2024年5月5日发(作者：迅雷下载到最后崩溃)

COVID-19 and Global Recession

COVID-19与全球经济衰退

Slightest thoughts of recession can be scary, however, it may be beneficial to

understand what it is and how we can get through it. Covid 19 has once again

brought a scenario of global recession. And, it’s high-time that everyone, from

students or commoners should know everything about it. Let’s begin with

knowing the basic meaning of recession:

What is recession?

An economic recession is a time period of economic downfall or decline. It is

signalled by a massive increment in unemployment, a huge dip in the housing

sector and a decline in the stock ally, a global recession is not

declared untiled the GDP (total value of goods and services) declines for two or

more than two quarters.

Recession during COVID-19 time-period

Though there are various lessons that can be learned from global recessions

that ever happened, yet there is a big difference between the previous ones and

the COVID 19 recession: None of these economic downfalls were brought down

by a worldwide r crucial thing is to understand about global

recession is that it is merely a normal part of the economic cycle. As per the

National Bureau of Economic Research, an average expansion time period stays

up to 59 months, or only of five years. For instance, the last major global

recession ended in year 2009. Its recovery was started in the midst of 2011. This is

the reason why mostly economists claimed that we were overdue a global

recession, even before we got hit by novel coronavirus.

Economic Downfalls of Global Recession

Everyone knew that the cyclical nature of economic growth and businesses

would put us into another global recession. What everyone has no idea about

was that it would coincide with a once-in-a-hundred-year worldwide pandemic.

This pathetic and daunting combination has given birth to economic downfalls of

near-historic proportions, such as:

Unemployment: Only in the USA, more than 38 million people filled jobless

claims. This happened only during the 9 week period starting from 12TH of

March. March saw only the initial phase of COVID-19. This figure has no or may

have just a slight mention of freelance and gig workers, who could not register

for unemployment claims. Also, the people who faced massive cuts in their salary

were not counted.