World GDP Trade War & Lockdown, World GDP, Lockdown, Trade War, Labor, Unemployment, Covid-19 Effects On Business, COVID 19 effects On Labor’s Life. :- The Covid-19 effects very badly at the starting of the March already. This pandemic reduces the world’s gross domestic product or GDP unexpectedly. At the starting of the pandemic, it crosses the limit of the experts at a rate of 0.6%.
Although lockdown takes away many jobs in March and laborers get unemployed. It is the correct decision to stop the epidemic and to detach the people.
World GDP Trade War & Lockdown | Effects On Business
GDP or Gross Domestic Product is an economic value that all the countries earn together in the whole world. It controls the economy rate of each country. As per notified, the United States takes the leading role in the whole world’s GDP by taking 24.08%, China takes the second place keeping 15.02%, Japan in the third position by 6.02%, Germany keeps 4.56% and ranks fourth, where India is at number five and so on.
The world GDP was $84,835.46 billion in 2018, and $88,081.13 billion in 2019(assumed). It depends totally upon the business of all the countries.
COVID 19 effects On world GDP
The experts assumed that the GDP of many nations had decreased to 2.4% at least but it becomes 3% which means world loss 3.5 trillion in U.S dollars. The Covid-19 virus effects highly in all the nations as about 0.6% of GDP world lose already by this March at the starting of this pandemic. As it has already crossed the assumption of the experts, in the April month and the upcoming month also it can decrease so far.
If one country wants to take retaliate against another by making many restrictions, the trade war occurs. When one country wants to take revenge with the other, they also increase the traffic charge, for this reason also the trade war occurs.
Cons Of Trade war
When trade war occurs between two countries, economic growth becomes slower. It reduces the rate of trade in the marketing place and increases costs.
They need to reduce the traffic charges. To increase the items in the market places they need to decrease the cost of the goods. They should not take strict restrictions as it also affects the world GDP.
Cons of Lock Down
For the lockdown, many workers lose their jobs and people can’t go out of the home. The economic market is getting crashed due to economic loss. Those people who earn daily have to face many problems.
The workers who do their daily job can do their works now in online mode from mobile or laptop. In schools and colleges, the studies stopped due to the lockdown. So teachers and professors start taking online classes by online apps. In the food shops, people need to keep the distance between each other otherwise the horrible coronavirus has spread to other people. People should not touch each other and always clean their hands with sanitizer when they come to their home from outside and need to clean the clothes so that the dirt and the germs can get removed from the clothes.
Effects On Business
In this lockdown period the Covid-19 effects mostly on the business. The first requirement for the lockdown is to not gather at one place and this affects the business most. People can not fetch the needed goods as all vehicles like trains are closed. The business-level became very down in April and the experts think that it will be worse than the previous as the transport system is stopped, the production of the goods is not available but when the lockdown ends the goods will finish very fast as the goods in the godown of the dealers are limited and they just stock these for this bad time.
Solution For All
In this pandemic, if people want to recover from this, lockdown is the only way to get safe. People need to stay at home at any cost. In local shops and banks, people need to keep a distance so that the virus could not spread. They need to use the masks and should use glass in hand.
Unemployment & COVID 19 effects On Labor’s Life
Unemployment may occur for many reasons such as supply-side, worker side, etc. For this pandemic Covid-19, the unemployment rate in India decreased at a 30% rate through the average rate is 23.4%. At the primary stage, it was 5-6% and then it increased to 10% at the starting of April. In the middle of April, the unemployment rate goes high from 10% to 30.07%. And later it increased at a rate of 30.93%.
COVID 19 effects On Labor’s Life
- For this Covid-19 approx 12% of the laborers have unemployed across twenty countries since March.
- On the other hand, about 58 million workers get to benefit from the government as the policies vary in different countries.