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COVID-19: How it affects businesses and the economy

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COVID-19, International pandemic terror spreading all over the world dramatically.  About 40000 people have already died of this Virus. More than 800000 are found directly affected by this.

Corona Virus, COVID-19 has locked the whole world which was started from BUHAN of China. there is no medicine found yet to stop and cure this Coronavirus.

Reducing social activities and distancing each other is found helpful to control COVID-19. So most of countries are implementing “Lock Down” their country to control it’s spread.

COVID-19 has highly impacted each and every country in its financial activities, business, factories and movements. government has to pay attention to saving the public from this virus.

Countries are investing big amount from their revenues for medicine, food and restoration of the system. In this concern we have collected these articles for you.

How COVID-19 affected Canadian Economy? 

Canada’s economic growth ground to a halt in the fourth quarter of 2019. With the economy already on precarious footing, the added shocks of the recent rail blockade protests.

After the arrival of COVID-19, and a collapse in oil prices have brought the country to the brink of recession.

The Canadian economy grew by just 0.3 percent in the fourth quarter of 2019, its weakest performance since the second quarter of 2016.

The sluggishness was the result of declines in business investment and exports, which were only partially offset by continued strength in consumer spending.

Now, with the economy being hit by a slew of additional shocks, we expect business investment and exports to post substantial declines and consumer spending to ease.

As a result, economic growth will contract by a projected 2.7 percent in the second quarter.

However, growth should resume in the third quarter, allowing the economy to avoid a technical recession. Unfortunately, there are huge downside risks to our outlook due to the unpredictability of the coronavirus pandemic.

Overall, we expect growth of just 0.3 percent in 2020 followed by a rebound to 2.5 percent growth in 2021.

Businesses are struggling to keep afloat. Some places like Tech! Espresso in Edmonton who offer in-home services are forced to close this portion of their service, leaving only a small option open to serve their customers via remote support over the internet.

As a Geek Squad alternative, they may be the way to go to have your computer repaired without coming in contact with people at risk of infection.

The Index of Consumer Confidence fell 32.0 points in March, the largest monthly decline ever.

Canadians are anxious about the COVID-19 coronavirus. This has implications for Canada’s economy given that consumers have been the main engine of economic growth.

With people being encouraged to self-isolate, large gatherings being mostly canceled, and tourism activity drying up, many Canadians are staying homePsychology Articles, which will have a profound impact on economic growth.

There were no positives in this month’s survey—every region saw a double-digit decline in confidence and every question saw a significant weakening in responses.

The economic fallout from the coronavirus pandemic could drive an additional 11 million people into poverty in East Asia and the Pacific unless “urgent action” is taken, the World Bank warned in a report released Monday.

In the worst-case scenario outlined by the Washington-based financial institution, the region could suffer its sharpest downturn in more than two decades, plunging much of Asia into a prolonged recession.
The bank’s baseline forecast projects that regional growth could slow to 2.1% in 2020, compared to estimated growth of 5.8% in 2019. However, under its worse case projection, the region’s economy could contract by 0.5%, creating the potential for an extended crisis.
In China, the epicenter of the coronavirus outbreak, the bank projected a decline in growth to 2.3% in the baseline forecast for 2020. In the worse case, China’s growth would almost disappear entirely at 0.1%, down from 6.1% in 2019.
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