Economic Impact of the Corona Virus Pandemic.
Covid-19 despite being a public health crisis has greatly caused a huge dent in the global economy and financial markets. The IMF estimates the global economy has shrunk by 4.4%.With major countries being in recession.
There are major disruptions to factories and logistics in mainland China resulting in supply shortages .
There are big shifts in stock markets that directly affect pensions and individual savings.
This has been a difficult period for jobseekers with unemployment rates having increased among major economies. There have also been high job retentions.
Commercial travel is also very far from picking up.The hospitality sector has also had to shut its doors worldwide.
However pharmaceutical companies are among the major winners with governments pledging billions for the vaccines and available treatment options.
The recovery of the world economy will be driven by countries such as China and India.
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