The Impact of Covid'19 on the Global Economy

 A lot of people have been talking about the effects of  Covid'19 on the economy of the United States. I wanted to take a look at how the pandemic has changed the economic activity of the entire world. Looking from a global perspective, it is seen the that this pandemic has led to the deepest global recession in decades, despite government attempts to counter the effects with the help of monetary and fiscal policies. Most countries are expected to fall into recession in 2020, with per capita income decreasing in the largest fraction of countries since 1870. Countries closing down their borders caused a halt in global trade, making products that were once easily found in the market at relatively cheap prices either unavailable, or extremely expensive. Many emerging economies that were already struggling took a huge hit due to the pandemic, and we can see substantial growth downgrades in every region. Keeping this in mind the question that still remains is will countries be able to bounce back after taking such a hit to their economy, and how long will it take for the global economy to start thriving again. Now is the time for global coordination and cooperation, where stronger countries can help weaker ones get back on their feet, enabling a fast and smooth global recovery. 

“The Global Economic Outlook During the COVID-19 Pandemic: A Changed World.” World Bank, www.worldbank.org/en/news/feature/2020/06/08/the-global-economic-outlook-during-the-covid-19-pandemic-a-changed-world.