How has Covid-19 affected the economy of the world
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Answer:
Some early studies suggest between 1 in 5 and 1 in 10 people with COVID-19 will experience symptoms lasting longer than a month. A majority of those who were admitted to hospital with severe disease report long-term problems including fatigue and shortness of breath.
Before calculating the impact of COVID‐19 on higher education, it is necessary to understand how the virus has impacted the financial stability of countries worldwide. The economies of many countries have been shattered by the pandemic, and, by extension, the economic challenges will impact families’ ability to finance their children's higher education choices in the future.
Consumer spending, including higher education spending, will continue to decline as a result of economic contractions in a post‐COVID‐19 world. Families facing an uncertain economic future will be reluctant to send their children to high‐priced schools. College and university students will continue to reject an online‐only learning experience.
There is no vaccine for fear and economic insecurity.
Economic impacts of COVID‐19 include:
➤In May 2020, the Asian Development Bank announced that COVID‐19 could cost the global economy between $5.8 and $8.8 trillion.
➤Christine Lagarde, President of the European Central Bank, warned in April 2020 that the Eurozone's economy could shrink by as much as 12% in 2020. In August 2020, there were 15 million unemployed people in the European Union, an increase of 700,000 since April 2020.
➤According to the Bureau of Economic Analysis, the gross domestic product for the United States decreased at an annual rate of 48% for the first quarter of 2020 and 32.9% in the second quarter. Consumer spending in the United States decreased 10% in 2020 compared with 2019.
➤The United Kingdom's economy contracted 20.4% in the second quarter of 2020.
➤After nearly 30 years of growth, Australia fell into a recession after its economy shrank 7% in the second quarter of 2020.
➤Japan's GDP contracted 27.8% from April 2020 to June 2020, the third straight quarterly decrease and the biggest decline in postwar history.
➤South Korea officially entered into a recession in August 2020, the first in 17 years.
➤Latin American economies are projected to decline by 9.4% this year.