What impact has the pandemic had on the global economy? 六年1班 许芷宁

What impact has the pandemic had on the global economy?

六年一班  许芷宁  28号

The COVID-19, which was detected at the end of year 2019 in China, has been spreading all over the world. It is a new kind of coronavirus the virus is named after its shape, which takes the form of a crown with protrusions around it and is known as Coronavirus. Everything was canceled and we all had to stay at home in that period. So the global economy decreased.

First, Millions of workers furloughed or were unemployed. For example, France had 41% workers furloughed (over 12 million workers) in the first half year of 2020. And United States also had 10.4% workers unemployment, which over 3 times of 2019. [2] This is the worst decline since the Great Depression of the 1930s.

Second, the shifts in stock market is very big. The Dow and FTST saw their biggest drops of 35% from March to April of the year since 1987. Many people have lost a lot of money.

Although the global economy has shrunk, the global industries are continuing to adapt. During the outbreak, we didn’t go to school and we studied through internet. Online learning has become more and more popular. The online education industry developed rapidly, such as VIPKID. We didn’t eat out and go shopping, we bought all things online. The Electronic Commerce industry quickly expanded. More and more people kept an eye on their healthy. The health industry has become a shining industry again.

These problems are being solved now because more and more people are recovering from the virus. In May, our school reopened again and everything began to return, step by step. Cinemas are opened, we can watch new movies formerly. The tourist industry has restarted again, so we can go travelling around the world now. More and more people go back to work and the global economy will return little by little.

Although the virus attack us, we work hard together all around the world to help the global economy return.