The impact of COVID-19 is being felt by all sectors of businesses around the world.
According to Bloomberg Opinion, “The Great Recession Was Bad. The ‘Great Lockdown’ Is Worse”. The IMF stated that the “Great Lockdown” recession will cause global growth to decline by 3% this year. During the Great Recession, about 800,000 jobs were eliminated in March 2009. In comparison to that more than 20 million jobs were eliminated in April 2020 alone, and more than 33 million jobs have been lost since the 2020 crisis began. The overall unemployment rate was 10% in October 2009 and the rate for April 2020 clocked at a staggering 14.7%.
Trillions of dollars of stimulus packages or quantitative easing measures have been taken by the Global governments which focus on supporting the individuals and the businesses. This is short term greenery, after a few months; there may be an economic pandemic which we should be ready for.
|Country||Total Money Pumped In|
The above figures are for the top few countries only. Globally over 22 Trillion USD has been pumped into the system.
As per Pharmaceutical Technology, the US Congressional Budget Office has said that it estimates that real gross domestic product (GDP) will contract by 11% in the second quarter of this year, which is equivalent to a decline of 38% at an annual rate. The number of people employed will be almost 26 million lower than the number in the fourth quarter of 2019.