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Geo-politics and the Geo-economics in the post-Covid-19 World

It is anticipated that the world will experience a change in the global order in the aftermath of Covid-19. These major changes will be on the economic and geopolitical front and we can see the failure of the international institutions and role of China and the US (refer: Expansion of G-7)

Failure of international institutions

The major international bodies such as the United Nations, the World Health Organization (WHO) are seen to have failed to curb the grave challenge posed by the pandemic COVID19. The WHO is under attack for being bias and of grossly underestimating the nature of the epidemic. The United Nations Security Council (UNSC) is criticized for being slow in dealing with a situation that is far severe than any military threat in recent times.


Economic crisis

The COVID19 pandemic will drastically impact the world in many aspects and one is economically. The World Bank has already announced negative growth rate for most countries, including some fastest growing nations like India. Economy and the job loss of millions across all sectors will further create a complicated situation.

 

Certain other important aspects related to political management and security is also expected to change. The role of the state as a provider of public goodwill are greatly enhanced.

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Role of China under scrutiny

This modern day pandemic will bring a far-reaching changes in the realm of geo-economics and geopolitics. The world is watching China’s move of seeking to take advantage from the crisis faced by the rest of the world. There is no confusion among the global fraternity that the current world pandemic owes a great deal to China’s negligence. But now China is seeking to convert its ‘failure’ into a significant opportunity. We are witnessing Sino-centrism at its best, or possibly its worst. Early recovery from the pandemic helping China to take advantage of the travails of the rest of the world, by using its manufacturing capability to its geo-economic advantage. It also eyeing to take geopolitical advantage by changing itself from being a Black Swan (responsible for the pandemic), to masquerade as a White one, by offering medical support to several Asian and African nations to fight the pandemic threat. Please refer the rise of China.

Hostile takeover bids by China

Amid the crisis there are enough reports of China’s moves to acquire financial assets and stakes in banks and companies across the world. For example, China has acquired a 1% stake in India’s HDFC Bank. Several countries, including India, Australia and Germany has recognized the inherent danger of a possible Chinese hostility and have begun to restrict Chinese foreign direct investment in their countries. China always dominated the Regional Comprehensive Economic Partnership (RCEP) and Belt and Road Initiative (BRI). This has possibly prepared the way for a China-centric multilateral globalization framework.


Global order under threat?

The existing global order is under threat and experiencing a geopolitical fallout due to this pandemic. The United States which is being touted as a ‘failing’ state in some circles. The US’s capacity to dominate the world is certainly under threat due to weakened economic and political position. Obviously, the main beneficiary of this geopolitical fallout is China, a country that does not quite believe in playing by the rules of international conduct.

Except for Germany, Europe is expected to lose its influence in the world affair and will prove incapable of defining and defending its common interests. Both France and the post-Brexit United Kingdom will lose its present strength.

The oil price meltdown has aggravated the already difficult situation in West Asia and both Saudi Arabia and Iran are set to face difficult times. Here, Israel could possibly in a position to exploit this situation to its advantage.

Conclusion

In the post-Covid-19 world, we are about to witness many changes on the economic and geopolitical front in the post-COVID19 world. The global institution should prepared itself to face the emerging challenges prevailing across the world.

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