Lockdowns are slowly being lifted from most countries in the world so that the economies of the countries can get back to normal. The International Monetary Fund (IMF) estimates that the lockdown will shrink the world economy by 3% (three percent) this year.
Many economist presumption that After Great Depression in 1930 this is the first time the world economy has collapsed again.
The Chinese economy is facing a major catastrophe due to the effects of the corona virus
China is leading position of the world's exports, the adverse effect on Chinese economy will collapse almost the entire world. Expert said that China's growth could slow to 2 percent in the first quarter of this year which can also have a negative impact on global growth.
Thee normal production of General Motors and Toyota have disrupted due to effects of corona virus. The Chinese Lunar New Year's trade has got a big hit this year. Food chain shops like McDonald's and Starbucks have closed most of their branches.
Adverse effects on world tourism Market
Millions of tourists visit the different countries every year. So, due to corona effect many countries could lose billion dollar this year. The tourism sector is major earning source of many countries. the tourism sector has underway to downfall.
In 2003, the SARS virus caused a loss of 0.04 trillion dollar to the economy. So, we can say that the impact of the corona virus on the world economy will be more devastating.
The economy is collapsing, but in Croatia people are living like there is no tomorrow. Many people are in bars and going on vacation to the Jadran, shopping malls are full of people.
seriously ?? they are idiots not only making themselves and families die but also others families 💔 that's very sad
We need to move on and not stay stick to this event.
but this event can't be avoided :( unfortunately
i Agree because china is the largest exporter in this world their economy reflects economy of world but i believe that they are pretty much capable than any of the country dealing with corona , they will surely get up from corona .
I hope so...
Sometimes I used to wonder, can the world economy recover from this pandemic in the next 1 or two years to come due to the damages already caused by this covid-19