The distraction to the world from the coronavirus has been damaging the world economy and due to economic collapse unemployment more than the Global Financial crisis 2008 and the Great Recession in the 1930s. But the Global Financial Crisis occurs between 3 years and the coronavirus has taken just a few months to shut everything in this world economy.
Stock markets have been down to 50% or less in between lockdowns across the global and the GDP of the world’s biggest countries has been reduced extremely.
Due to a fall in aggregate supply and demand in the markets, the UNEMPLOYMENT rate has been increased. Globally countries are facing job challenges, said the Microsoft president Brad Smith “ as per calculations of Microsoft, global employment in preceding days can reach billions of people”.
In another report published in August, it has been stated that around 470 million people are affected by a coronavirus.
The world is worried about many things due to COVID-19. In the polls of IPSOS during July month most of the world population is worried about coronavirus(46% of the world population).
Polls credit:IFSOS
Everyone is shocked after knowing the second thing about people being worried after coronavirus and that was UNEMPLOYMENT(40% of the world population). Like we are also worried about it.
According to the United Nations’s department of economic and social affairs global economy is going to be reduced by 8.5 trillion dollars over the next two years. which will definitely increase the UNEMPLOYMENT rate in the whole world and countries are going to face starvation and people’s standard of living going to be reduced.
The nations should make good decisions to start the stabbed GDP with COVID-19 precautions to get their economy on track and also they have to take some reforms for UNEMPLOYMENT.