Due to thousands of questions arising from individuals, and the rate at which the Covid-19 Pandemic is spreading, one wonders if millions of individual will not lose their job and the outrageous consequences done on the economy of the world.
As the corona virus pandemic spreads around the world, the death and the economic toll becomes more outrageous. And the world population and economy is highly deteriorating, which expertise analysis is needed to be done in order to curb the situation.
Apparently to what the United Nations called ”Covid-19 and world of work” stated that pandemic would result in loss of about 25 million jobs worldwide. It also stated that a rescue package worth about 187 lakh crore is needed for two-thirds of the world’s population lives in developing countries. The world bank on the other way round had stated that the pandemic will make 10 million people destitute in east Asia and the Asia pacific regions.
According to the British think-tank, Henry Jackson society, the virus has caused more than rs 300 million crore economic losses in countries around the world. Meanwhile, the organization for economic co-operation and development predicted that the world’s GDP growth rate could be only one and a half percent in 2020 in the wake of the outbreak compared to around 3% before the outbreak.
The unimaginable question is should the governments of all countries put money in the market to revive the economy? Should the money be recovered by implementing austerity measures and taxing the common people of the country though for countries that have values for her citizens.
The world seeking reparations from china will be the best option if I may say. An assessment done by the Henry Jackson society stated, “if Britain wants, then it can claim $449 billion from china i.e. About rs 34 lakh crores. America can also claim $1200 billion i.e. Rs 90 lakh crores as compensation from china. Canada can claim $59 billion i.e. About rs 4.5 lakh crores and Australia $37 billion i.e. About rs 2 lakh 80 thousand crores.”
No country has officially received any compensation from china; however, it’s crystal clear that countries make announcements on economic losses and relief packages in their respective countries in the wake of the outbreak.