The Covid-19 pandemic outbreak has caused massive upheaval in the economic, social, financial and political structures of nations throughout the world. The countries with the highest reaching economies such as China, United States, Italy, UK, Japan, France, Germany and many more are experiencing a near collapse. Stock markets all over the world are going towards a steady downfall and oil prices took a steep slide. In merely a week 3.3 million US citizens went through unemployment and in the coming week, 6.6 million inhabitants were on a desperate hunt for new jobs.
As if things weren’t worse enough, economic and finance experts have come up with the dire prediction that the condition of the global economy and finance structure is going to be worse in the upcoming months which can even last till the next year. According to the Managing director of IMF, Kristalina Georgieva it could be “a recession at least as bad as the GFC (Global Financial Crisis) or ever worse”. The world is basically caught in the most difficult economical situation it has experienced yet since World War II.
The economic sector though, is not the only one that is touched with chaos. Education is another one that is heavily affected by the pandemic. Online classes are a new norm and all levels of educational institutes are closed to an unknown period as yet to ensure the safety of students. In these difficult times students are feeling extremely pressured to just sit at home and do their assigned tasks and projects without any direct help from their teachers.
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If we study the effects of the pandemic further on, we can perceive that the cost we are paying for it in human life is immeasurable. Therefore, all nations must work with coordination and cooperation with each other to protect human well being as well as lessen damages to the economic sector. The lockdown is still putting restrictions upon many businesses like travelling to keep the virus contained and consequently it is grinding to a stop on a global level.
In view of the awful situation, G-20 nations called for an emergency meeting to talk about the worsening effects of the pandemic and to prepare a plan for combating Covid-19 in a way that reduces the loss of human lives. The spread of the virus is increasing in speed and causing further economic damage. As stated by US officials, unemployment will be 30% and the economy can shrink to half its size with this second wave.
According to the experienced hnd assignments, writer’s jobs of the public are under extreme threat as businesses are shutting down because they are unable to pay salaries to their employees. The current deteriorating condition of trade is forcing investors to remove their financial contribution from multiple companies. Up till now $83 billion has already been pulled back from various rising markets since the outbreak of the pandemic.
The world economy is going through severe instability as people are not able to spend enough money on businesses which in turn are not generating revenue leading to a complete shutdown.
Experts observe that the recovery of the economy from this clutches of this disease seem to be occurring in 2021 as nations are facing various difficulties to bring every sector back to an orderly state.
The collapse and recession of the economic structure is a factor that every country is fighting to survive through. Almost eighty countries around the globe, Pakistan included have requested for funds from IMF and are seeking monetary help in this time of crisis. There is unpredictability and uncertainty where the virus’s ebb and flow is concerned which makes it even more threatening. The OECD or Organization for Economic Cooperation and Development claims that the growth of the economy on a worldwide scale will be crushed into half and furthermore to 1.5% during the remaining year if the virus does not halt anytime soon.
Most economists have predicted the recession to be the greatest since the occurrence of the Great Depression a whole century ago. People alive during the current era haven’t experienced a downward fall of such a scale and the fear and anxiety attached to this crisis are present in every single household no matter in which country it resides. Health systems are overloaded with poor and rich countries alike and everything from restaurants, tourism, sports events and even the entertainment sector is falling apart. It is a time that should bring all the countries together and work for the rebuilding of humanity and the world as we know it.