The Impact of COVID-19 on the World Economy
The impact of the transmission of COVID-19 to the world economy is worse than the global financial crisis. At a joint press conference with the World Health Organization (WHO), the International Monetary Fund (IMF) said the world economy was in a recession. This is because many countries are facing a weak health system since this pandemic occur. The impact of Covid-19 on the world economy including; Source: Google Image High unemployment issues Source: Google Image The International Labor Organization (ILO) expects the COVID-19 crisis to increase unemployment especially in the services sector. The informal sector in developing countries is the most at risk. According to the ILO, of the 3.3 billion workers globally, four out of five workers are affected by the closure of the premises either partially or fully. Long term effect will continue to be felt by the cohorts that stepped into the labor market during the economic crisis. The cohort will continue to face prolonged unemploymen...