COVID-19 or Coronavirus, which is started in the Wuhan area in China, has been spread from eastern Asia to Europe and Northern America. As the COVID-19’s spreading speed increased fast and widely, the WHO declared the situation of the COVID-19 as a global coronavirus pandemic. The pandemic happened before in the global history that brought numerous casualties all over the world. However, this time, the Coronavirus not only affect biologically to the people but also hit the economy market badly.
The world economy had crashed by the COVID-19, and it is currently continuing to be affected by the virus. Since the coronavirus pandemic is easily infected by coughing and touching others, the most recommending precaution is keeping distance between other people. Most countries’ governments suggest their people to stay at home instead of going to work or going outside. This survival prevention method is affecting various people’s life severely.
- Small and Big Business Companies
- Unemployment Rate
- Long Recession Anxiety
Self-owned stores, which also include small businesses, are getting affected by reduced customers and contracts that involve human resources. The small businesses have less capital strength compared to the big companies, but even the big companies are suffering from the pandemic impacts. Since the pandemic is
The unemployment rate skyrocket with 17 million jobs lost in three weeks in the United States alone. One million jobs are also lost in Canada in the month of March, and Italy’s unemployment rate is expected to rise to 11.2%.
Unemployment Claims History Chart
Recession seems to be last longer than expected, and no one knows how it will be in the future. The Dow Jones and S%P 500 has been crashed harshly. Not only the recession in the United States is a big problem, but also the global recession is the bigger problem as various, and numerous American companies have interconnections with globally. 76% of Americans fear the coronavirus COVID-19 will trigger and last the economic recession. The number of people’s anxiety will be higher combined globally. All the governments in the countries where the coronavirus COVID-19 affected are supporting financial help to their economy markets to prevent any collapse that will bring a more significant and critical problem to them.
Dow Jones Crashed Chart
Ref.
Zarroli, J., & Schneider, A. (2020, April 9). Jobs Carnage Mounts: 17 Million File For Unemployment In 3 Weeks. Retrieved from https://www.npr.org/sections/coronavirus-live-updates/2020/04/09/830216099/6-6-million-more-file-for-unemployment-as-coronavirus-keeps-economy-shut
Leonhardt, M. (2020, March 24). 76% of Americans worry coronavirus will trigger a recession-here are steps to take if you’re already being impacted. Retrieved from https://www.cnbc.com/2020/03/17/americans-worry-coronavirus-will-trigger-an-economic-recession.html
Coronavirus recession. (2020, April 13). Retrieved from https://en.wikipedia.org/wiki/Coronavirus_recession