The world hit by recession and COVID fears amid lockdowns have not only reduced the GDP of most countries of the world but it is expected to be down by more than 8.8 trillion Dollars. the slow down comes despite Government efforts to support the economy, including measures such as tax cuts and stimulus packages around the world. The US fed has announced another package worth a trillion dollar and so has India, China has opened up its economy too, but fears of another wave of COVID arising in China has led to closedowns of some of its cities in The North of China.
Even though Governments around the world look forward to a more home based, self reliant economy. Its going to be goodbye to globalisation and the Governments are going to turn more and more inwards to their own economy. Before COVID at every moment there were atleast 2..2 million passengers on the move from one place to another, with this coming to a stand still it is definitely going to impact economies in a much worse way than one can imagine.
There is a lot of activism going on in most countries to ban "Made in PRC'( Made in China) goods. China would contribute to almost 40 percent of the global International exports. Not only is it going to take a lot of time for countries like USA and India and even a lot of other Asian Countries
to start domestic production but the goods produced at home may not be upto the standard or bear a good enough quality seal as the ones produced in PRC as we have to face it, China has built its economy on Export goods, whereas most other countries have not owing to the huge labour costs and material costs which countries like India and USA will have to bear if they look at a more home based economy.
All these worries are sure to wipe off the Global GDP and bring it down to its knees. It will only now depend upon Post COVID measures and the availability of vaccine to other developing countries that the world comes back to its normalcy.
Even though Governments around the world look forward to a more home based, self reliant economy. Its going to be goodbye to globalisation and the Governments are going to turn more and more inwards to their own economy. Before COVID at every moment there were atleast 2..2 million passengers on the move from one place to another, with this coming to a stand still it is definitely going to impact economies in a much worse way than one can imagine.
There is a lot of activism going on in most countries to ban "Made in PRC'( Made in China) goods. China would contribute to almost 40 percent of the global International exports. Not only is it going to take a lot of time for countries like USA and India and even a lot of other Asian Countries
to start domestic production but the goods produced at home may not be upto the standard or bear a good enough quality seal as the ones produced in PRC as we have to face it, China has built its economy on Export goods, whereas most other countries have not owing to the huge labour costs and material costs which countries like India and USA will have to bear if they look at a more home based economy.
All these worries are sure to wipe off the Global GDP and bring it down to its knees. It will only now depend upon Post COVID measures and the availability of vaccine to other developing countries that the world comes back to its normalcy.
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