In this blog, our assignment help experts are focused on the economics toll of COVID-19 at a global rate. We hope that this blog will help you in gaining knowledge about "how is coronavirus impacting the global economy?" but also be helpful in writing coronavirus assignments. So, let's have a look at the details explained below.
Till now over 3 million confirmed cases of coronavirus are reported. Nowadays, businesses are coping with disrupted supply chains and loss of revenue across the world. Many companies and factories are shut down or restricted to commerce.
The rate of unemployment including students who were engaged in part-time jobs along with their study is skyrocketing. Some policymakers are monetary measures and implement fiscal to assuage the financial encumbrance on people and emphasize economics under unadorned strain.
The IMF also is known as the International Monetary Fund on 9th April said that the COVID-19 had originated the downturn to economic of which the world has never experienced ever before.
On April 29, the IMF's caution was termed as the US Commerce Department who stated a swift failure in GDP in the first quarter of the year.
Gross Domestic Product was dropped by 4.8% in the first three months of 2020 which was the sharpest contraction after 2007-2009 global financial crises in US history.
Few other ways are sending economic ripples to different parts of the world discussed below our experts providing help in Coronavirus assignments topics
On April 15th, the IMF informed economies that Asia would see huge economic ripples for the first time in the last 5-60 years. The service sectors will be under pressure due to COVID-19.
Lockdowns in different Asian region or countries have meant the shutdown of factories, airlines, restaurants, and shops who have suffered the extreme economic blows. Just after the IMF warning, it was noticed that the Chinese economy had constricted badly in the first three months of 2020 since 1992. The GDP fell 6.8% in the first quarter which is more than the forecast (6.5%) made by analysts.
It is expected that the Chinese economy is still to be affected further due to low demand for its products across the world because of the coronavirus outbreak. According to data, it can be said that China's factory production lurched at the piercing place in the first two months.
As per the Reuters Poll, the country's Gross Domestic Product is expected to fall to 2.5%wihich is the slowest in the last 50 years.
In the United Kingdom, the Office for Budget Responsibility also known as OBR said that the country's economy could fall back by 35% till June 2020. Also, they predicted that the unemployment rate in the UK could rise to 3.4. Million from 2.1 Million till June.
Till 24th April 2020, about 3.8 million Americans filed unemployment claims that shown the impact of lockdowns and COVID-19 in the US.
At the beginning of April, data from Spain estimated that around 900,000 people are unemployed since mid-march due to lockdown. The official unemployment figure is 3.5 million. Also, it is the highest level since 2017.
In the interim, according to Bloomberg reports, in Africa, around half of jobs are now at risk due to coronavirus outbreak.
A team of over 500 digital health experts represented a wide range of healthcare companies shared their views. Our coronavirus assignment help experts have provided certain insights from that study under.
On the contrary to the negative impact of COVID-19 outbreak in the healthcare sector, certain digital health companies have a positive view of their business future. The COVID-19 pandemic outbreak is one of the foremost, a human tragedy that has affected businesses and millions of people across the world.
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