Covid-19 has brought a distress situation for the economy of the world. Due to the lockdown, all the industries have closed their units and laid off most of their employees to minimize the losses. The social distancing has been imposed by the governments to minimize the spread of the deadly virus. Countries devising their strategies to tackle the devastating situation caused by Coronavirus. Most of the states confined the traveling of their citizens to curtail the spread of the Corona. Despite all precautions, the coronavirus is growing rapidly around the world and the death rate is spiking immensely.
Covid-19 has destroyed the economy of the world, which directly affected the poor class of society. Poverty is rising due to unemployment caused by the closure of the industrial sector. It has been predicted by the officials of the government that around 20 to 70 million people will move below the poverty line. Restrictions by the government negatively impacted around 5 million small businesses. This catastrophic condition has developed hunger and frustration in the public. PTI government has hinted to lift the lockdown step by step while analyzing the situation. The government is currently working on a strategy to lift the lockdown and provide financial relief to poor laborers.
Not only Pakistan but also various countries affected badly; economically. In the US, around 20 million people already lost their jobs, and people are fighting over the remaining resources. The US government seems to be failing in containing the spread of the deadly virus. The government is trying to shift the focus from their incompetence by starting a blame-game through the media. It appears that instead of spending resources on their public, the core issue for the Trump administration is to find the source behind the Covid-19.
World organizations predict around 3 billion unemployment amid the Coronavirus, which will bring havoc in the world. European countries are the ones affected the most by the spread of the Corona. Fewer EU countries lightened the lockdown to restart their economic cycle. England, France, Spain, and Germany formulated their strategies to provide relief in the lockdown.
The after-effects of the Corona will be unimaginable. Countries are devising their strategies to absorb the aftershocks of the Coronavirus. The industrial sector is demanding from the government to ease the lockdown to resume their manufacturing units. Millions of poor workers and their families worldwide waiting for the end of the quarantine situation to re-burn the stoves in their homes.