Some astonishing things that worlds economy is experiencing due to COVID-19

Coronavirus is the talk of the town. The world is going through a very difficult time because of a pandemic that getting out of hands. It’s amazing in a way that the current situation is not just a problem of some specific parts of the world but the entire world is going through the same problem and same circumstances. The solution to this pandemic is still arbitrary till someone invents a vaccine for its cure. What started from one individual has now taken the whole world under its claws. The cases of the affected people are multiplying on a daily basis. Another astonishing thing about that this pandemic is it’s spreading with more speed in many developed counties on this planet. These countries have state of the art medical and research institutes which takes pride in their excellence. But even these strong nations are unable to control the situation.

Corona has affected the health of many people globally. According to the fresh and updated stats it has almost claimed more than 150,000 lives worldwide and the affected people tallies are in millions. But its negatively does not stop here. Corona also crushed the global economy. The economist is amazed by some certain circumstance happening on world’s economy scene. In this article, we will talk about the impact of coronavirus on the world’s economy and some shocking circumstance that is never seen before.

But first, let’s take a look at how people are affected by coronavirus around the world

How people are affected by COVID-19 globally?

Listed below are some effects of the pandemic the world is facing these days

Health issues:

The first and foremost effect coronavirus has on the people of this planet is the adversity of their health. the coronavirus has infected millions of people who are going through very bad health conditions. This virus has also claimed more than 150,000 lives worldwide. The people more at risk by this virus are the elderlies or the ones having weak immunity. But the worst part of this all is that there is still no cure for the coronavirus.

Impact on economy:

The coronavirus has affected the world’s economy in the worst manner. Even the strongest economies of the world are finding it difficult to be stable in this difficult time. The economists are also expecting that it will be very difficult for developing countries’ economies to keep up with the changing conditions of the world. With the lockdown of major cities, closure of businesses, trading and travelling bans the world’s economy is facing one of the biggest deficits of its history.

Consult our migration agent if you want more information on Australian temporary visa like subclass 476 etc. or student visas in these circumstances

Social issues:

The only known prevention from coronavirus known to humans up till now is social distancing. The authorities from different parts of the world are advising the people to maintain social distance and to stay at their homes. As coronavirus spreads through coming in contact with an infected person this is why the only solution to stop its further transmission is to stay at a safe distance from everyone. This is why all the markets, public places, tourists’ site, offices and educational institutes are closed all over the world. But it is also affecting the social life of many people. Some people have stuck in some other parts of the world away from their loved ones. Even families living in the same town are unable to meet. All this is greatly affecting the social life of many around the globe.

These were some aspects of life that the coronavirus has effected. But this pandemic has also caused many astonishing things. We will have a look at them now

The most astonishing things happened due to the situation caused by the coronavirus

Some astonishing things are seen in the last few months due to the situation caused by a coronavirus. Let’s have a look at a few of them

  • The price of crude oil is at its minimum. There is a negative trading in oil. One can get a barrel of oil in a few cents. This is the weirdest thing seen in many years.
  • China is the greatest manufacturer in the world. As coronavirus originated from china so it affected its economy the most but the effects on Chinese was also felt by the global economy as china contributes greatly to it.
  • Due to this pandemic situation, more than 16 million people are unemployed in the US only
  • According to a rough estimate, around 25 million people around the world lost their jobs. In developing countries, unemployment is becoming the greatest problem in the future.

These were some astonishing changes seen in the world’s economy due to COVID-19. We hope that the world finds a way to get out of it soon. If you want to know more coronavirus situation and facts in Australia contact our migration consultant Sydney at The Migration.

 

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