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COVID-19 disturbed the whole economy and it is a global shock like no other. The COVID-19 outbreak severely affected the world economy and the results are still vague and unpredictable as that how far this virus can go. No one can give you an idea of how the whole world will get through this, the only way to stop this pandemic is to release the vaccine or generate cost-effective treatment so that we can reduce the death rate. COVID-19 simultaneously disrupted both supply chains demand chains, which were once the backbone of the trade and have played a pivotal role in economic growth, so many businesses around the world have to close down and many people lost their jobs that upsurges the inflation rate globally.

 More than 80 countries had closed their borders, traveling has almost stopped entirely, schools, colleges, and universities were closed, the global financial markets have been plunged into chaos, it seems like the world is going to an end. People were alive but living a life with fear. The world’s topmost economies like China, the US, UK, Germany, France, Italy, and many other countries lay off their hands before COVID-19. 

What else can be worse than COVID-19, this virus ascertained that nothing in this world is permanent, even the world economies encountered the ruthless condition after ages. Other than the world economy, who to blame for the human cost? With the immeasurable death toll, so many people lost their loved ones because of this fatal disease. Few survived, but few said goodbye to their loved ones.

The first wave of COVID-19 deteriorate the world economy, people were terrified that what will happen next but somehow few countries manage to get through this disease. Now the second wave of COVID-19 is at its peak, and again the world will face the same lockdown, quarantines, and social distancing. COVID-19 is damaging the world economy because the world has been experiencing the most difficult situation. 

But now few countries are moving slowly to stable the condition and ease the lockdown restrictions, this virus already affected the livelihoods of so many people and has damaged the perspectives of future growth. But here the real question arises, how quickly we will recover the losses? How we will manage to recover the economy? As the virus is picking up speed and spreading again, so businesses have to face the fall down yet again. Most of the countries are going through stagnation and downfall so they already have requested the Internationalrequested International Monetary Fund (IMF) for financial support and help.

Well, it is certain that COVID-19 breaks almost every industry, every country, and the life of numerous people. According to the report of BBC (Coronavirus: A visual guide to the economic impact), it is expected that the global growth will rise up to 5.8% next year if the pandemic totally disappears in the second half of 2020. 

Recovery in big countries that have been hit hard by the pandemic, like the UK or Italy, Italy is expected to be a slow process. Tourism and travel-related industries are among the hardest hits. According to CSIS statistics, The International Air Transport Association notifies that Covid-19 could cost global air carriers between $63 billion and $113 billion in revenue in 2020, and the international film market could lose over $5 billion in lower box office sales.

In this catastrophic condition, countries need to work together and protect human beings as well as to stop the economic damages. Because countries alone cannot stand by this disease, when the countries collaborate together then we will quickly get through this disease.

However, governments around the world have worked really hard and are still and still trying to create the vaccine and treatment of COVID-19 and have pledged billions of dollars. Few pharmaceutical companies are in a race to develop the treatment and could get back to normal but let’s hope and see when will this pandemic disappear and when will the world turn into a stable condition. COVID-19 put the whole world in recession, so it seems like slow and steady improvements help the world to get back to normal condition.

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