Great Economic Recession In Lock Down

             

Great Economic Recession In Lock Down
The world  and economy has changed its routine since the coronavirus pandemic overwhelmed.

Industries Impact

The World’s co-operations in growth have to be compelled to face delays as machine imports are going to be retained.

The International Labour Organization  (ILO), expressed that around one point six billion people are surviving to make their ends meet.

For the first time since the Great Depression, both advanced, emerging and developing countries are in recession. For this year, the contraction in advanced countries should be 6.1%. The emerging and developing countries, whose growth is usually much higher than that of the advanced countries, should also contract in 2020 (1.0% or 2.2% if China is not taken into account). Per capita income is projected to decline in more than 170 countries.

IMF, says that the international economic process are going to be restricted to just about zero.2% if the virus is contained presently.

In the three months that have passed since  last update to the World Economic Outlook last January, the world has changed considerably.

Unfortunately, a rare disaster, a coronavirus pandemic, has claimed the lives of many people.

The Russian budget is losing part of its revenues at a difficult moment: on April 2, President Vladimir Putin announced that April would be inactive. Authorities are thus trying to cope with the outbreak of coronavirus in Russia. The number of cases in the country exceeded 4 thousand. 

The impact of coronnavirus on Pakistan is estimated to be equal to 0.8-1.3% GDP. Imports and exports are decreased by 50-60%, 10-20% respectively. People have lost their employments at the rate of 20%.