COVID-19 OR CORONA & ITS GLOBAL ECONOMICAL IMPACTS

COVID-19 or Coronavirus since it came to the limelight started showing its true colors. The virus originated from Hubei, Wuhan Province from an animal market in China. The pandemic that was called Coronavirus, with the medical name COVID-19 has impacted countries all over the world economically and globally. The economic impacts are in terms of the job losses, financial disturbances, losses to SMEs and large businesses and affecting the world trade. In North America, specifically Canada there are huge effects that COVID-19 has been responsible for in the real estate industry.

COVID-19 has been a cause of devastations in almost the whole world. However, in Europe alone, the stats say 57% of the deaths from the whole world. Italy has suffered the most in Europe followed by the United Kingdom. However, the country that suffered most in terms of cases and losses to the economy is the United States. The lockdowns imposed in various countries have been the source for a major setback in terms of economy and trade. It has further affected the stock market and destabilized the financial situation.

According to many financial gurus, it is not a recession but it is surely a pathway to the recession. There is always a huge difference between a real recession, a policy recession, and a financial recession. The job losses have been sustained and many people are working from home. Thus, this is a huge reason that this is not a ‘Real Recession’.

 Finally, the role of leaders in this current scenario can definitely help in holding the impacts. These leaders include President Donald Trump, Italian Prime Minister, British PM Boris Johnson, German Chancellor, and Russian President Putin. This is because all these are top tier affected countries and they must play their role for improved measures and awareness campaigns against COVID-19.

Courtesy: MBE BLOG