Corona's impact on the economy will be worse than expected

Corona's impact on the economy will be worse than expected

Corona's impact on the economy will be worse than expected :

The coronavirus epidemic has had a devastating effect on the global economy. Billions of people around the world have become unemployed. Healthcare is being severely disrupted, many are on food. This economic catastrophe has exposed the deep-rooted inequalities of society, pushed at-risk populations into greater uncertainty, and forced many to endure poverty. News Washington Post.

Earlier, in 2007-08, there was a global economic downturn. Poverty increased in some countries during the recession, while in other countries the rate of poverty reduction declined. Production decreased, unemployment increased. Researchers have found a link between rising unemployment and rising mortality.

The impact of the epidemic in this massive recession is indirect. The downturn is mainly due to financial market problems. It must also be acknowledged that slowing economic growth has a negative impact on healthcare and human well-being.

Last April, the International Monetary Fund (IMF) projected that the global economy would see a 3% contraction in 2020, the largest contraction since the Great Depression of 2006-07. Last week, the IMF reviewed previous projections, saying the recession would be worse than expected. According to the new projection, the contraction of the economy will be 4.9 percent.

Justin Sandfur, a senior fellow at the Center for Global Development, a Washington-based think tank, said the latest IMF projections only highlighted part of the crisis.

The World Food Program (WFP) said in a statement last week that it was stepping up its efforts to provide food aid to 137 million people this year. The number of hungry people around the world has increased dramatically due to the lockdown and rising unemployment in the Corona epidemic. This is the first time in a single year since its inception in 1971 that the WFP has had to provide food aid to so many people.

Steve Taravela, a senior WFP spokesman, said the epidemic was making the poor even poorer. The hungry are more hungry. Experts warn that the biggest victims of the recession are women and adolescents. Their education, access to health care and employment opportunities are first and foremost affected.

According to various organizations, the education of 1.5 billion children and adolescents around the world has been disrupted due to the epidemic by the end of March. As the Malala Fund launched last April, one million adolescents around the world are at risk of dropping out of school due to the epidemic.

Nahla Valji, senior adviser on gender equality to UN Secretary-General Antonio Guterres, said last May that everyone knew from experience of past crises that anyone could be harmed during an economic crisis. However, women can hardly make up for this loss. All over the world, women do the most unpaid work. If they drop out of school or get pregnant unplanned, the effect on them is long-term.

NB: All of the scientific research, analysis, forecast or predication help the mankind are to be prepared and shield themselves from aftereffect. That is why so many non profit organization invest millions such process over the years. Please show the actual ray of light to those unprivileged people of the society.