how pandemic has affected world economy
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Answer:
With more than 20 lakh people infected worldwide and 1.27 lakh dead, the Covid-19 pandemic shows no signs of abating. As vaccine is yet to be found, lockdowns remain the only way to slow its spread. However, the lockdowns are also pushing major economies to the brink.
The International Monetary Fund (IMF) has revised its global GDP growth estimate from 3.3% just 3 months ago to a contraction of 3%, something not seen since the Great Depression of the 1930s. ET Wealth studies how India is placed in this scenario.
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Answer:
Explanation:The economic and political impact of the coronavirus pandemic is growing more dramatic by the day. Millions of businesses and the jobs they support are under threat. Civil liberties in many countries are being drastically curtailed as governments fight to control the spread of Covid-19.
- How will all this change the world economy and what does it mean for globalisation as we know it?
- To curb the spread of the coronavirus, authorities around the world implemented lockdown measures that have brought much of global economic activity to a halt.
- Many businesses have been forced to reduce operations or shut down, and an increasing number of people are expected to lose their jobs.
- Companies in the services industry, a major source of growth to many economies, were among the hardest hit in the coronavirus pandemic.
- Manufacturers have also been hit, and world trade volume could once again plummet this year.