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The Economic Impacts of the COVID-19 Outbreak on Developing Australia and Hong Kong

Economics Assignment Answers on Australia and Hong Kong Economy Impacts of COVID-19 Pandemic for Students

  • Industry to Assess: Financial Services
  • Total Words: 2000-2500
  • Location: Australia & Hong Kong

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The purpose of this announcement/email is to prepare you for completion of Assessment 3, which is a 2000 word report (+/- 10%) that you will be writing and you will examine the performance of two economies (Australia and Hong Kong )on their macroeconomic responses to the current COVID-19 pandemic that is sweeping the globe. Though we haven’t covered macroeconomics in lectures as yet, we will be doing so very shortly. So, right now you can be organised in groups and allocated countries which you are to examine. I will be forming you into groups of 3 students as well as picking a team leader for each group.

While we are all self-isolating at this moment because of COVID-19, it is especially important you communicate with your group members online, with the team leader taking a lead role. You can communicate with each other via email, Skype or zoom. It’s a challenge, but you can do it. I particularly call on team leaders to take the initiative and contact group members to see that all is functioning well.

As you know, world economies continue to battle with the. International organisations such as IMF, OECD and World Bank have made two-year predictions about the global economic outlook and individual country prospects. The pandemic has an impact on countries at both the microeconomic and macroeconomic levels.

Your specific tasks are as follows:

You need to answer the following 4 questions:

(a) With the advent of COVID-19 critically discuss and compare the 2-year economic forecasts provided by the IMF, World Bank and OECD of the following advanced economies (Australia and Hong Kong countries). Focus on key variables such as changes in GDP (or economic growth), unemployment and inflation. I will allocate 2 countries for each group, one of them being Australia.

(b) Taking into account global economic outlooks provided by economic analysts and the forecasts for Australia, discuss their implications on any one of the following industry: Financial Services. You also need to comment on the market structures of the industry, the regulatory environment and pricing during the COVID-19 environment.

(c) Evaluate the prospects for employment in the industry you discussed in part (b) and provide an opinion on whether the companies in the industry could weather the COVID-19 storm in the medium term in a post-COVID-19 environment as factors such as technology and/or changes in market demand may positively impact operations.

(d) Critically review the effectiveness of fiscal incentives that the Australian government have applied to stem the negative effects of COVID-19 on the economy. Your discussion should make reference to academic literature and the estimates of macroeconomic figures of GDP, inflation and unemployment in the first 6 months of 2020. (10 marks)

Please consider the following:

  • Use reliable data sources such as those of international organisations such as IMF, World Bank, OECD, each country’s data sources, journal articles by economists and academics
  • Remember to cite inside the report the sources of information used and include the reference list at the end.
  • It is important to review material on market structures, macroeconomic variables such as GDP, unemployment, inflation and the use of the fiscal policy.
  • You are expected to take a critical approach when writing the report.
  • A peer review is expected. This is where you tell the audience how you organised yourself as a group to work on the project. Challenges, difficulties and success stories must be told. It is important to be truthful about the group dynamics and perhaps even tell us what you learnt about working in a team.



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