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Q1) Write down the global economic impact of COVID-19
Answers
Answer:
DUE TO COVID -19 WHOLE WORLD IS SUFFERING AND BECAUSE OF THIS WORLD ECONOMY IS FALLING DAY BY DAY.
IF IT IS NOT STOPPED THEN WORLD MAY GO BACK MANY YEARS BECAUSE THE CHAIN OF GLOBALISATION GETS BREAK.
Explanation:
Covid-19 impact: According to IMF, the global economy is expected to shrink by over 3 per cent in 2020 – the steepest slowdown since the Great Depression of the 1930s.
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Migrant workers try to catch a packet of biscuits given by locals in Lucknow, Thursday. (Express Photo: Vishal Srivastav)
Amid the coronavirus pandemic, several countries across the world resorted to lockdowns to “flatten the curve” of the infection. These lockdowns meant confining millions of citizens to their homes, shutting down businesses and ceasing almost all economic activity. According to the International Monetary Fund (IMF), the global economy is expected to shrink by over 3 per cent in 2020 – the steepest slowdown since the Great Depression of the 1930s.
Now, as some countries lift restrictions and gradually restart their economies, here’s a look at how the pandemic has affected them and how they have coped.
How hard has the economy been hit?
The pandemic has pushed the global economy into a recession, which means the economy starts shrinking and growth stops.
In the US, Covid-19-related disruptions have led to millions filing for unemployment benefits. In April alone, the figures were at 20.5 million, and are expected to rise as the impact of the pandemic on the US labour market worsens. As per a Reuters report, since March 21, more than 36 million have filed for unemployment benefits, which is almost a quarter of the working-age population.