The world has never had to experience anything close to the covid-19 pandemic we have going on right now, it has been reported that the economy had been greatly affected in time past but this looks different from what we use to have. Stock market seem completely different, companies have been laying off workers as they have no financial ability to pay and we have the future that appears to be completely indifferent.
Paths of Similar Global Economic Downtime.
Report says that we have walked through a similar path before, there have been several downtimes that has greatly affected the nation’s economy.
There was a great depression which lasted for a very long time, it took ten good years for the economy to recover. The year 1929-1939 was a year filled with difficulty as so many investors were wiped out, the companies that had failed sent home their workers and folded up.
Islamic terrorist attacked the then already struggling market of the United States, the 9/11 attacks also had a massive destruction share on the world’s economy has it had it take on the price of every good and commodity and also goods and services, but this event did not last for too long as things began to stabilize normally.
The Great Pandemic (Covid-19).
Economist say the economy cannot be fixed at the moment, the only way to reduce the available risk is by containing the spread of the virus. If lives must be saved, then lock down needs to be ensured as well as social distancing, but the more lives we are trying to safe, the greater recessions we are going to have. The more people stay at home, the more job is lost, the rate of unemployment continually increases but we need to stay indoors.
People are not buying certain commodities either because they cannot afford to buy it since they are not earning or there is no need for it.
How do we fix the economic problems caused by this pandemic? Economists say before anything can be done, the virus needs to be eliminated first.
Central banks all over the world have been pumping so much money into the banking sector and also into businesses in order to ascertain the fact that money is in circulation, interest rate has been greatly reduced for those who want to take loans, and the federal reserve of the united states has ensured that other central banks available worldwide could borrow USD from them. World leaders have also started giving out relief funds to their citizens
It appears that recession cannot be overruled after the pandemic is over but how do we now salvage the situation and make it minimal?
This post is posted first on steem
Food sectors will recover economy in my opinion. All policy makers should think about how to secure the food sources like grains, vegetables and fruits. Lifestocks are also importants like cow its products, sheep, chicken and other breeding production such as fish and shrimpms. Thouh we don't have such a luxurious equipments when we are not hungry, we can think about the next steps,
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hello @mojubare Unfortunately we are living in difficult times, it is true that while we are locked up more jobs are affected, but it is also important to take care of our health, in this case the economy is in the background, although it is somewhat illogical because if we do not work as we eat, as we pay rent, well, it is not an easy situation, I think all this will happen when the vaccine can be implemented, but we will always have cases around.
The best option that those of us who are not working have is to reinvent ourselves and take another path, look for alternatives to get ahead and with the internet at hand there is a lot that can be done.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I think those of us who have access to something to do online are really lucky this period, we do not know when this will end but we know that it will certainly come to an end.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
That's right, we're very lucky!!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hi @mojubare
These are really difficult times and many countries have shut down their economies to extents we have never seen before. This is going to come at a huge economic cost and the question for me is just, how large will the recession be?
I don't think we will know for a few years whether the price was worth paying or not. There are still so many unknowns at the moment and no one quite knows where this will end. Many countries are very nervous about starting their economies back up again because they don't know the impact on health. There is no easy answer but what we do know is every day we dig a deeper financial hole that we will need to climb out of.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
While some countries are concerned about the health and welfare of their citizens, other countries are trying to save the economy by relieving the lock down.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
True - and there is probably no right answer until we look through the rearview mirror in the years to come.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hello friend @mojubare, this situation seems like a crossroads, surely governments are evaluating and must take decisions, if they are correct or not, we will see this in the future.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Only the future can tell if our governments are making the right decision or not.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Resteemed already. Upvote on the way :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
It is sad that the world may experience another recession after the pandemic and we just have to learn to survive through it.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Only the strong will survive the crises and the depression that comes from it.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
This post has been rewarded by the Steem Community Curation Project. #communitycuration06
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit