COVID 19 virus has caught the whole world, every small and big cities of the world have been locked down so that this disease does not spread fast and this epidemic can be dealt with, but the entire world went through a period of economic recession. Used to be. To avoid the spread of corona virus disease, the entire world will have to suffer big consequences. It is believed that the coming situation may be even worse than World War II. In India, the GST collection has been reduced to 57557 crores this month as compared to the previous month.
According to United Nations the global economy could shrink by up to 1 per cent in 2020 due to the coronavirus pandemic, as reversal from the previous forecast of 2.5 per cent growth, the UN also said, warning that it may contract even further if restrictions on the economic activities are extended without adequate fiscal responses.
The analysis by the UN Department of Economic and Social Affairs (DESA) said that the COVID-19 pandemic is disrupting global supply chains and international trade. With nearly mare than 100 countries closing national borders during the past month due to this epidemic, the movement of people and tourism flows have come to a screeching halt. Millions of people in are facing prospect of losing their jobs. In the worst-case, the world economy could contract by 0.9 per cent instead of growth by 2.5 per cent in 2020," the DESA also said, that the world economy had contracted by 1.7 per cent during the global financial crisis in 2009.
According to the forecast, lockdowns in European North America and Asian countries are hitting the service sector hard, particularly industries that involve physical interactions such as leisure, retail trade and hospitality, recreation and transportation services. Collectively, such industries or companies account for more than a quarter of all jobs in these economies.
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