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COVID-19 is pushing the global economy towards a recession

COVID-19 is pushing the global economy towards a recession.  The global economy is said to be in a recession when it contracts for two consecutive quarters. By looking at the current situation in the global markets, we can say that this is very much a possibility. See COVID-19 has caused a lot of uncertainty in the global markets. And nobody is sure as to when the outbreak is going to come to an end, or as to how long the outbreak is going to last. plus upon this, the oil markets are in crisis due to the standoff between Russia and Saudi Arabia, and due to a combination of these factors, we are going to witness a significant impact on global economic growth. The United Nations Conference on Trade and Development has already estimated that COVID-19 alone could result in losses of around $2 trillion for the global economy. And it could push several countries into recession and global growth could be way below 2.5%. The reason why COVID-19 is having such a massive impact on the global economy is because of the city-wide and countrywide shutdowns and social distancing measures that are being implemented by governments around the world. These shutdowns, which are going to last at least a few weeks or a few months, is definitely going to disrupt the global supply chain. And this is going to have an impact on multiple industries. From electronics to tourism, from entertainment to textiles, every industry is going to witness a major deceleration in growth. But however, there are a few positive signs as well, because  COVID-19 and the shutdowns could be beneficial for companies involved in medical supplies, masks, hand sanitizers, it could also be a boost for e-commerce firms and delivery apps. After all, people would prefer to order online and get products delivered to their doorstep. It could also help online learning platforms as schools are going to remain close temporarily. So the conclusion is that apart from this small silver lining, most of the other industries are going to take a massive hit.


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