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September 30, 2020

by: Luche Pilongo

In this unprecedented event, Coronavirus is throttling the global economy downhill. The global community has been struggling in various manners, whether physically, mentally, morally, and financially. The whole world is putting a fight against this virus that has been greatly affecting lives, but how does the world manage their economies to satisfy the needs of its people? A majority of the population is focusing on survival and being occupied with sanitizing and keeping themselves clean and not visualizing the bigger picture of how COVID affects, not only health but also the status of the economy.

The economy had a significant role in everyone’s lives and without it, society would collapse since the population plays a vital role in contributing, maintaining, and developing it. It is crucial because it opens many doors for opportunities for growth and wealth.

The world economy has been facing a crisis because of an economic crash, the free fall of the stock market in investors and companies all over the world, higher demands, and inadequate supply of goods and services. As the Coronavirus cases rise so as the unemployment rate in the world and millions of work has been struggling to find jobs that would support themselves throughout this pandemic. The travel industry and other companies have also struggled due to this pandemic, which involves cutting flights and customers canceling business trips and holidays. Different industries and sources of income around the globe have been struggling in facing this crisis and how to get back on track that would help the economic status to gradually increase. Furthermore, the whole world has been struggling to finance the vaccine and find solutions to this pandemic.