Environment

The Impact Of COVID-19 On The Economy

The impact of the coronavirus (COVID-19) pandemic has led to the largest global economic recession in history. Global stock markets had their greatest falls since the stock market crash of 1987. Through the first quarter of 2020 the G20 economies suffered contractions of over 3.4% compared to the previous year. Between April and June it is estimated that over 400 million full time jobs were lost across the globe and that the overall global income of workers suffered a 10% fall during the first nine months of the year which resulted in an overall loss of wages of over $3.5t.

The COVID economy that the world will have to adjust to will have far-reaching consequences for the way that people live their lives. At one stage over a third of the world’s population were under lockdown measures leading to significant changes in the way they worked, shopped and lived.