LOOKING INTO THE WORLD ECONOMY AS GLOBAL RECESSION HIT DEEP

Looking into the world economy as global recession hit deep.

LOOKING INTO THE WORLD ECONOMY AS GLOBAL RECESSION HIT DEEP
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The corona pandemic had cost the world to hit all time low on its recession chart since 80yrs, despite all pre and pro economic measures put in place to cushion its effects, massive reliefs and sacrifice couldn’t safe the it reaching it worst since almost a century.

Experts forecast which was released by the global economy prospect results; shows a necessary nosedive of about 7% for an advanced economy and about 2.5% reductions in emerging and developing capitals this year alone.

The distributions on labour, demand and supply chain has been badly disrupted and it’s only way out is to device a means to feel the impact minimally.

Although, if the pandemic is well contained and by mid year the second wave of it deadliness started waning off, things might start getting proactive, it can help the deficit thereby creating a recline from retrogression.

This is a crisis which is distinctively different on its own and there is substantial uncertainty about its impact on people’s sustenance and livelihoods. A lot depends on the epidemiology of the corona virus, the effectiveness of containment measures which could be ascertain in the second wave of its circle and the development of therapeutics and vaccines, all of which couldn’t be easily predict.

In addition, many countries now face multiple crises—a health crisis, a financial crisis, and a collapse in production and delivery chain, commodity prices, which interact in complex ways.

Governments all around the world are providing a easy landing to households, firms, and financial markets, while this is crucial for a strong recovery,  the world bank project global growth in 2020 to fall to a deficit of -3% This is a downgrade of 6.3% from January 2020, a major revision over a very short period.

This makes the pandemic lockdown the worst since the Great Depression, and far worse than the Global Financial Crisis. Creating an unprecedented uncertainty on what the economic landscape will look like when we emerge from this lockdown.

With the assumption that the pandemic and required containment peaks in the second wave will determine how effective the containment measures are for most countries in the world, in the second half of this year,

In April, the world bank predict growth to fall to -3 percent. This is a downgrade of 6.3 percentage points from January this year, This makes the pandemic lockdown the worst recession since the Great Depression, and far worse than the Global Financial Crisis.

It’s no rocket science that the world is experiencing it worst economic statistics since the Second World War and the second wave of the pandemic will determine how well the containment efforts are successful. Individuals needs to buckle up and follow whatever prescriptions is laid down to the later in order to render the money defect of the second phase largely irrelevant.