Global Economic Crisis Is Far From Over!

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Due to the ongoing pandemic, the whole world is suffering from an economic crisis. Yeah, after three tough months, the global economy is showing the sign of bouncing up. But IMF chief, Kristalina Georgieva warns the world that the global economic crisis is not over. In fact, it is far from over. She said on Wednesday that the global economy is showing the sign of bouncing up, but full recovery is unlikely without the vaccine of the COVID 19.

Due to lockdown, every business had suffered. In a column co-authored with IMG chief economist Gita Govind, the officers had stressed that the government should keep supporting the workers and business as the crisis is going to rise bankruptcy and unemployment.

Steps To Bounce Back The Global Economic Crisis

Global Economic Crisis
Economic crisis

However, after the ease in lockdown, there are some profits in the business. And employment opportunities have also appeared. According to the chief economist, the massive support of the government has helped to cushion the blow and allowed the rebounding.

But, according to them, the crisis is far from over. The recovery after the lockdown remains very fragile and uneven across the various sectors. And to ensure that recovery keeps happening, the government should not withdraw the support.  Businesses and firms will need continuous help from the government to prevent the destruction of the jobs. But even after this some business-like travel and tourism will eventually fail. There is nothing to be done about them.

The government has to support the program that will take the country towards the growth and they have to be really smart about the choice. The policymakers will have to invest wisely in the sectors that had the broadest benefits. Green jobs such as training workers to make building more energy-efficient and accelerating digital transformation in a way that will reduce inequalities.



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