Global economy will take at least 2 years to recover from Corona virus, says economic body (June 10, CNN)
All the sectors more or less affected by COVID-19. All the goals of SDGs will be influenced by the adverse effects of COVID-19.
Developed country can cope up quickly but about the low and middle income countries after the crisis?
Today's global cases top 7.3 million and USA has more than 2 million cases.
What about the Latin America? Brazil has more than 700,000 cases and nearly 40,000 deaths. Mexico is crying for larger graveyard.
Think about India, Pakistan, Bangladesh too.
Africa is not yet in scene.
(10 June, JHU&CNN)
I think this is not possible for developing countries to recover in 2 years. May be some countries recover crises but i don't think so.
Post Corona virus economic recovery is not a question of time but resources assembling. How country assembled resources speak more volume than when it can recover. Still in time perspective, the developed economic can recover from one to three years with good economic recovery frame work(s) while for the developing economic, it may take many decades. For developing economic to recovery within a decade, they have to look inwardly and work on leadership and followership crises.
Also note that in both develop and developing, some will recover ahead of others while other will be far behind. Two factors may account for this, i.e. level of effect and country reality.
level of effect and country reality.....that's nice Shehu Amila Enoch
I think that when it comes to material resources there is no justice. Just think of the gigantic salaries of sportsmen and that nobody complains about it. Recovery will come more quickly than you think, as there is a huge tool for public policies and learning about overcoming crises. Just mention the role of the IMF and the World Bank.
It depends when pandemics will end, at present it is still sufficient.
2 years is not enough. Some countries will take 5 years.
A brutal crisis already occurred in 1974-1975. Industrial production indices then fell in all Western countries: by 11% in the United Kingdom, by 13% in the United States, in France and in Germany, by 16% in Italy, by 22% in Japan. And the recovery was quick: in less than a year. So I think a period of 2 years is acceptable for economic recovery.
i do agree with you, Dr. Joanna Gocłowska-Bolek
and thanks for your kind sharing.
You can see the report of CNN, dear Ana Jurgens
Pandemic is causing "unprecedented decline in global activity," according to the IMF
Some key forecasts:
China, which got a head start on the recovery, is expected to log growth of 1%, in part due to policy support from the government. India's economy, meanwhile, is forecast to shrink 4.5% following a longer lockdown and slower-than-expected recovery.
The US economy is expected to shrink by 8%, while output across the 19 countries that use the euro could decline by 10.2%.
Countries in Latin America that are still struggling to contain the virus will also be hard hit. Brazil's economy is expected to contract by 9.1%, while output in Mexico could decline by 10.5%.
The outlook is slightly rosier than those provided by the World Bank and the Organization for Economic Cooperation and Development, which have recently forecast that global GDP would shrink by 5.2% and 6%, respectively, before rebounding in 2021.
But the IMF warned of a "higher-than-usual degree of uncertainty" around its forecast, which it said was based on a number of assumptions, including stable financial conditions.
Source: June 25, CNN
Yes it can but dependent on attitude towards it mostly from the leaders. A strong, sincere, participatory, active political will can ensure that.
World Economic Forum does not think so dear Stella Ugwu and it will take decade after decade.
Why do you ask the question if you have such a strong opinion about it?
Economics have been invented by mankind and they must serve mankind to find solutions, it should not be the other way round. Anyway, I don't think you'll share my opinion;
Thanks for sharing your opinion dear Ana Jurgens and it's a platform for discussion and anyone can suggest the better solution. Nothing is absolute here. The time of recovery will be longer as the pandemic is still roaring and becoming more devastating that was assumed at the beginning.
Pandemic is causing "unprecedented decline in global activity," according to the IMF
25 June, CNN
I don't know what you mean by recovering. We do not want back the last 20 years...
I think YES if there is a good will to make a real shift in our mindset before everything in how we could customize with this situation
Thanks for sharing dear Aseel M.H. Hatif and let's control first and it's still roaring across the world.
Nobody wants to see the crisis or wants to go back but the reality is too hard in current context. We are already far behind from the normal and still we are fighting for economic stability only. Recovery will take time no doubt,at least the World Bank thinks so, dear Ana Jurgens.
Dear Muhammed Ashraful Alam the COVID-19 has revealed that there are common challenges that have to be faced by the world community reinforcing the emergent need for global action to address people‘s basic needs and to reconstruct fairer and resilient paradigms for our society. One of the suggested forms is based on the idea of the green recovery that could enhance the implementation of the SDGs to end poverty, protect our planet and ensure prosperity, rather than return to the former social patterns that would let us more vulnerable to future crises. Besides the stimulus packages in the macroeconomic sphere, it is important to enhance the sustainability criteria in recovery efforts at small and medium scale initiatives, focusing on potential changes in production models and consumer behaviors through lower levels of governance that would take more than two year. Kind regards, Ernani