Covid-19 impact on global economy

Covid 19 impact on global economy-2021

The World Health Oranization (WHO) delared first world healt emergency, January2020,march,11.Since evolved in to a global public health and economic crisis that affected the $90 trillion globla conomy th viral infection sprad between and across 200 counties and affcted nearly every community. U.S. states, early 2020, the focal point of infction had shifted from China to Europe, espcailly Italy, but by April, th focus  has hifted to th U.S, whre the huge infection had been accelerated. By April 2021, India and Brazil emerged as viral spot with huge infection and death reacheing daily record level in those countries.

Through this phase of the health crisi, government adopted policie to lock down social activitie to contain the spread of the pandemic, inadvertently creating a gobal conomic recession.

The 184 million people infected has sicke golbally ovr 4.0 million fatalities. In U.S. rpoprted, over 33.6 million American had an diagnoed and 603,000 had died due to virus in July 2021. The more than 80 countries had closed their borders to arrival from countries with virus infection, ordered business to close, instucted their populations to self-quarantin, an closed schools to an estimed 1.5 billion children, 3 on May 5, 2021, the Biden administration announcded it would suppoprt international discusion to waive intellectual property retriction COVID-19 vaccine prouction for developing economics. Prior to this announcement, development economic, incluing Britian, Switzerlan, the EU, and the U.S, and blocked a proposal by over 80 developing countries at the World Trae Oraganization (WHO) to uspend intellectual property rights retriction on prouction of COVI-19. The EU announcd on Jun 4,2021.   

    

Eonomic impact of     COVID-19 include:

i)   In may 2020, the Asian Dvlopmnt Bank annouced that    COVID-19 could cost the global conomy between $5.8 and $8.8    trillion.

ii) Chritine Lagarde, President of the Europen Cntral Bank, warned in April 2020 that the Eurozone's economy could shrink by as much as 12%  in 2020. In August 2020, threrewere 15 million unemploye people in the European Union, an increase of 700,000 since April 2020.

iii) According to th Bureau of Economic Analyis, the grossdometic prouct for the United State dcrease at an annual rate of 48% for the firt quarter of 2020 an 32% in the econquarter. Consumer spning in the United States decreased10% in 2020  compare with 2019.

iv) The U.K conomy contract 20.4% in the second quarter of        2020.

v)  After narly 30 years of growth, Autralia fell into a recession    after its economic harank 7% in th second quartr of 2020. 

vi) Japan's GP contractd 27.8% from April 2020, the third           straight quarterly decreaed and th biggest dclin in potwar          history.

v) South Korea officailly ntred into a rcession in August 2020,    the first in 17 years.

vi) Latin Amrican economic are projected to dcline by 9.4%        this year.