The world economy has stopped by the recent outbreak of CCOVID-19 from its motion state.No one knows when the world will get back its stable condition. After the coronavirus pandemic, our growing economy might go through a tremendous experience and unpredictable shock.
The economy we have seen in the past is probably going to be changed in the near future. Because the economic recovery is a long way off. Recently, the chairman of the US Federal Reserve, Jerome Powell, analyzed the real economic situation. This valuable information was given in a report on CNN.
The COVID-19 pandemic had accelerated existing trends in the economy and society, including using technology, telework, and automation. The economy goes in a state that, it's beyond our imagination. It must have a long-lasting effect on how people in every sector live and work.
Although technological advances are generally creating positive vibes for society in the long run but interrupted on a short-term basis. In addition, the market worldwide is compatible with the new general; it does not create harm on everyone.Fr instance,low-wage workers and front-line workers like retail or restaurant workers will hamper the brunt of this uncertain change. In this case, women and minorities will be more disrupted.
For the responsibility of looking after kids during this pandemic, many women have been forced to it their jobs, and as a result, children are being deprived of their education. Overall, these on-going problems will create a food crisis, unemployment, liquidity crisis, transportation problems, shortage of remittance, and so on, which holds back the economy.
According to the International Monetary Fund (IMF), the proportion of people out of work is 10.4% in International Monetary Fund(IMF).IMF also says that the world economy will shrink by 3% this year.
Even if the rate of unemployment goes down and the vaccine is discovered, a major portion of the workers will need help. The United States has already spent billions of dollars to protect the economy from the effects of the pandemic.
However, the number of unemployed workers is still increasing. Some of the benefits of assistance have already been minimized, and some other benefits may be exhausted by this yar. As a result, the condition of these communities will be in more danger than know no bounds.
The impact of coronavirus on the stock market since the start of the outbreak is going down abruptly. In response, central banks in many countries reduced interest rates.
The mode of communication and working has also changed. Now people are connecting with one another virtually through video conferences. Many meetings, ceremonies are conducted virtually. People are doing their work from home easily, and they are getting habitual of using it. Data from the Office for National Statistics showed that the number of people working exclusively from home rose from 21% to 24%. It helps to back to a new normal life as well. In this current situation, people are eagerly waiting for the new administration.
Economists hope that the upcoming administration will pass more incentive bills to help those workers and businesses continue the recovery process. During this pandemic period, both the government and the central bank need to give more emphasis on the economy to overcome the crisis.
Global markets have recovered in some cases, but some analysts have warned about the pandemic's second wave. We don't know what is waiting for us but can hope for the best!
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