Financial Crisis and Corona Virus ?The last five six months have been dramatic to this world. These months have brought drastic changes to the world economy and human living. This world is no more the same one as it was few months back or as it was in pre corona times.
Corona virus pandemic has resulted in large number of deaths , and a huge number of hunger struck population. Many have lost jobs and thousands are there now waiting to fulfill their daily needs.
Many are left homeless, jobless, industries bankrupt and so many out there with no resources to feed themselves and their families. This whole world has been put in a great lockdown. There is no distinction as who suffered more, we all suffered and still facing the outcome of this wide spread pandemic.
A Crisis Like No Other
This crisis is like no other. This crisis is worldwide and has long term effects not just on countries but also on individuals. Financial Crisis and Corona Virus ?.There is also a great amount of uncertainty about how it can affect livelihoods.
A lot depends on the epidemiology of the virus, the effectiveness of containment measures, and the development of therapeutics and vaccines, all of which are hard to predict.
Many countries are facing multiple form of crisis, like health crisis, financial crisis, food crisis and the complete collapse of commodity prices.This all is crucial for a balanced recovery. There is no assurance of how we can emerge from the huge crisis spread around the world.
The Great Lockdown
While lockdown seemed to be the only way to secure lives and to fight against this pandemic, this lockdown proved to be fatal for world economy. Though so many lives are successfully saved, and the virus spread was limited due to lockdown, on the flip side of it, the economies suffered badly.
This is a truly global crisis as no country is spared. Countries reliant on tourism, travel, hospitality, and entertainment for their growth are experiencing particularly large disruptions.For the first time since the Great Depression both advanced economies and emerging market and developing economies are in recession.