essay on covid- 19 effects
Answers
Explanation:
Key Observations
A slowdown in the global economy to under 2% for this year is envisaged which will probably cost in the order of $1 trillion.
Worst possible scenario: If the world economy grew at only 0.5% which would involve a $2 trillion hit to gross domestic product (GDP).
Best case scenario: With moderate declines in private consumption, investment and exports and offsetting increases in government spending, global growth would fall to 1.2% in 2020.
Global financial market is fluctuating due to the supply-chain interruptions from China and oil price uncertainty among major producers.
European economies had already been performing extremely badly towards the end of 2019.
Europe is almost certain to go into recession over the coming months.
German economy is in a fragile state.
Italian economy and other parts of the European periphery are also facing very serious stresses right now.
Many parts of the Latin American region are also vulnerable.
Argentina in particular will be struggling as a consequence of the knock-on effects of this pandemic.
The least developed countries whose economies are driven by the sale of raw materials will also face hard consequences.
Heavily-indebted developing countries, particularly commodity exporters, face a particular threat due to the weaker export returns linked to a stronger US dollar.
The likelihood of a stronger dollar as investors seek safe-havens for their money and the almost certain rise in commodity prices as the global economy slows down, means that commodity exporters are particularly vulnerable.
Suggestions
A series of dedicated policy responses and institutional reforms are needed to prevent a localized health scare from turning into a global economic meltdown.
Governments need to spend now in order to prevent more damaging meltdown in the coming times.
Chinese Government is likely to introduce significant expansionary measures – shorthand for increasing spending or tax cuts.
The US government is in an election year and it needs to do more than simply cutting taxes and reducing interest rates.
Answer:
This pandemic taught us that being fit is greatly important in one's life and hence, we should opt to be the same. Working out for an hour could really be beneficial as the body would stay up to fight any virus endterying our bodies.Eating healthly is also important, mainly food with vitamin- C is really required so to increase immunity in oneself.So stay fit, eat healthy and enjoy your life.