Starting from China Coronavirus became the biggest challenge for all the nations. The very first case of COVID19 appeared on 31st December 2019 in Wuhan. In the last 3 and a half months, this virus spread globally and became one of the biggest pandemics the world ever had. Countries like the US, UK, Germany, Italy, France, Iran are majorly hit by this virus.
IMPACT ON GLOBAL ECONOMY
COVID19 outbreak is a growing impact on the global economy. During this pandemic, many countries are going to lockdown to ensure the safety of the people. Online and offline business is going down in these crucial situations and the global economy could shrink up to 1% in 2020 due to the coronavirus pandemic.
The UN Department of Economic and Social Affairs (DESA) said the COVID19 pandemic is disrupting the global supply chain and global trade. They also said that
“Millions of workers in these countries are facing the bleak prospect of losing their jobs. Governments are considering and rolling out large stimulus packages to avert a sharp downturn of their economies which could potentially plunge the global economy into a deep recession. In the worst-case scenario, the world economy could contract by 0.9 percent in 2020”.
The developed country may decline in consumer spending which will impact the developing countries as well. The countries that majorly rely on tourism may lose their economy majorly in 2020. Under-Secretary-General for Economic and Social Affairs, Liu Zhemin said that
“Urgent and bold policy measures are needed, not only to contain the pandemic and save lives but also to protect the most vulnerable in our societies from economic ruin and to sustain economic growth and financial stability”.
IMPACT ON DIFFERENT COUNTRIES
Currently, global nations have to handle COVID19 situations by reducing the number of victims & sustain their economy as much as they can. There is a chance of major recession after COVID19 situations if it goes too long. Many skilled workers may losses their jobs and a decline in consumer spending will affect the economy.
It also may happen that the trade relations between the countries may change after this pandemic situations. Which may also affect the particular country indirectly or directly. But the priority things that the global nations have to do is to control this Corona virus spread by coming together. Hopefully, the scientist will find out the vaccine in the coming days and the entire world will come out from this crucial pandemic situation.
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