Effect of COVID-19 on Economies
In history, world economies have been gone through some tough times like the great depression of 1929, the oil crisis 1973, the financial crisis of 2008. Among this, the great depression was the worst of all lasting up to 1939. It was begun with the stock market crash, and at it's lowest in 1933 more than 20 percent of the USA population was unemployed. It did affect economies around the world more or less. The same goes for the financial crisis of 2008. If we closely analyze the history, we can see that this crisis took years to drop employment and growth rate significantly. But when we look to current COVID - 19 pandemic, nearly every major economy is under lockdown dropping production and exports in just a month. After this lockdown, there is a fear of unemployment, especially for daily labors, they may not find jobs for months. Factories may struggle to sell their products as people will have fewer savings and less disposable income, which may lead to short term unemployment...