The
pandemic of coronavirus has hit the whole world both in terms of health
and economy. The infectious disease has pushed the world as an entire to
the edge of a recession in few weeks, which is more intense than the
2008 financial crises. The gravity of the situation is such that no one
can predict how long it will remain, which entirely depends on the
behavior of the virus, the response of the people who are infected by
the virus and several economical packages announced by the various
governments says Shaun Cohen.
Never has
the world in 100 years experienced such a pandemic crisis before. So how
would the world know how to deal with such a situation? The pandemic
has taken many lives until now, and no cure for the same has been found
to date. Not only is the lives of the people, but the entire economy
worldwide facing a shutdown or a lockdown situation. Governments all
around the world are trying their best to cope up with this situation,
which is unusual and never seen before in times says Shaun Cohen.
This unstructured situation is deadly and difficult to deal with.
Still, people are taking measures and a collective effort that this
situation of the crisis go away soon, and this life of ours which has
stoped and has become miserable ends rapidly.
Different
governments are worried about the unusual nature of the virus. There are
both fiscal and monetary crises everywhere, and officials are working
day and night. Many governments adopt unprecedented measures by coming
out with astonishing bailouts that could exceed ten trillion dollars
collectively.
It could be
the worst time people have witnessed. Different statistics of April
month suggest that the global economy is going through a rough phase.
According to the managing director of the International Monetary Fund,
Kristalina Georgieva, there is a danger of economic slowdown since the
Great Depression. The various indicators warn of a significant recession
worldwide is said by the representative of the Organization for
economic cooperation and development says Shaun Cohen.
According
to the World Trade Organization, there would be a decline in exports
from Asian and North American countries, and there would be a loss of
trade in all parts of the world and may go through the loss of double
digits.
Most of the
governments have ordered lockdown in their countries for several weeks
to contain the epidemic from spreading, closing non-essential
businesses. All social and economic activities have come to a
standstill. A lot of people have put themselves in their houses. All
major industries, airlines, and other travel businesses are suffering
huge losses. There is always a hope of everything getting normal without
any significant fall down like joblessness and other setbacks in the
businesses and slowly speed up once the epidemic is controlled.
Originally Posted: https://cohenshaun.wordpress.com/2020/05/15/deadly-pandemic-coronavirus/
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