World Economic Situation as of mid-2020
The Corona epidemic has caused a widespread global health and depression .
The global economy shrank by 3.2%, and therefore the growth index in developed countries decreased to five , with developing countries shrinking by 0.7% and GDP losses in 2020 and early 2021 will erase the previous gains of the past four years.
And it's paralyzed the completely closed borders that governments imposed to stop the epidemic, which led to the dismissal of an outsized number of workers in various companies round the world.
Governments round the world try to introduce fiscal measures like 10 percent of worldwide GDP to scale back the consequences of the economic downturn.
After the decrease in injuries and deaths in recent weeks, there are still doubts and fears that the course of the epidemic will change and return to rise again, and if this happens, the economic consequences are going to be catastrophic as governments are going to be in crisis to save lots of the economy. Or save lives.
The post-COVID-19 world is probably going to be tons different from the Coved-19 era if an efficient and rapid vaccine against an epidemic were discovered. it's expected that there'll be a small recovery within the economy to catch up on the massive losses that occurred before, like the rise publicly debt for developing countries, especially people who depend entirely on basic commodities in their economies, and poverty rates will increase.
Strengthening development cooperation, which supports efforts to contain the epidemic and supply economic and financial assistance to countries most suffering from the crisis, will remain crucial in accelerating recovery and putting the planet back on a sustainable development path.