The coronavirus has had a catastrophic effect on the lives of people all over the world. There is the coronavirus has had a catastrophic impact on the lives of people around the globe. No land on earth has not experienced its devastation.
The COVID-19 has reportedly infected over 4.6 million people(Reverberations of the COVID-19). As high as In the UK alone, 240,000 Britons have caught it, and 34,000 have lost their lives because of it.
These are the numbers for 17 of May, by tomorrow and next week, they will have risen, I hope the rise in the recovery is more than the others.
With such an onslaught of the disease, it was evident that the governments would step in to lessen its severity to spread even more.
The Reverberations of the COVID-19
With no vaccine in sight, the only solution for the virus was a complete and total lockdown. A lockdown meant that there would be no venturing outside for anything that was not essential. So, all forms of non-essential commercial activities were halted.
With the majority of the business activities not operational, there are bound to be consequences that would affect both the country and the people. Here is how;
Have you might ever hear of the cycle of money or the flow of money? It is a concept that is very important for a country’s overall development.
It goes something like this;
An employee gets money from his boss as a salary;
He spends that money in the markets to buy whatever he wants;
Once all the money has flowed out, he gets his next paycheck to repeat the cycle.
The money has gone back out from your pockets to someone else’s to again come back to you. This flow is basically how an economy runs.
So, with no business operational, no malls open, no movies being released, there is hardly any money being spent. And the entire economy is suffering because of it.
People cannot go to work if there is a nationwide lockdown. The retail executive cannot sell his company’s clothes from home; a construction worker cannot build a house from his living room.
The result of people is losing their livelihood. The unemployment rates in every country are higher than ever experienced.
The 2008 recession brought a margin of lost jobs compared to the present numbers.
- In the UK, there are approximately 13 million jobs that are in the worst affected business domains. With no income for the business owner, paying the salaries of all employees is almost not possible.
- The US is even worse; over 30 million jobs have been lost by people in just a month of April.
- For Japan, the number is just under 2 million, which is still substantial.
- The numbers are just as terrible for India, Spain, and Brazil and almost everywhere in the world.
Some have predicted that as many as 300 million jobs will become redundant and consequently lead to even worse figures.
The government is trying to give unemployment benefits to as many people as they can. Still, I am afraid; the unemployed would have to seek out lenders like RecentFinance to help them out of their imminent financial burdens.
Can We Recover? Reverberations of the COVID-19
Yes, we can and will overcome the present crisis. However, it will require a lot of effort from us.
Once and foremost, we need to understand that the crisis would require a joint effort from all countries and people. We have to stand united as one to make the best of what we have got.
The US and India relationship is the perfect example of the same.
- When the US was running short on its supplies of Paracetamol, India came to its aid and exported to tablet in the count of millions.
- When India did not have enough ventilators for its critically ill patients, the US was the nation to come forward by delivering the much-needed equipment.
Such incidents are prevalent in the present, and these are what will help the world overcome the battle.
The IMF’s Role
The International Monetary Fund is an agency that provides financial aid to countries in need of the same.
And there are so many countries, which lack the means and technology to combat the pandemic.
Rwanda, an African nation with a few others of the same continent, has sought the aid of IMF, and their request has been grant.
The IMF has established a form of emergency fund of $1 trillion for helping the world prevail over the coronavirus without money being an issue.
The Superpowers Showing Their Worth
Apart from the IMF, the superpowers of the world are also doing their part.
Many powerful nations like China, Russia, and even the USA have decided not to collect the debt they have given to smaller and under-developed countries for a couple of years post-pandemic.
This news has been seeing as a reprieve for third world countries.
Besides this, the governments all over the world are requesting their citizen to donate funds to curb the virus and its consequences.
Brands like Nike, Samsung, and Apple have answered this call and donated hefty amounts to the relief funds establishes by the governments.
Many economists have expressed that their concern over the financial devastation caused by the coronavirus. Some have gone as far as to stay that what we are experiencing right now will continue for months and years.
Some countries will be able to recover within a couple of years, while some under-developed nations may take decades to reach their pre-pandemic state.
However, the important thing right now is to curb the virus. Although the economic stability of a nation is essential, it can transcend the value of human life. Saving our people has been the priority, and the government’s nationwide lockdown has proven that.
The Final Line | Reverberations of the COVID-19
The recovery from the financial crisis may take time, but it will happen, and the problems will soon be history, much like the 2008 recession. Human life, once lost, can never be redeemed. So, we have to learn to endure these times and wait for prosperity to get us.