooth operation of the economy and society, and even cause global shocks. The economic analysis of public crises and economic reconstruction measures are important research tasks for academic and policy circles (Wei & Ho, 2019).

The big data analysis technology can help users quickly and efficiently obtain their required information in massive network data. A big data classification system needs to be designed to help users quickly and effectively obtain the required information in a large amount of network data. Since the outbreak of the COVID-19 epidemic, international economic organizations, especially international financial institutions, have been paying attention to the impact of the development of the epidemic on the economy and many international financial institutions were born in crises and have experienced many crises (Cunningham & Scarlata, 2020). It not only serves as a financial safety net or financial support, but first is to make predictions about the impact on the global economy, and secondly, it is necessary for the countries concerned. They should put forward country-specific policies and cooperation policies, and finally implement them to truly provide financial support to vulnerable countries affected by the epidemic (Evenett, 2020). With large-scale shutdowns and production shutdowns, cross-border and even domestic logistics are hindered, production enterprises are facing unprecedented challenges in production, transportation and employment, especially in cross-border manufacturing (Khan et al., 2017). With the expansion of the impact of the epidemic, most companies have to enter a short period of dormancy and short-term gaps have appeared in the global supply chain. The expansion of the global supply chain network has seriously affected the continuation of integrated mass production in stable development can easily lead to the shrinking of global trade and the closure of production enterprises (Cacciapaglia et al., 2020).

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