Continue reading Impact of COVID-19 on our ECONOMY

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Impact of COVID-19 on our ECONOMY

Dr Vijay Sangam, 09:18, 10 Jun 2020

The extent to which the COVID-19 pandemic has affected countries varies vastly, connected in part to the respective government’s handling of the situation. These national responses can be worlds apart – both in terms of efficacy and as survey data from YouGov shows, the subsequent level of public approval, too

COVID-19 Havoc

The World Bank published its latest Global Economic Prospects report on Monday, providing us with another glimpse of the expected economic fallout of the COVID-19 pandemic. According to its revised forecasts, the global economy will shrink by 5.2 percent this year, which would mark the deepest recession since World War II.

Economic Distruction

In economics a V-shaped recovery is broadly defined by a sharp decline in output, employment or any other metric measuring the health of the economy followed by a quick and sustained recovery. It is different from an L-shaped recovery, in which the economy slumps for a longer period of time or, among others, a W-shaped recovery, which is characterized by, you guessed it, a brief recovery followed by another steep downturn and a second swift recovery.

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