Challenges to the world economy in
2020.
World economy has always been a sign of development in human
society. Globalization and economic
trades can be traced as early as 13th century. We may not have shown
a trance towards it, but human societies have started to develop world
economies.
Human societies have had always been interconnected with
each other and just like other stuffs, diseases and pandemics also spread from one place to
another.
Today in the 21st century we may consider us
developed in terms of technologies, but its true that we are yet not advanced to
fight an pandemic.
Many events consistently
happen which depress one
country’s economy, but today we are facing a situation where every country is
forced to lockdown themselves. People are forced to stay in their houses and
shut their works and business. No doubtly,
this has depressed most nations’ economy. Even the nation’s like USA who have the title
to be one of the most powerful nation is not able to cope up with the situation.
Covid -19 have surely forced the world into a huge
depression. The world bank recent estimates shows that the world’s economy is
expected to shrink over 3.2% in 2020, while U.S
economy to reduce by 6% and
European countries to about 9.11%.
The whole world and people are suffering but, some are
suffering the worst. Recent estimate
shows that the worst impact of COVID- 19 will be faced by poor countries, and
poor peoples. Lockdown have forced 60% of
the people to extreme poverty. This population depends on daily wages, and
these are the one who mainly work in unorganized sectors. But even the workers
in organized sectors have to face job losses, depleting their living
conditions. Hunger and starvation have
always been there in our society, but this pandemic have
no doubtly rose them to its peak.
Many of the big multinational companies even have to take loans
or have to sell their shares to pay
their employees . And, hence these all conditions have shaken the world economy
to its roots.
However, governments all over the world are trying their best to cope up with present
situation and provide its people the
basic needs for their livelihood. Many
countries have however opened their lockdowns
seeing better conditions with people following certain rules maintain
social distancing and working to raise
up production of its country.
No-doubtly, Covid-19 has affected 2020 worsly and will
always we remembered to us as a
depressing year in coming years affecting world’s , countries , and individual
economy terribly, but we need to fight against this deadly disease together
and because “THERE IS ALWAYS A SHINGING
SUN AHEAD BEHIIND THE DARKEST NIGHTS”. 2020 may be a year for the world economy with
fulls of challenges but , after this our countries and world economy will
definitely rise and come back to its original position.
