The Global Economy During COVID-19

The COVID-19 pandemic situation got worse with horrible speed, infecting millions, and brought economic activity to a halt. As countries applied tight restrictions on International movement.

This pandemic gave the largest economic shock to the globe. This hampered the growth, opportunities, and well-settled life for everyone.

  • The coronavirus recession is associated with the economic recession which happened across the globe due to pandemic. Global stock markets got their worst crash since 1987.
  • After the month of April, the International Labour Organization analyzed that four hundred million people lost their jobs worldwide.
  • The Pandemic collapsed the oil demand and there was a crash in oil cost.
  • Demand for metals and transport-related commodities like rubber and vehicle components got declined.
  • Agriculture markets provide products globally but trade restrictions gifted disturbance across the world and even resulted in food security problems at some places.
  • All the start-ups got closed due to the pandemic.
  • The automobile business came into crisis.
  • Due to pandemic, all the worldwide conferences and events across technology, fashion, and sports are being off or delayed.
  • Monetary impact on the travel and trade business is nevertheless to be calculable, approximately it would be within the billions and increasing.
  • Possible instability might lead to temporary food shortages, value spikes, and disruption to markets.

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