Brief impact on economies of various countries due to Covid -19 a) India b) USA c) China d) Itlay e) Britain
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The economies of every country was effected by COVID-19 pandemic. The major impacts were seen in countries such as Italy, USA, Great Britain, India and in its source country i.e, in China. There was a gradual fall in the GDP growth rate in this year.
According to world bank , the advanced economies such as USA , Great Britain, France etc will experience of 7% fall in GDP in the year 2020. while, the emerging economies such as India, Brazil ,etc will experience a 2.5% fall in GDP this year. There will be a total loss of 5.2% in global GDP .
According to IMF the global economy is expected to shrink by over 3% in the year 2020.
Impact on various countries :-
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1) India :- Due to COVID-19 pandemic India has already gone under complete lockdown from 24 March 2020 and has faces a severe fall in its economic development. According to ministry of statistics, it's growth rate went down to 3.1% in the year 2020. India is trying to strengthen up its economy by launching a new program named Atmanirbhar Bharat by prime minister Narendra Modi.
2) USA :- The united states has also gone down to lockdown from March 2020 and thus is facing an economic crises. There lies a sharp rise in unemployment. The USA has launched CARES act (Coronavirus aid, relief and economic security act) to protect its economy.
3) China :- The novel coronavirus pandemic has broken out from country's Wuhan. Thus a lot of economic crises is faced by China. The Chinese government was able to have a control over the pandemic and is now doing its best to save the economy.
4) Italy :- After China Italy was the only country which was mostly affected by the COVID-19 pandemic. Major Italian companies such as Ferrari, Fiat automobiles, etc has faced a severe crisis.
5) Great Britain (UK) :- Britain's economy shrank by 13% in the year 2020. Unemployment rate went up by more than 10% and a loss of 14% was seen in gross domestic product.
Every country is trying to come up for this situation and we hope everything will be fine after some time.
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