Although the current pandemic has been hovering around the world for over 5 months now since it started last December in Wuhan, China, it’s vital to shed some light on it. A lot of people all over the world still thinks the virus is simply a way for governments to control their people. However, there’s much more to it.
Continue reading this article and learn what COVID-19 is all about and how it is impacting global politics and economies.
What’s COVID-19?
The new Coronavirus COVID-19 is a highly contagious virus that spreads from person to person, with symptoms similar to those of the flu. It has reached historical levels of contagion and deaths, unleashing a pandemic, making confinement the most effective measure to prevent its spread.
How is the Pandemic Impacting Politics?
Governments’ Quick Response Affects Politicians’ Popularity
Some politiciansaround the world have been praised due to their quick and assertive response to close borders and declare quarantines to stop the spread of the virus. In countries like Spain, South Korea, Australia, and even mainland China, politician’s popularity has augmented.
On the other hand, in countries like the US, some African territories, South American countries, and Russia, the lack of preventive measures has made people hate politicians.
How is the Pandemic Impacting Economy?
Recession Alert
The growth of the economy generates wealth and new jobs. But the International Monetary Fund indicates that the economy will shrink up to 3% this year and may increase 5.8% in the next year if the pandemic vanishes in the second half of 2020.
Oil Price Decline
Given thatconfinement and social distancing is the main rule applied by governments worldwide, the demand for oil is minimal. Its price fell to the lowest level in history, so some countries have agreed to reduce their production and exports.
High Levels of Unemployment Globally
Almost 1 million British and over 30 million people in the US are now in need of accessing unemployment benefits to battle the harsh economic impact.
The Coronavirus pandemic has hurt global production and disruption in the supply chains and distribution of raw materials throughout the Asian continent and in the main countries of Europe and America.
From Visually.