COVID-19 Pandemic Effect: Global Recession is Already Here
Due to the widespread coronavirus pandemic since the month of March 2020, most of the businesses have needed to temporarily shut down because of the lockdown decision from the government. The situation in the business world states that due to the lockdown their potential vendors and clients are not accepting the projects and due to this, the companies have to cut the employee count or reduce the salaries.
As most of companies have already witnessing a recession and this would bring more collapsed to appear in the initial trickle of economic data across the globe including
As most of the companies have already witnessed a recession, the breadth of the collapse is beginning to appear in the initial trickle of economic data across the world, including cowering consumers, reined-in business investments, revealing a cratering of trade, and surging unemployment that’s sparing few industries.
The United States export volumes showed shipments in the first two weeks. The United States stated about the job loss and recession happening across the globe. They explained the situation that the COVID-19 pandemic is letting everything fall down right from producers to households, from big trading powers to more insulated economies.
In Germany, new-car registration in March was at 38%, whereas a reading in the United Kingdom was around 44%. Three of the major Arab economies tied a service index in Brazil in 2016 and vehicle sales in South Africa fell down to 30%. In Australia, the lockdown period is extended to six months, and the region compulsorily witnesses recession for a long period of time.
Roberto Azevedo, Director of the World Trade Organization believes that the whole system and the entire supply chain has been rocked quite significantly. In some respects the picture today looks raw after the crisis of 2008-2009.