Macroeconomics and national accounts
This is about the macroeconomics and national accounts, GDP, etc. Please see the reference link. This main point is about how the measurement of the economy has been difficult to carried out or hampered due to the covid -19 now. It should not look at the point of view of macro or even micro concepts about how covid-19 actually affected the economy, but rather, it should be on the process of interpreting/extrapolating/
So it should be one of the key indicators in the links ( eg, GDP, inflation, current account).
Please choose the measurement to be discussed about the GDP and the national accounts. Talk about how its measurement has been disrupted by the covid pandemic and associated measures of lockdown and social distancing. You should comment on how the measurement of the variable was different in 2019.
Set out a text that relies as much as possible on how economic data are constructed.
please provide graphs or any tables, pictures for it as well. If using external resources, please provide the references links.
should also display data about the variable you have chosen from at least four countries. At least two countries should be advanced economies (according to the IMF classifications1) and at least two should be from the (IMF’s) “Emerging and Developing” or “Low- income Developing” country categories.
Have at least three new sources , not only reproduce whats in the source material but also add value or introduce a new perspective of what’s not in the source material.
Please do not spend much on background information, eg. do not need to spend any time explaining that covid is a respiratory virus or that pandemics are bad for the economy.
Here are the references links for you to have some idea on.
https://pubs.aeaweb.org/doi/
https://www.ons.gov.uk/
https://www.
https://www.economicsnetwork.
Around 500 words.
Hi, I think all the information has provided, I would really appreciated if you could follow the requirements, you are welcome to use any additional resources as long as it meets the requirement. I hope to work with you next time if this one goes well. Thanks
Please note you can include any diagrams you wish, there is no requirement for diagrams and diagrams are not in the word count as well. But a lot of diagrams will be appreciated
Answer preview
Short-term GDP measures can be used as a benchmark of Covid-19 impact on economic activities. However, the lockdowns affected various societal values such as connections, subjective well-being that cannot be measured using the GDP. Measuring the Gross Domestic Product based on the initial monthly estimates provides an unclear snapshot of the overall economic activities and status. The BEA must develop a balance between the timeliness and accuracy of the GDP estimates to monitor the actual economic impact of the Covid-19. Also, the time of coronavirus occurrence provides limited time to classify the types of spending involved in GDP accounts which are crucial for its measurement. This variable is restricted by time-lags, impeding its accuracy in estimating the current state of the economy (Landefeld, Seskin, and Fraumeni, 2015). The GDP has fallen short in capturing the full effect of Covid-19 on the economy.
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Macroeconomics and national accounts
