Wednesday February 17, 2021 - 20:43:48 GMT
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How COVID-19 Has Impacted The World Financially
Since the end of 2019, the COVID-19 pandemic has taken form in almost every country across the globe, disrupting personal finances and the world’s economy as a whole. With a rise in unemployment, significant reductions in income, and uprooting in the transportation and manufacturing industries, the pandemic is both a public health and global economy crisis.
Here is a brief look at how COVID-19 has impacted the world financially so far.
The World Health Organization Classes COVID-19 As A Pandemic
On March 11th 2020, the World Health Organization characterized COVID-19 as a pandemic and by this point, significant damage had already been inflicted on the global economy due to business closures, reduced productivity, trade disruption and the pause on the tourism industry. There was also a stock market crash, which triggered a circuit breaker for the first time since the financial crisis of 2007-08, causing trading to cease for 15 minutes and seeing huge declines.
During these first few months of the coronavirus spreading across the globe, there was a collapse in demand for oil and oil products, and a decline in bond prices too. It seemed like there were no industries that were not affected in some way by the growing pandemic. Ultimately, COVID-19 was quickly causing the largest global recession in history.
Global Lockdowns, Personal Finance & Ecommerce
Lockdown was an unprecedented event, but a necessary step that was taken around the world to ensure that the spread of the virus was reduced. This meant that at one point during the pandemic, more than a third of the global population was in lockdown at the same time, which saw a huge shift in online shopping. As businesses were closing their physical outlets, individuals who were staying at home took to the web to purchase their essential and non-essential items.
The time in lockdown also allowed people to reassess their personal finances and learn about budgeting. However, the global lockdowns also came with an influx of redundancies as businesses reduced their amount of staff expenditure, seeing a rise in loan applications, including payday loans in Australia to help households make ends meet.
Rising Unemployment
With the introduction of the furlough scheme, many workers saw their salaries cut, while some people lost their jobs completely. To this day, the numbers of job opportunities are still very low in some countries, including France, Spain and the UK, and it could take years for the levels to return to those seen pre-pandemic, but for some countries, job vacancies are making a steady increase. For example, the levels of new job vacancies in Australia have returned to the same level of 2019.
Overall, it is estimated that the global economy has shrunk by 4.4% and experts say that this decline as the worst since the Great Depression in the 1930s, but some countries are seeing a slight increase, thanks to roll out of vaccines and the effectiveness of measures taken during the height of the pandemic. However, for some countries, it may take a few years to completely recover from the financial impact of COVID-19, but with the continued research into the virus and the vaccination programme, the world is optimistic.
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