For this week's blog, we are required to provide an example of statistics in action and how the way it shows its applicability in any context. I decided to use well known COVID-19 that seems to be the main daily discussion as an example of how the virus is applicable in affecting the economy. COVID-19 has disrupted the global supply of goods, making it harder for the United States firms to fill orders and has also laid off workers in various areas, reducing labor supply from one end of the country to the other (Vinelli, 2020). Statistics is a form of mathematical analysis that uses quantified models, representations and synopses for a given set of experimental data or real-life studies (Grant, 2019). The economic crisis caused by the outbreak of COVID-19 is hurting economies, regardless of income level. The data from United Nations Industrial Development Organization (UNIDO)'s seasonally adjusted Index of Industrial Production (IIP) (April 2020 vs. December 2019) indicates both lower and upper middle-income countries have been impacted significantly by COVID-19. Below is a table showing the average loss in percentage in the IIP across countries.
From a statistics standpoint, COVID-19 has also created trade losses for nearly all high and lower income countries between March and April 2020. South Africa, India, Mexico, France and Italy are the five countries that suffered the highest reductions in trade volume from March to April 2020. Below is a figure showing a change in trade goods in percentage by country from March to April 2020.
References
Grant, M. (2019, April 9). Investopedia. Statistics. Retrieved from https://www.investopedia.com/terms/s/statistics.asp#:~:text=Statistics%20is%20a%20form%20of,Mean
Vinelli, A. (2020, March 6). American Progress. The Economic Impact of Coronavirus in the U.S. and Possible Economic Policy Responses. Retrieved from https://www.americanprogress.org/issues/economy/news/2020/03/06/481394/economic-impact-coronavirus-united-states-possible-economic-policy-responses/
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