Coronavirus Triggers Economic Chaos Across The Globe, Mass Layoffs Reported

Dear audience,

In order to stop the rapid transmission of coronavirus, different governments across the world were forced to implement a strict lockdown. This led to the closure of many companies and business organizations & the suspension of almost all business activities. A large number of people in different countries have lost their jobs. The situation in India is dire.

Soon after the sudden announcement of lockdown 1, a lot of business organizations were closed. A huge number of people working in the informal sector have become jobless with no substantial savings. We have seen many poor people returning to their home states on foot having no food & shelter. Numerous people lost their lives on long journeys. 

A huge number of unskilled Indians work in the informal sector. Such workers live from foot to mouth. When they lose their employment because of lockdown, things start to get complicated for them. As per the government's notification, landlords can't force tenants for room rent, employers can't lay off their employees or cut their salaries. But the ground situation is totally different.

In the USA, companies have kicked out approx 6.6 Million individuals from jobs. All of them have now applied for unemployment benefits. Several companies in India have sacked their employees from jobs. Many employees were sent on unpaid leaves. The salary of many employees has been reduced from 10%-40%. Due to the extended period of lockdown, companies and business organizations are facing tremendous losses. It is becoming a difficult task for them to cope with expenses related to daily business operations and keep generating sufficient revenues every day.

I believe that if there is no immediate end to the coronavirus related lockdown, be ready for the global recession. We see a sharp decline in the economies of all developed and developing countries. It is advised one must use his/her finances mindfully, cut all unnecessary expenses & make extra efforts to increase the income. 

We will keep you up-to-date about all the economic activities during the coronavirus updates. Keep reading our blog's articles & sharing them maximum.