It is indeed time for a global recession and COVID-19 is just a latter to global recession. It’s more so because of our relationship to our economies and secluded opportunities to contribute again and reconstruct from damages and recent inevitable tribulations. The recession is happening for healthier global economies in bringing stability. However, this particular virus has caused it to happen with much more force than predicted due to the fact that we are failing to cope with protecting and projecting safety over production of means, and continue to push all people to purchase goods are already facing supply contractions. In this case, the production of goods is nearly as slow as oppose to the quick rising domestication of our natural selection tendencies. For instance, the supplies is very high because the consumers are forced to stock up ”before” the goods are sold out leaving its production disputed. But the goods are being sold out because we are only left with the option to consume more than needed; the aggregate demand exceeding the all times low investments and sensitive credit lines. We were in the peak of a recession a while ago but COVID-19 will surely make this a global phenomenon.
Also, the image I used from Google search shows Keynesian prediction to where we are situated as a nation and globally. It demonstrates that we‘ve long ago entered the period of recession.
Global oil demand to decline in 2020 as coronavirus weighs heavily on markets
Coronavirus was a bid by the US to "wage economic war on China," It was a bioweapon engineered by the CIA, and was fostered "to push anti-China messages."
What do you think?
“England” and unnamed “international organisations” are seeking to control Chinese internal affairs but by doing so China has responded by deploying a bioweapon thus forcing the western economies to suffer as seen with the vast amounts of money being spent to protect western society.
Covid-19 benefits pharmaceutical companies looking to make “lucre” from the virus and therefore may have been a ploy, a hoax virus
Methinks, this is an eye opener. Some argue that globalization has not only allowed for the rapid spread of contagious disease but it has fostered deep interdependence between firms and nations that makes them more vulnerable to unexpected shocks. Now, firms and nations alike are discovering just how vulnerable they are. Such views bring to the table the fact that globalization has actually accelerated a dangerous trend that was already underway.
Really? Common sense tells us that a recession will envelop the western world
The Covid-19 pandemic has scarred the world. It is life now completely unrecognisable in comparison to the freedoms we had a few short months ago. Whether Covid-19 triggers a recession depends on the ability of industries to adapt to the new normal.
Lockdowns have restricted travel so those industries which have successfully digitalised are thriving. Whilst those businesses that are unable to do so are in danger of collapsing and bringing a significant chunk of the economy down with them.
In this global technocracy, almost everyone has access to a personal digital device. The limiting factor to successful digitalisation is therefore the industry rather than the public. So, the industries that will survive the Covid-19 crisis are those who either do not need to digitalise or can digitalise completely. For example, even the education system has fully digitalised. From kindergartens to universities; every educational institution is holding online classes. Some are even pre-recorded. Homework is submitted at the click of a button. This new system has resulted in cost savings and one wonders why this was not more common before.
The hospitality business has suffered as it can only partially digitalise. Sit-in restaurants are empty but online take-away services are booming. The role of tele-medicine in the healthcare sector is increasing for outpatient services. Some patients even prefer to have a consultation via telephone or video calls whilst sitting in their own homes. However, many people are unwell and need to be admitted to hospital. So, this sector can’t fully digitise.
Any sector in the economy that can digitalise will thrive under these conditions of the Covid-19 pandemic. Indeed, once the lock downs end these industries may remain fully online having realised the significant benefits of digitalisation.
However, it is difficult to digitalise international travel. Furthermore, now that the world is more digitalised than ever before, we do not need to travel as much as we did before. So, it will be interesting to see what remains of the airline industry when the lock downs end…
It has caused and shall cause huge and massive economical problems such as loss of many jobs for many people, shortage of food supplies , crashing down of oil prices and so on
This Question has both 'Yes' and 'No' as Answers.
Condition_1: 'Yes' because the recession is already there due to the COVID-19 Pandemic, only we have to evaluate the Data.
Condition_2: 'No' if we will think positively, then its answer is definitely No. Recessions can be measured and overthrown again by massive economic growth rates besides financial packages from government sectors. At the same time, human losses can't be restored, but they like economic recession can be measured by evaluating data.
So for me, this recession is temporary, but preventive measures inclusive of massive lockdown is need of the hour.
Comparing the current, beginning global economic crisis to other major economic crises that have occurred in the last 100 years, a lot of analogies can be found despite the considerable diversity of direct sources causing individual crises. The comparative analyzes already carried out show that the global economic recession caused by the Coronavirus SARS-CoV-2 and / or in individual countries will be relatively short if in reality (end of April 2020) the pandemic is now entering a decreasing phase in many countries. However, the macroeconomic effects typical of the economic crisis characterized by both a decline in production and services offered in many sectors of the economy and consumption, an increase in unemployment, a decrease in investment, etc. will continue for at least a few more months. Only the next few months in the most optimistic scenario. However, it cannot be excluded that the economic downturn in many countries will be much longer, even up to several years. For example, in countries where a significant proportion of national income is generated in the tourism sector, this extremely negative scenario may occur. In addition, the different state of state finances, public debt and anti-crisis anti-pandemic and sanitary security standards currently applied as well as the diversity in the financial scale and types of interventionist instruments used, anti-crisis socio-economic, fiscal and monetary policy are the main factors that will determine the issue of differentiating the duration of the crisis economic in individual countries in the future, so whether this crisis will last only a few months or a few years.
Greetings,
Dariusz Prokopowicz
While it might be too early to rightly predict the depths of the negative impacts of COVID-19, however, it appears that there could be grave consequences of this pandemic in fragile economies. Currently, many African countries have started feeling the economic heats of the pandemic as jobs losses is on the rise. Unfortunately, most of the economies are resource-based, for instance the oil producing economies among them are facing acute drop in revenues and are resulting to chronic debt financing in some cases. I do hope the pandemic doesn't extend beyond this second quarter of 2020, else, there will be greater economic fallouts!
I don't think it will go that far. In addition, it is still too early to give an answer Sunny Chi Lik Au
Please read the news.
https://www.barrons.com/articles/coronavirus-recession-deeper-faster-financial-crisis-51586096486
We are at the verge of bubble burst and therefore it is a matter of time only !!!!
Yes, although the forecast scale of the recession for the global economy for the entire year 2020 will be much lower than the average level of the forecast recession from the beginning of the 1st wave of the SARS-CoV-2 (Covid-19) coronavirus pandemic, i.e. compared to the forecasts published in the media in March 2020.
Best regards,
Dariusz Prokopowicz
I don't think so, this is just one of the global alerts and this is not the 1st alarm we will have to face more in the future.
The recession caused by the SARS-CoV-2 (Covid-19) coronavirus pandemic was deep in many countries in 2020. However, in 2021 there will be a significant improvement in economic growth.
Best wishes,
Dariusz Prokopowicz
We are facing structural changes and related disturbances caused not only by Covid-19 pandemic but also by the exponential technological change of the new industrial revolution. Covid pandemics has shown that institutions are lagging behind to face growing challenges and act accordingly.
The deepest economic recession in many countries caused by the SARS-CoV-2 (Covid-19) coronavirus pandemic occurred during the second wave of the pandemic in spring 2020. On the other hand, now (June 2021), a significant number of countries have already emerged or are recovering from the economic recession, and the pace of economic growth, the economic situation in individual markets, industries and sectors of the economy is significantly improving and is returning to the pre-pandemic state.
Thank you, Regards,
Dariusz Prokopowicz