Every year, the financial experts will be highly excited in generating report on the world economy. But it can be said that the year 2020 will the worst economy report they have handled. This can be considered as the result of the pandemic situation created by the corona virus. Even though this virus originated in China, the entire world was severely affected because of it. Many developed and developing countries like US, China, Canada, UK and India were severely affected because of this harmful virus. The other most unfortunate thing apart from health risk is the rise of financial crisis.
Many nations announced a long lockdown and because of which people lost their source of income to a greater extent. Even the big companies were unable to manage their financial needs and their production got affected. To reveal the fact, many people migrated to their native from their work place. More number of people lost their jobs. And even the Governments were unable to tackle the medical needs of their people. Since the count of the victims got increased rapidly, many Government relayed on World Bank and other Nations to overcome the medical needs of their nation.
As we all know, US tend to play a major role in the world economy. The most astonishing fact is even the US government was unable to tackle their financial needs in the most effective way. According to the economy survey, more number of people was bankrupted in US. More number of people had relied on their personal savings in order to overcome their expenses at the time of complete lockdown. The survey also stated that the economy of small business was down by 20%. More number of people limited their needs to a greater extent and this also affected the routine sales rate around the sellers.
The experts say that China has recovered from this financial crisis shortly than expected. But this is not possible with all the countries that are severely affected by corona virus. Especially the African countries are supposed to work right from the bottom of their economy and they may also consume a very long time period for stabilizing their economy. The most unfortunate thing is they must keep their fingers crossed that they should not be attacked by any other natural calamities or diseases that may pull their economy down to a greater extent.