On March 4, the International Monetary Fund (IMF) and the World Bank held a joint news conference on the impact of the COVID-19 on the global economy and the responses from global governments and central banks.

Watch the 9-minute video of the speech of Ms. Georgieva, IMF director, posted on Moodle: Joint Press Conference on COVID-19 by IMF Managing Director and World Bank Group President (extracted). The full version is available on IMF website:https://www.imf.org/en/News/Articles/2020/03/05/tr030420- imf-wb-joint-press-conference-on-corvid-19

1. In the video, Ms. Georgieva mainly discussed the economic impacts of COVID-19. Based on her speech, summarize the demand and/or supply shocks resulted from the COVID-19 pandemic. Discuss, with the aid of an AD-AS diagram, the economic impacts of COVID-19.(20%)