The Impact of COVID-19 on Global Economy

The Impact of COVID-19 on Global Economy

COVID-19, otherwise known as corona virus is a deadly pandemic which struck the continents of the world in the year 2019. The virus is believed to have originated from Wuhan in China towards the end of that year 2019.

The virus began like a child's play, and before people knew how deadly it is it had killed hundreds of thousands of people within a few months. It became so serious that several nations of the world had to lock down. It was a highly contagious disease, so no one wanted to be infected.

As we speak, some countries of the world are still grappling with the pandemic. Many other countries are trying to stand on their feet again after the lockdown. The World Health Organization (WHO) graphically painted COVID-19 as a pandemic and went ahead to reveal a staggering statistics of over 276 million cases and over 5 million deaths in more than two hundred countries and territories.

The lockdown has, no doubt, caused a lot of untold economic hardships. The hardship is so severe that many people especially in developing countries have to choose between the virus and the killing hunger.

But, how has corona virus affected global economy?

1. In order to avoid spread of the virus, almost every nation of the world shut down their borders. This includes their land space, waters and air space. As a result, trading dropped drastically. Prices of crude oil fell down unimaginably. In fact, for the first time in the history of mankind, crude oil prices fell below $0. In other words, countries producing oil had to "dash" it out. And, do not forget that these oil-producing countries depend heavily on revenue from sales of their crude oil. From the sales of their crude oil alone, they finance the entire budget of their country and still have leftovers. A good example of one of these countries is Nigeria. So, when these countries couldn't finance their budget, many of the citizens became broke. As a matter of facts, many people lost their jobs, and those who had their jobs retained had a pay cut.

2. Since there was lockdown, students could no longer go to school. Many school teachers in the private sector were laid off. Other non-teaching members of staff were also seriously affected. How do you then expect someone who is the bread winner of his or family, but has lost their jobs to cope? Although some of these teachers were smart enough to begin to sell their services online. During the heat of that pandemic, many students needed assignment help, and so did not fail to reach out to platforms that rendered assignment writing services. So, they got the assignment help they badly needed.

3. The entertainment industry was one of the worst hit by the pandemic. The entertainment industry alone generated billions of dollars annually in revenue. But that was severely halted by the pandemic. Since everyone was in door, they couldn't make money. Those who worked there also lost their jobs.

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