Date: 2020-04-22 21:15:00
#economy #greatdepression #covid-19
The coronavirus pandemic has dealt a huge blow to the world, causing a major downturn to the global economy. The shutdown of several businesses during this period has led to the termination of jobs and in the not so distant future, more people may likely still lose their jobs. With several forecasters analyzing the rate of unemployment at the moment, it is deduced that four out of five jobs globally have been affected by the pandemic. In fact, a UN study shows that about 81% of the global workforce which consists of approximately 3.3 million people has their place of work shut down partly or fully. In the last two weeks of March, it was recorded that about 10million Americans filed for a jobless claim, rising from the initial 6.6 million. Hence, there may be a 15% rise in unemployment by the end of the second quarter of the year as against the 3.5% that was recorded in February.
With the dire increase of unemployment and the fall of the GDP by approximately 20%, people are forced to compare the coronavirus pandemic to the great depression which occurred in the 1930s because these percentages are almost same with what was recorded in the 1930s which led to the great depression. However, policymakers have stated that although both the Great depression and Coronavirus pandemic caused a downturn for the economy, they are not alike in several ways including the fact that the former was as a result of instability in the financial system in the 1930s, while the latter is as a result of the implementation of measures like social distancing which is required to curtail the on-going health crisis. In the case of the coronavirus pandemic, there are various federal expenditures as well as liquidity been released in the U.S as emergency measures to provide the required stimulus for the economy.
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