Covid-19: After Effects of Coronavirus and Its Impact on Global Economy

Abstract

As a consequence of the worldwide spread of the coronavirus (also known as COVID19) pandemic, within one or two months the governments of almost all countries decided to implement lockdowns to counter the increasing cases of infected people. At this time the whole world came to a standstill. As a consequence, the global economy was also in turmoil. In the labor market, people losing their jobs and the rate of unemployment are increasing. If we compare it to other countries, active cases of China's scenario are much better than in other countries. Since the outbreak, many domestic and foreign institutions have made estimations that the GDP growth of China will be 4% and the decline rate will be 2%. But according to TE, economic growth was 3.2% in July where the forecast was 2.4%, where the actual rate is greater than the TE forecast.