Documentation

Context and Objective

Inside an uncertainty economic situation around the world experienced in 2020, the impacts over COVID 19 as a pandemic thread affected different countries in aspects such as work force interruption, declining consumption, health structure affect, political issues, international commercial agreement, broken cooperation and economic impacts.We choose for GDP analysis as aspect to lead this outlook. “Gross domestic product is the most commonly used single measure of a country's overall economic activity” – Source World Economic Outlook (April 2020).The objective of our project is to analyze the effect and impact of covid19 on real GDP growth of the countries in the world and to determine if there is any correlation. The nullhypothesis will be that covid19 will have no impact on real GDP growth. Hence, we seek to determine if covid19 has an impact/effect on real GDP growth and whether that impact/effect is negative or positive.

Description - Planning

Description - PlanningOur dataset/source comes from the real GDP growth dataset downloaded from IMF’s official website and from Johns Hopkins University site a dataset acknowledged as COVID international reports.We will plot the data using Chartjs and analyze what correlation, if any, exists between covid19 and real GDP growth. We will also use the descriptive statistics function in excel to analyze the distribution of real GDP growth of all the countries. This way, we can determine the average real GDP growth and see which countries are on the lower and higher end of the distribution.

Dataset Process

• Access the dataset by download from IMF’s official website
• Access the dataset by download from Johns Hopkins University official website
• Timeseries COVID data-Manage details from extract and set up of dataset by PowerQuery by Excel
• Data analysis focus descriptive and diagnostic result
• Preview of visualization in Excel to monitoring partial results and main information
• Set data in Chartjs to graph and deeper visualization and insights
• Forecast income prediction by excel tools and calculations by fundamentals of statistics

Visualization preview

• World GDP growth 2020
• World GDP growth 2021 (Forecast bt IMF)
• Real GDP - last 10years
• Regions comparing 20 - 21forecast

Risks and Limitations

As a project, we purpose as controlling for this project according the visualization delivery are done. As a management, we define options to be re-rated as time control such as: possibility of replace of visualization tools, reduction of categorizations and eliminate forecast analysis.

Conclusion

Based on our findings and illustration, it is evident that covid19 had a negative impact on the real GDP growth of all countries in the world. The most significant impact was felt by countries in the EU, followed by Australia and lastly countries in North America. The average real GDP growth for all countries in 2020 is -3.69%. Canada’s real GDP growth for 2020 is projected to be -6.2% compared to 2019’s value of 1.6%. This fact is supported by announcements of financial relief efforts bythe Federal government to assist industries and their employees who have been affected by covid19. However, considering these grim facts, the IMF projects a rebound for real GDP growth of all countries in 2021. This is an encouraging prediction but we also have to be mindful that the accuracy of statistical data provided by some countries cannot be validated and what factors or conditions the IMF used to predict a growth of real GDP in 2021 (vaccine availability, economic stimulus etc).