The Debilitating Impact Of The Covid-19 Pandemic On World Economy

The Covid-19 pandemic has had an unprecedented impact on the world economy. The disease spread like wildfire, instilling terror and bringing the economic machinery to grinding halt. The current conditions are a hot topic for online economics assignments help. They can help an economics student learn more about the grave situation.

Estimates show that the pandemic can trim global economic growth by 3% in the year 2020 itself. The economic fallout of Covid-19 raises the risk of an impending global recession coupled with an unnatural rise in unemployment.  

This write-up offers a brief overview of the forecasts made by international economic organisations.

Long term damage of Covid-19 pandemic

Experts predict a grave socio-economic condition in the near future. Apart from the costs of the human lives lost, rise in poverty levels, upended lives, derailed careers and increased social unrest are expected to debilitate societies.

1. Forecasts by the Organization for Economic Cooperation and Development (OECD)

The OECD published a forecast which projects a stark decline in global economic growth. It predicts a reduction of about 6.0% to 7.6% in 2020. Depending on the probability of the second wave of infections and further spreading, the chances of economic recovery are meagre. OECD states that the global economic scenario will undergo a sea of change as the pandemic fragments the system drastically.

Your school or college assignments may ask you to make your own predictions by presenting a fictional economic scenario. Teachers might also ask you to deliver an essay on your reflections on the current circumstances. Research in-depth, study hard and if need be, look for expert online economics assignment help.

2. International Monetary Fund(IMF) Predictions

IMF labels the current decline in global economic activity as the "The Great Lockdown."  The organisation makes a dreary forecast of the world economy. It states that the crisis will bring about a recession much worse than the global recession of 2008. Experts from the organisation predict a reduced growth of 4.9% in 2020. The International Monetary Fund suggests that several factors will play a major role in the recovery process:

· Length of the pandemic and necessary lockdowns

· Voluntary social distancing

· The ability of displaced and unemployed workers to secure employment

· Lon-term impact of firm closure and unemployment

· Changes to workplace safety, related policies and business costs

· Various other microeconomic changes

That wraps up this write-up. Read it thoroughly, conduct further research and work hard. In case of additional difficulties, look for reputed assignment services and drop a “Make my assignment request!” at their website.