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Covid Impact On Economy.

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English
School
University of California San Diego
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Homework
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Source link:
https://www.bbc.com/news/business-51706225
How COVID-19 impacted the economy and people’s lives
In this article, the BBC explains that the pandemic has changed the world economy because
the governments took the measure of making a mandatory quarantine for all the inhabitants,
which reduced consumption and was a strong shock for the stock market, the shares of very
important companies worldwide, had an abrupt blow. Joobsekers bécame frustrated because,
due to the market paralysis, they did not have many important job opportunities, which
caused them to have to look for alternative solutions, such as becoming entrepeneurs.
There was a dramatic scenario. People started to feel depressed and not to be willing to do
anything. They were in their houses, feeling bored and overwhelmed. They were not motivated
to spend money on anything. Every mall and market experienced a decrease on their sales.
Workers were fired and the market was a big chaos. In Latin America, COVID-19 made that
the markets were closed, that measure was a disaster for all the businesses because they could
not work at any time. All the most important countries of the world have had a furious decrease
on their economy levels. According to the BBC NEWS, the only mayor economy to grow in
2020 was China, which means that all the world experienced a big recession. China was quite
smart and was able to face the pandemic in a way that did not affect its economy. China tried to
recover quickly from the pandemic and reduced the number of cases with high efficiency. This
measure was important to its inhabitants since they did not suffer a great economic impact.
United States, during the presidency of Donald Trump, decided to adopt protectionist measures
in order to maintain its dominant position and to preserve the American people. Europe and
Latin America had a great impact on the health level. An area that is related to the economy,
since when people saw the news, they got scared and did not want to leave their houses, so they
began to consume much less things, and to spend less money.
Many people started to be unemployed with no money to eat. Getting a job started to be harder
and many people have died because of that. The scenario was chaotic. People did not have
money to eat, to buy a jean, to change their shoes, their car, anything. Covid affected all the
world at the same time. All this problems made the consumer to be affected by depression and
scared of being sick. The market was paralyzed and our standard of living was worse than ever.
The world was hit hard and had to react in order to provide that its citizens have the least
possible impact on their daily economies. Poverty grew in less developed countries as the poor
bécame poorer and the rich are no longer rich, but are part of the working middle class. The
least preponderant currencies in the world lost value and devalued to such an extent that a
mínimum wage, for example in Argentina, is no more than 100 US dollars.
Quote: “The only mayor economy to grow in 2020 was
China.”

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Source link: https://www.bbc.com/news/business-51706225 How COVID-19 impacted the economy and people’s lives In this article, the BBC explains that the pandemic has changed the world economy because the governments took the measure of making a mandatory quarantine for all the inhabitants, which reduced consumption and was a strong shock for the stock market, the shares of very important companies worldwide, had an abrupt blow. Joobsekers bécame frustrated because, due to the market paralysis, they did not have many important job opportunities, which caused them to have to look for alternat ...
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