More than 170 nations GDP per capital effect due to Corona Virus pandemic. The experts say that recovery plans of COVID-19 may leave struggling time for the Global Economy in coming years, they were assuming that the economy could be shrunk by almost 1% during 2020.
Coronavirus hardly affects the global supply chain and international trade. Most of the countries closed their national borders during the past months because of the movement of people and tourism. Millions of workers in all countries are facing the arising issue of losing their jobs.
The seriousness of the monetary effect will generally rely upon some variables like the duration of the Lockdown period, restriction over major economic activities, and the current status of monetary during an emergency.
According to experts lockdowns countries are heavily facing a challenging situation in their economy industries. Especially business that includes retail exchange, relaxation, friendliness, entertainment and transportation and many more. Such businesses support the one-fourth of all employment in these economies.
As per the United Nations report, the world economy will enter into a downturn due to the Corona Virus pandemic. And also they assuming that economic growth in 2020 could be zero percent. This could be the most terrible development ratio in the past 60 years. During this pandemic situation, the Global Financial Crisis become 4.7 percent and the Asian Financial Crisis become 1.3 percent. In terms of activities, Asia looks like in better condition of all sectors.
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