How Covid-19 affected the global economy?
The global economy has been affected due to rising cases of Covid-19 all over the world. Everywhere strict lockdown was there,millions of nationals to their homes, Business have been close down. Many people become jobless. This has led to the ecocomic slowdown and hence impacted overall global economy. According to the International Monetary Fund(IMF), the global economy is expected to decline by over 3 percent in 2020 - the sharp slowdown since the great depression of 1930. Now, as some countries lift restrictions and gradually restore their economies, let’s see how the epidemic has affected them and how to respond.
How hard the global economy has been impacted
1) The pandemic has plunged the global economy into recession, which means that the economy begins to shrink and growth stops.
2) Overall world economy has been slashed .
How This Deadly COVID-19 is affecting the Global Market across various verticals?
There are multiple sectors which has affected due to increased cases of Covid-19:
as production was totally stopped.
2) Travel and Transportation: Travelling was banned during lockdown so it has impacted economy lot. People were not able to travel across different cities as it was banned by the government due to increased cases of Covid-19.
3) Real Estate : As the economy slowed down due to Covid-19 , people were not able to buy new properties.