The world has changed dramatically in the past three months. Worldwide nations, trying hard to gain control over COVID-19 pandemic. The lockdown period, global recession, and changes in consumer behavior are the three major factors that will shape the course of economic activities in the near future.
The Present Situation
3.51 Million is a huge number and more gut-wrenching that this number belongs to the global number of deaths due to corona, rather not a profit value of any deal. To slow down the bedspread of the Corona Virus, the government is left with one option, nationwide Lockdown. Global Lockdown that closed the majority of the factories and businesses, suspended flights, trains and public transportation, restricted movement of vehicles and people, cost the Indian economy Rs 7-8 lakh crore during the 21-day period.
The study unveils that the coronavirus is associated with the highest level of uncertainty in the economic context since the index started recording data.
Global Economic Figures and Interconnected Economy
- The International Monetary Fund (IMF ) has reviewed its global GDP growth estimate from 3.3% just 3 months ago to shrinkage of 3%.
- As per World economic forecasting model, three-week lockdown would likely have an economic cost of USD 120 billion which is now estimated to bloat up to USD 234.4 billion.
- India as a developing nation, its figures are more heart-wrenching. It was earlier anticipating India to clock a 2.5 % growth in 2020, which has now been projected to be zero, while the FY21 growth has been revised down to 0.8 % from the 3.5 % earlier, surveyed by Barclays.
Figures are huge but in the last…..
Global markets look worried about deglobalization and trade war, as the economy could shrink to 1%, which will ultimately impact economies, raise unemployment, and provoke possible bankruptcies in the future. The more suffering COVID-19 causes, the more serious its economic, social, and political effects are likely to be, at least till the vaccine has been discovered.
CoronaImpacted, an NGO working tirelessly for people who get worst effected by corona. Our volunteers are working on every side and nock to reach people as many they can. We are creating and running campaigns for corona awareness along with providing them basic utility items and daily need grocery food items.