It is a big question that the world would be the same as before after the pandemic. Will the countries reunite to work together after the pandemic? When looking at what the future will bring. A can crisis can be turned into an opportunity? America is controlling world finance since World War 2. The disaster caused by coronavirus will change the economic world totally. There might have a question in our mind that is the recession caused by lockdown is more dangerous than the pandemic itself?
Poor countries, whose economy is not provided by monetary or fiscal support, they are in huge loss. As we can see how few African countries are facing a crisis. Even a rich country is facing loss these days, but their revival chances are better than the poor. Even a country like Denmark, which has is a shorter period of lockdown, has shown a shrink in the economy. As we can see America is unable to Sort out its own affairs in the time of the pandemic, can we consider that this would be a great chance for China to come as a global financial hub? There is always a question of who and when the second-largest global power will challenge the U.S. Is this the right time to consider China as overtaking the United States? Will China be successful to overtake world power?
We all know the tensions between the US and China. China’s own growing capital market is giving tough competition to the states, but still, china’s currency‘s convertible rate is less than America. The only chance to rise up the value of the Chinese currency is the impact of Covid 19, but this is going to take a long time. China is working much faster on its digital market. They are far ahead of anyone in the world.
Which countries are going to be most affected by the pandemic?
Countries, where tourism is a major source of contribution to the economy, are one of the most vulnerable to this pandemic situation. They are at a big loss due to lockdown. Other countries whose capacity to borrow dollars is very less are under a huge impact.
What needs to be done after the pandemic?
Support for health system: for economic recovery, it is important to defeating the virus and defending the people. Priority should be on testing and treating the patients until the vaccine is there for people. There should be a consistent medical supply to the hospitals for faster recovery.
Reduce financial stress: reduction in financial stress will ease to come out from the recession. This will provide relief to the country and the world.
Plan for recovery: even we are passing through the hard phase of the pandemic, we must plan for recovery through effective policy implementation. Careful consideration should be taken of when and where to gradually ease the lockdown situation with proper measures and it should take on the Based on the clear evidence
As the economy starts growing, we should swiftly to boost the demand
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