All over the world has disturbed the political, social, economic,
religious and financial structures because of the outbreak created by COVID-19.
World’s topmost economies are at the verge of collapse such as the US, UK,
Germany, France, Italy, China, Japan and many others.
Very important issues are fallen of oil price which create an
impact on Middle East countries, apart from Stock Markets around the world have
been pounded.
In just a week 3.3 million Americans applied for unemployment and
a week later another 6.6 million people started searching for jobs.
Many experts on economic and financial matters have warned about
the aggravate condition of global economic and financial structure.
Moreover, Covid-19(Corona Virus) is harming the global economy
because the world has been experiencing the most difficult economic situation
since World War-II.
All countries need to work together with cooperation and
coordination to protect the human beings as well as limit the economic damages.
For instance, the lockdown has restricted various businesses such as travelling
to contain the virus consequently this business is coming to an abrupt halt
globally.
The spread of the epidemic is picking up speed and causing more
economic damages.
The jobs of common people are concerned; there is also a real
threat of losing their jobs because with business shutting down that shows that
companies will be unable to pay to workers resultantly they have to lay off
them.
While when it comes to the stock market, it is severely damaged by
Covid-19 by looking over the existing condition of several businesses, most of
the investors are removing its money from multiple businesses. So, the impact
of Covid-19 is severe on the economic structure of the world because people are
not spending money resultantly businesses are not getting revenue therefore
most of the businesses are shutting up shops.
From this it is also observed that the economic recovery from this
fatal disease is only possible by 2021 because it has left severe impacts on
the global economy and the countries face multiple difficulties to bring it
back in a stable condition.
Most of the nations are going through recession and collapse of
their economic structure that points out the staggering conditions for them.
Most of the economists have already predicted about the recession
to happen because there is no surety and still no one knows that how for this
pandemic fall and how long the impact would be is still difficult to predict.
As Covid-19 has already become a reason for closing the multiple
businesses and closure of supermarkets which seems empty nowadays around the
world. Therefore, many economists have fear and predicted that the pandemic
could lead to inflation.
