If the reports are to be believed, the world trade has declined for about 27% and the economic activity amidst the developed economies is further expected to shrink by 7% due to the hustle-bustle in the domestic demand, supply, trade, and finance. UNCTAD analysis has predicted that there will be a drop of $2-$3 trillion in investments from overseas in the next two years from the commodity-rich exporting countries.
World Bank Group Vice President for Equitable Growth, Finance and Institutions, Ceyla, Pazarbasioglu, was quoted as saying,
“This is a deeply sobering outlook, with the crisis likely to leave long-lasting scars and pose major global challenges.”
He further added,
“Our first order of business is to address the global health and economic emergency. Beyond that, the global community must unite to find ways to rebuild as robust a recovery as possible to prevent more people from falling into poverty and unemployment.”
After almost 30 years of sustained growth, Australia dived into recession like crazy. With so much happening all over the globe with job damages, annihilated supply chains, demands thrashing, swelling debts, scattered industries such as tourism and hospitality, global education, etc., Australia was controlling the outbreak quite amiably, and then this happened.
Cut to the recent reports; COVID-19 affected Australia so much so that it has taken the sharpest dive since Great Depression-era of the 1930s. To let you all know; the economy of Australia shrank 7% in June, which happens to be the biggest contraction since 1959 that the government has recorded. According to the Statistics Bureau, “Gross domestic product plunged 7 per cent from the first three months of the year, the largest fall since records dating back to 1959.”
It won’t be wrong to say that COVID-19 pandemic has pushed the Indian economy into a tailspin. In addition to this, it has also brutally exposed and worsened existing vulnerabilities in the Indian economy. So much so that the latest report by Business Standard states that the economy of India might continue to face Covid-19 aftershocks till 2025. Due to the sudden nationwide lockdown, the economic activity came to a grinding halt with just a few essentials kept open; the rest of India’s $2.9 trillion economy remained shuttered in India. To an already decelerating economy, the lockdown in India impacted devastatingly.
Though the recovery and the vaccine are far away, COVID-19 economic effects on countries are still hitting hard. The US has witnessed one of the awful periods in its history, where it took an economic dip by 32.9%, which was recorded in July 2020. To talk about facts and numbers, the US unemployment rate sores up to 10.4% in June. The US, along with Canada and the UK, were in the -15 to -5 GDP Category in Q1. It was reported that there were more than 24% of job losses recorded in 2020. Having said that; all the economies are currently in their recovery phase!
There is no denying the fact that the coronavirus outbreak (CIVID-19) has affected international students drastically. The pandemic has entirely disrupted the educational landscape for millions of university students all over the world, where international students have their share of tests. The multiple abrupt changes in education, along with the burden of the chronic disease of the outbreak have all-together hit many students’ mental health.
As per the latest survey, it is recorded that 65% of the students think that the pandemic will disrupt their studies. Living far from their families, they have a lot of things to ponder inclusive of visa and graduation status; optional practical training (OPT) opportunities being harder to obtain or cancelled; whether to go home or stay and so on.
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