The struggle of various economies around the world due to the current pandemic

The Covid-19 pandemic has affected a major part of people’s lifestyles. As a result, there have been various changes around the world. The hardest-hit sector is the economic sector which is dwindling and causing major anxiety among the different countries. It is argued that this pandemic has ushered in a lot more problems as compared to the Financial crisis of 2008-09.

Colin Williams view of the pandemic on economy

COLIN WILLIAMS, a professor of public policy at the Sheffield University Management School, UK, shared an article regarding the pandemic shattering the lifelines of millions of people around the world and especially, in poorer developing countries.

Across the world, people wish to revive their sources of income.

ECONOMIC FORECAST GROWTH OF VARIOUS COUNTRIES

As per the International Monetary Fund (IMF), India’s economy is estimated to grow at a rate of 12.5% in 2021 despite the emerging threat from the rising Covid-19 cases. Whereas, China’s growth is projected as 8.4% and the US as 6.4% for the fiscal year of 2021-22. The countries like Thailand are also experiencing the remnants of the pandemic as it is difficult for it to rebound from a negative growth of 6.1% last year, according to the analysis of available data from the bank of Thailand. And, the economic growth of the Middle East and North Africa is forecasted to advance by 2.1% for the year 2021, according to the World Bank.

These figures depict a slight optimism regarding few countries but, a larger burnt is truly, being borne by the poor developing countries. Thus, policymakers across the world have to take the initiative of reviving the economy. It will definitely be interesting to see how the different economies around the world play their part in reinstating their economic programs and the growth of their respective nation.

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