World Economy -What Effect Did Corona wear the planet Economy, Which Country Did a far better Job? – In the midst of the corona epidemic, many countries of the planet resorted to lockdown to retard the curve of the amount of corona-infected patients. The lockdown meant closing many people in homes, shutting down trade and prohibiting economic activity.
World Economy -What Effect Did Corona wear the planet Economy, Which Country Did a far better Job?
According to the International fund , this year, ie in 2020, the worldwide economy can go negative i.e. minus 3 percent, which is that the biggest decline after the good Depression of 1930. Now some countries are removing lockdowns and promoting economic activities. during this situation, we see what proportion economic damage has been caused to the world by the corona epidemic.
Corona’s impact on the economy
Covid-19 is fighting the planet with the disease and this disease has created a recession-like atmosphere within the global economy, that is, the economy is collapsing and growth has stopped. The corona virus has put many people on the unemployment list in America.
In the month of April itself, the amount of unemployed in America was quite 20 million, which is predicted to extend further. consistent with a report, by March 21, quite 360 million people are unemployed, which is one third of the working population of America.
In addition, consistent with the analysis of the International fund , manufacturing output in many countries has come to a standstill because of which external demand has declined and domestic demand can also see an expected decline.
The International fund has predicted that the world economy will grow negatively this year. consistent with estimates, the economy will grow at minus three percent and it’ll be more dangerous than the financial crisis in 2009.According to the estimates of the International fund , the economies of those countries may suffer such a lot …
Japan – 5.2 percent
United Kingdom – 6.5 percent
Germany – 7 percent
France – 7.2 percent
Italy – 9.1 percent
Spain – 8 percent
In the half-moon of 2020, China’s GDP has seen a decline of 36.6 percent, while South Korea’s output has fallen by 5.5 percent. Although South Korea didn’t impose lockdown in its country, it emphasized more testing, quarantine and get in touch with tracing. watching Europe, France’s GDP fell 21.3 percent, Spain’s 19.2 percent and Italy’s 17.5 percent.
The ban on travel has had a profound impact on global industrial activity. March saw a steep drop by oil prices. The imposition of lock down affected travel and transportation, because of which not only oil but also gas was affected.Steps taken to beat Kovid-19 led to a decrease in gas demand, leading to many LNG buyers in China prohibiting imports as their reserves weren’t empty.
Food and beverages
According to the IMF, food prices may fall by 2.6 percent in 2020. this will be caused by blockages within the supply chain, delays at the borders and safety of food in Corona-infected areas.Prices of cereals, oranges, seafood and Arabian coffee rose during the lockdown, but prices of tea, meat, wool and cotton were seen to say no . Palm oil, soy oil, sugar and corn prices declined sharply because of falling oil prices.
How did countries fight the corona virus?
Finance Minister Nirmala Sitaraman announced the Self-Reliant India Campaign Package in India and explained it intimately . He informed that tiny and medium businesses are going to be given relief as a credit guarantee under this campaign.Many countries announced billions of rupees packages within the country to fight Corona. India has announced 10 percent of its GDP, Japan 21.1 percent, America 13 percent, Sweden 12 percent, Germany 10.7 percent, France 9.3 percent, Spain 7.3 percent and Italy 5.7 percent. did.
South Korea didn’t prohibit economic activities in its country, so there has not been much impact on its economy. China has also recently opened a lock down, after which the economy is slowly being opened.