Choose one (1) topic below and make an essay. Then, discuss the
choice of words used. Your work will be rated on the following criteria:
Content - 10pts
Spelling, Grammar and Consistency - 5pts
Total = 15pts
TOPIC CHOSEN: Pulled Economics Down to its Knees: Countries suffered economically when
businesses had to be closed to avoid the further spread of the virus. This caused financial losses for small and big businesses that were forced to stop
during the spread of the pandemic
Answers
Answer:
Coronavirus has brought world economy on its knees, is a global recession inevitable?
Explanation:
These are unprecedented times for the global economy and that is an understatement. But, the pandemic has set back the global economy by decades
The alarm bells are ringing at IMF and world bank as pressure mounts on these institutions to help the poor countries.
Advanced economies are the worst-hit and in these times -- even the grimmest economic forecasts show a sense of optimism.Today, the world is staring at an economic collapse -- possibly the worst in nearly a hundred years. The coronavirus pandemic has undone decades of economic development, threatening to push more people into poverty.
Let's take a look at the three months timeline where it all began:
In January, the international monetary fund said the world economy would grow at about three per cent in 2020. Now, it says the world economy is drained.
IMF: World economy to shrinks by 3 per cent in 2020
IMF's predictions have been overturned now the global economy will contract by three per cent this year.
Let’s begin the survey of the global economic damage with the global south:
Asia to record zero growth in 2020
Coronavirus is sure to end Asia's 60-year growth streak, according to the IMF which means zero growth in 2020.
This is much worse than the global financial crisis of 2008 and that year, Asia grew at 4.7 per cent.
Take the region’s worst financial crisis, the Asian currency crisis in the 1990s. Even then, Asia grew at slightly more than one per cent.
Latin America facing the worst recession in 50 years
The IMF predicts the worst recession in half a century. One out of three people could lose their jobs in South America. That’s over 200 million people unemployed on a single continent.
Nearly half the jobs could be lost in Africa
In Africa, nearly half the jobs could be lost without urgent action. In the global north, the advanced economies are the worst-affected.