The world is hit hard by the corona pandemic and no industry has been left spared. It has caused great overall distress on the economy as a whole.
Most of the affluent nations of the world are suffering the pandemic too including the US, UK, Italy, Spain among others. The nations are locked down and most of the economic activities are ceased.
America is the worst affected country in the world with over 70,000 fatalities and over 5,00,000 confirmed cases of COVID-19.
Although, due to the massive steps taken by the American Central and state governments, as to the mass testing of Coronavirus and lockdown orders, it has been able to control the spread of the virus somehow. Though, the lockdown orders are taking a toll on its economy.
The unemployment rate in America is at a stagger high level. The em unemployment rate has been estimated to be at 16%, way too above just from 4.4% in March.
And it is forecasted that the employers have cut a stunning 21 million or more jobs in the month of April. It’s a real test for the economy.
Although, it will still not capture the whole picture of economic distress. Many people have got their work hours reduced, many have faced pay cuts and many can’t look for work amid the lockdown, and henceforth they won’t be counted in the calculation of the unemployment rate.
So the real picture is far worse than projected by these economic numbers. One thing has to be noted down that the figure doesn’t count those who have been laid off from work but are not searching for new work.
Incidentally, in the time of Lockdown, the laborers who have been released from their previous work aren’t able to look for new work as all the no essential businesses are closed down. So there are no counts for them in the figure.
So, the total job cuts are excepted to be standing around 34 million, far more worse than anybody could have expected. There is also no sight of things turning back to normal.
So it is very unlikely that all the people who have lost their jobs will get back to new jobs when the pandemic is over.
It will have a long-lasting effect on the economy and it’s going to take a substantial amount of time to recover. Many people’s lives are going to change completely and in a way, they had never expected.
Although, we hope that through persistent and United efforts, we will be wake up to a morning when the virus will be no more, and things will start to get back to normal. Till then, stay tuned with us for more such latest updates.