Mentor’s comment-
- https://www.thehindu.com/
opinion/op-ed/unpacking-the- resiliency-of-global-trade- yet-again/article35845220.ece - In the intro, mention the economic disruption caused by the pandemic.
- In the body, describe the important role played by the global trade in the economy and its implications for the economic development. In the challenges mention the threat to globalisation, free economy, increase in protectionism etc. Next, mention the changes that may come such as WTO rules that may impinge on national sovereign policy, dominance of technology etc.
- Conclude by mentioning that the global economy will emerge more resilient from the current crisis by internalizing the lessons learned.
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Sehaj
In introduction, it will be better if you write how global trade has been ruptured by the pandemic- give some data- take cue from the 1st sentence of the question. You can mention that pandemic has shrunk the world economy by 4.4% and global trade by 5.3%. Importance is fine. You can also mention that it is an insurance against supply shocks and reduces the risk of inflation in economies. You can bring in the pandemic angle too- necessary for faster recovery.
Challenges are also fine, again you can add some points- ineffectiveness of WTO, increasing use of technology and concentration of power in the hands of tech giants etc
Also mention a small section showing how in the past after major shocks the global economy has responded well, this is mentioned in the 1st statement of the question, so you need to substantiate it a bit.
Second World War was responsible for the creation of the Bretton Woods Institutions such as World Bank and IMF and International Trade Organisation (ITO) were created to help rebuild the shattered post-war economy.
Oil shocks of the 1970s led to the establishment of the International Energy Agency (IEA) in 1974 and went on to create awareness on the need for global energy security.
Financial crisis of 2008 led to the G20 Leaders Summit and global trade increased after that.
Improvement is needed in way forward. 1st para is more about India, we are talking about global trade here, protectionism is one of its challenges. 2nd para is challenges only.Mention some steps like increasing role of WTO, establishing rules-based order, use tech to advantage, financial buffers through stimulus packages by governments, free trade agreements between nations etc.
Keep practicing. 🙂