Economic Consequences of COVID-19
It has just been four months into 2020 and our minds are already gripped with fear, uncertainty, and panic. Coronavirus Pandemic abbreviated as COVID-19 has claimed lives, torn down economies, compelled governments across the world to take extraordinary measures, and jeopardized the revenue inflow for almost every industry. A financial catastrophe, ten times that of the 2008 Lehman crisis coupled with a health emergency has hit normalcy in every corner of the globe. With lockdowns halting manufacturing operations and corporates embracing work from home, economic activities have almost come to a standstill. The International Monetary Fund(IMF) MD Kristalina Georgieva claims that the outlook for 2020 is already negative. IMF has also claimed that this is the biggest economic slump since the Great Depression. For the first time ever since 1929, the stock markets plummeted by 32% in just 18 days! Investors have removed $83 billion since the beginning of the crisis. Wall Street, Eu...