On the 3rd of April, the total number of infected corona cases surpassed 1 million marks. Almost every country on the planet is under lockdown and all the national or international operations are shut except essential service like, health care, ambulance, police, municipal corporation, etc. all the domestic and international flights are standstill, in short everything is under roof, movements of the public are prohibited in all the infected countries. Even though the number is on a great surge, the United States tops the list for having the most number of positive cases with numbers still growing every day. Every functional and non-functional, commercial private operations are shut which will affect the economy for sure. Almost no factories, no industries are functioning right now, manufacturing and production have gone to zero. After America, European countries are facing the worst effects of the pandemic; countries like Italy, Spain, Germany and France are under severe distress. However, China has recovered from the pandemic as the country is reporting nominal cases now. The numbers rendered by the communist Chinese government are still a mystery though, and it is hard to believe in those figures. China is the only country as of now that has resumed its industrial operations and eased the imposed restrictions in several cities including the city of Wuhan, where the virus is purportedly said to have originated.
The world conference of trade and development said on another day that the world needs an immediate package of 2.3 trillion dollars to save developing countries from the pandemic. The economy is undergoing a profound slowdown and is anticipated to face an economic crisis after the corona pandemic for sure. The income, investment, expenditures and production are almost negligible amid pandemic which will surely lead a global economy to fall and recession. There are no certain pre-emptive measures for any country as of now to take to avoid a situation of huge recessions and economic distress. The job generation in developing countries like India, Pakistan and many others is already a problem and this crisis will not help this context of the problem, instead, it will force the organization, small and medium enterprises to fire many of their employees.
As there is no production and manufacturing functional now, there is almost no sale of industrial products except the essential commodities. It has and it will cause more losses to private or public manufacturing organizations. As there is almost no income to small and medium enterprises amid pandemic which has led to no income. No income and only expenditure for basic livelihood in lockdown period will, of course, mitigate the cash inflow in the market; which means no cash will lead to no extra buying, no buyer means no expenditure, no expenditure means less demand, fewer demands means less production and manufacturing, less manufacturing means less need of manpower’s which will lead to loss of many jobs, Hence welcome to the global recession 2020.
The global business community, governments, expert economy fraternity and world economy like organizations need to come together as soon as this pandemic ends and contemplate on the situation. The governments and organizations together must come up with an idea and render a solution before the world to control the situation somehow. Well, we can just be optimistic and can pray for this crisis to end.