Just as the world was recovering from the recession, the Corona outbreak created a new crisis.
The world is facing the challenge of surviving the economic crisis. Billions of people became unemployed. In such a situation, various international organizations have predicted that the gross domestic product of most countries will shrink.
Due to the Corona epidemic, there were various restrictions and lockdowns throughout the year. As a result of the border closure, trade and commerce was stopped. All economic and recreational activities including educational institutions are closed Almost the entire time, more than half of the world's people were under house arrest.
Hotels, restaurants and air transport were closed in most parts of the world for most of the year. Airlines or the aviation industry have come down to earth due to the suspension of travel. The United Nations World Tourism Organization (UNWTO) said, In the first 10 months of 2020, world travel decreased by 72 percent compared to the previous year. The loss of the world's tourism business is 93 trillion US dollars.
As a result of the corona, more than 22 million people lost their jobs in the United States, the world's largest economy, in the first quarter of 2020 alone. According to the country's labor department, more than two crore workers have taken advantage of unemployment as of November. Due to the increase in the number of unemployed people, there is a shortage of food in the food bank.
The economic crisis in China, the world's second-largest economy, has seen unemployment rise to a 40-year high in 2020. In the wake of India's lockdown, millions of workers have lost their jobs overnight and returned home, spreading the virus.
Oil prices have plummeted as global demand for oil has plummeted. This year, oil prices are at an all-time low.
In the second quarter of the year, all major economies except one have shrunk. Of these, India has shrunk by 23.9 percent. The biggest contraction in the April-June quarter was 30.2 percent in Peru.
The International Monetary Fund (IMF) has predicted that the impact of the corona on the world economy will exceed 28 trillion. However, overcoming the recession caused by the corona, New Zealand achieved a record 14 percent growth in the middle of the year.
Although tourism and aviation have suffered due to the closure of the border, Vietnam has also succeeded in recovering its economy.
Although Corona's dark journey began in 2020, the farewell to the end is in the light of vaccine discovery. With the discovery of the antidote to corona in just 10 months, those concerned think that the contraction of the economy in 2020 will return to some speed.
0 Comments