The challenges are many, but the most worrying for the world is how economic recovery will be possible after the destruction of Corona, because the wheel of the economy will turn, then everyone will come to life and that is it. Will believe that the corona virus has really been defeated. Until a few days ago, most experts thought that due to the changing circumstances, a new system like the “New World Order” would take place in the world, but this is not the case with the rapid corona epidemic in the West. It seems that no new system will be able to make room now. However, it is certain that the current system will be “overhauled”. The first opinion was that the world would be closed, contacts would be cut short and the concept of globalization would be undermined, and some economists were even saying that “the era of global cooperation is over”.On the contrary, the interdependence of countries has increased.
The reasons for this are clear: the world economic institutions and the major powers were well prepared for any such crisis. Its rehearsals took place in the global economic crisis of 2007-2015, in which the world successfully defeated the economic crisis. In that crisis, the competition was between economics and capital. This time, science and economics were on one side, and good governance and financial management were on the other side. Undoubtedly, the Corona virus In the first few weeks, he pulled the earth from under the feet of the great powers, but he soon found out what the field was to deal with the plague. So the corona’s wings were cut off with lightning speed. But this is only possible in countries that can make full use of science and governance at the same time.
They had the wealth and resources, above all the educated and conscious population, who at the first shock felt that they would need a new kind of cooperation to deal with the virus, which was lockdown and It will be in the form of social distance. Also, the role of the common man was very important in this war, on the one hand it helped doctors and scientists to control the disease, on the other hand, it helped the government to revive the economy. Respite has been granted. Life in those countries is now being normalized by gradually easing the lockdown, but everything is being implemented in an orderly manner. First Corona’s graph was flattened, then brought down and now it is being softened. That is why there is no chaos. This will surely disappoint those who were predicting a civil war over the purchase of civilian weapons. However, it is a pity that we have not learned anything from them and are still shooting arrows in the dark.
The Corona epidemic has hit the global economy hard on both sides. Since the destruction of Corona was an extraordinary event, the pressure on the economy was also extraordinary. Global growth has slowed, but in the beginning it has been slow. This year, the growth rate of the global economy was reported to be three, which has now come down to one. Thus, not only the global economy, but also the economies of countries have shrunk. Shrinkage means that production will decrease and employment opportunities will be reduced, so will it be possible to satisfy the rapidly growing population? Especially when water and food stocks are declining. Then there are young people in developing and poor countries who need immediate employment.
Earlier, a large number of young people were proudly mentioned in the population, but now providing them with jobs has become a headache. This young population has seen no major war and no global crisis that they could bear. Am That is why the lockdown also showed impatience and uneasiness in countries where the number of young people in the population is high. China has benefited the most from the global economy. Due to the global cooperation of globalization, its goods spread and were bought from one corner of the world to the other, because it was cheap, but the shock of the corona virus to the big and European countries gave them Forced to consider whether it is appropriate to allow a single country to become a factory of the world?
The extent to which a country’s monopoly on the rest of the world can be dangerous for its economies if a crisis is severed as a result of a crisis, was demonstrated in the Corona epidemic and the lockdown, when those countries were masked by China. Had to be called At this stage, Europe and the United States are considering reactivating their industries. Take the example of the United Kingdom. At one time Manchester was a textile hub, but at the turn of the century it was rolled out, with the result that a large number of workers lost their jobs, including many Pakistanis. The UK limited itself to providing services. The same thing happened with other European countries. The United States continued its large industries, but began to rely on countries like China for small goods, because from there it reduced the labor cost and the cost of goods. So it imported so much goods from China that by the time Donald Trump came to power, the US trade deficit had reached 500 billion. Trump has repeatedly criticized China over the issue and promised the Americans that he would do his part.