China is expected to be the only G20 economy to grow this year. The global economy is in crisis and it’s worse than it was during the Great Depression. The pandemic started in China. The country reported 85k confirmed cases and 4,634 coronavirus deaths.
Despite all this, Industrial production has risen in September by 6.9% compared to the same period last year and customer spending has started to pick up again. Every country is trying to make new movements toward bettering the economy. International trading, investments, science, and technology needs to be more adopted by every country in the world in order to face difficulties with a strong attitude. A new development pattern is needed.
No one really expected China to be recovered from the financial and health crisis so soon and everyone is just taking notes from this country. The government managed to deal with not only the Covid-19 but the hard economical situation. It easily is seen in terms of consumer confidence, and overall spending in the West and China.
It also impacts trading volumes as well. We’ve seen volumes shoot up in China while the West keeps on struggling.
Based on this T1Markets review here, which is quite recent, the overall activity from broker clients has diminished significantly. Social and economic development seems to remain complex, but surely it will get better after some time.
How other countries are responding to the economic crisis?
The pandemic is slowing down global commerce and some of the countries are still struggling because of the economic crisis. The world’s largest economies are filled with uncertainty and coronavirus-induced depression. This highly contagious disease is pushing the world to the corner of recession and the situation is way worse than it was back in 2008.
The potential price tag of the global bailout is $10 trillion. What will be the full impact of this? What are the solutions for boosting the economy and healthcare systems? The world is challenged and some of the countries are taking this challenge seriously, but some are still confused about what to do. Some people think that the pandemic crisis will worsen global inequality. There are different causes of panic in every country but the outcome is similar in almost every country. The global financial crisis disproportionately hurt lower-income households. Millions of people have lost their jobs and who have not – are working from home. WFH is another common problem for the whole world since people are now more stressed, exhausted, and lost. The boundaries between work and life have disappeared and people are spending more time working than they used to. Because of the sudden decline in economic activities due to the pandemic-lockdowns, the ones who developed mental problems because of working from home, can’t take a vacation because they can’t afford to lose their jobs. There are not only financial problems in the whole world but mental ones. Millions of people are experiencing mental health fallout from the coronavirus pandemic. A long period of economical instability made people worried so much that they are almost losing their minds. Unemployment rates are growing rapidly in every country too. Anxiety and depression are rising. With the number of death from coronavirus, isolation and fear is generating widespread psychological traumas.
Aside from China, some countries like Finland, Lithuania, and South Korea are also dealing with the pandemic. Lockdown is the worst economic downturn since the great depression. The world will surely change dramatically after Covid-19. The pandemic has resulted in a tragically large number of human lives being lost.
Most of us are looking towards 2021. People are hoping that things will get better next year. Personal behaviors are already changed. People are wearing masks and washing hands in order to protect themselves and others. Researchers are saying that the best approach is to test people and isolate new cases. Some people are thinking that we will never be able to go back to normal. Some even are trying to ignore the whole pandemic situation in the world.
Conclusion
To end the pandemic, people need to trust scientists. The challenge is enormous and unusual. A pandemic is not a new thing in human history. But Covid-19 is something special for everyone. It was a very unprecedented backdrop when our ability to be independent and freedom of will become questioned. It is surely a time when we all need to realize that we are all together in this crisis and we need to help each other by isolating ourselves. The situation is hard enough and the second wave of a pandemic is still booming. We need to start with the indivisibility of all phases of protection, and we stand ready to help our governments, whatever their methods may be on helping us.
It’s time to give up straightforward thinking based on stereotypes and finally start acting from a moral viewpoint. After all, our best bet is a happy future for all who breathe on Earth, our common home.