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Ways to Mitigate the Adverse Effect of Balance of Payment Disequilibrium Due to COVID-19 Pandemic on a Country's Economic Health

Ray Vincent Manzano, Anthony Randolph Pablo, Florinda Vigonte, Marmelo Abante

The balance of payment is an essential indicator of a country's economic health because it measures capital inflows and outflows. The COVID-19 pandemic has caused significant economic disruptions, including balance-of-payment deficits in some nations. Mitigating the negative impacts of balance-of-payment instability is an important study area in international economics. This literature review looks at measures to reduce the harmful effects of balance of payment disequilibrium on a country's economic health, notably during the COVID-19 pandemic. To mitigate these adverse effects, governments must implement measures such as reducing import dependency, diversifying export markets, and promoting domestic industries, providing financial support to affected sectors, and adopting fiscal and monetary policies encouraging economic growth. In addition, countries must collaborate and cooperate to ensure a stable global economic environment. By implementing these measures, countries can minimize the negative impact of a worldwide financial crisis and promote sustainable economic growth. It is recommended that policymakers lessen the adverse impact of balance of payment disequilibrium on a country's financial health. They should also focus on the importance of a comprehensive approach involving short-term and long-term policies.