EmerioBanque

COVID-19 Pandemic and the Asia-Pacific Region: Lowest Growth Since the 1960s

The coronavirus pandemic is the biggest threat posed to humankind. This infectious disease is taking a toll on lives and the economy at the same time. This virus came into existence in Asia last year and knocked on other continents gradually. COVID-19 cases are soaring high with every passing.

Nations are choosing total shut down to minimize the effect of the virus as the need of the hour. As people are getting infected by this virus, the economy is also shutting down. It has been estimated that this pandemic will surely leave a long-lasting impact on the people and economy.

Survival is the most important factor that is under danger in this pandemic time. People are forced to stay indoors and there is only demand for essentials worldwide. The economy is crashing and it is estimated that more than 25 million people will be sacked and left unemployed.

Effect of the total shutdown on economy

As the economy of every country is falling, people are more concerned about their livelihood than COVID-19. It is being said that people will die out of hunger more than coronavirus in many provinces in Asia. The lockdown introduced a complete hiatus to the world economy resulting in depreciation.

Most nations in the Asia Pacific are highly-populated and are witnessing the havoc in several ways. The developing countries are facing a severe problem because of the depreciation rate soaring high.

This crisis is witnessed on the global level and every nation is affected severely. Per capita income is also expected to experience steep fall by 8%-9.5%.

Leading Unemployment

Unemployment is making this pandemic more devastating. People are losing jobs every day. Few economists asserted that this pandemic is not only a health crisis but also a death strike on the economy. Post World War 2, this the first such crisis that will lead the world economy to the dark phase. Economies are dying and this is the major reason for unemployment.

The money crunch is real. People are not spending on anything other than essentials. The service industry is going into a great loss that can't be stabilized any sooner. For many countries, tourism is the only source to boost its economy and this pandemic has hit dart at that point.

In a recent research, around 1.6 billion people globally are either unemployed or are on hold. This situation is alarming because half the world's manpower is on stake and there is nothing much to do.

Implementation of Policies

Every nation is dealing with this crisis on their own terms. The health sector is on top priority. Nations dealing with poverty are looking out to people who are deprived and need help for survival. Many countries are making plans to boost their economy through businesses.

The government is investing in health sectors as well as small businesses that will help the rise of per capita income.

The central banks are collaborating with the government to help the small enterprises and normal household to stay afoot. This will help in the healing process of the economy.

This pandemic is one of the worst faceoffs until now!





Other news

Exchange Rates

Currency Buy Sell
EUR USD 1.06 1.10
EUR GBP 0.86 0.89
EUR CHF 1.02 1.06
EUR AUD 1.72 1.70
EUR JPY 116.08 116.56
EUR MYR 4.50 4.77
EUR SGD 1.53 1.57
EUR HKD 8.27 8.53
EUR CAD 1.54 53.84
EUR DKK 9.75 1.55

Most Recent Blogs View All Blogs

01 Aug

Ethical Banking & Sustainable Finance : Key Concerns Highlights

Today, almost 80% of global trade relies on trade financial systems which are sustainable & feas...

21 Jul

Importance of Trade Finance For Importers-Exporters

A vast amount of SMEs and entrepreneurs who are interested in import-export trade activities rely on...

14 Jul

Cybersecurity Measures In International Trade

Ever since the global pandemic exposed the flaws of paper-based traditional international trade fina...

Disclaimer

Emerio Banque is an innovative global financial institution incorporated in England and Wales with Legal Entity Identifier 875500DGPPWAFABBK130. Emerio Banque does not offer its products and services to businesses and/or persons registered in the United Kingdom.

No information on this website should be construed as a solicitation, offer, recommendation, and representation of suitability or endorsement of any security, investment or strategy.

Important Notice

Emerio Banque would like to advise its customers to report any suspicions which they may have regarding the identity of any intermediary who promotes products or services offered by us or any intermediary bearing similar names. You should verify with Emerio Banque by calling our Customer Service Number on +44 203 059 7831 or emailing help@emeriobanque.com

Please also be aware of bogus SMS messages and voice message calls or fraudsters who impersonate the staff of Emerio Banque.

We have recently become aware of a number of entities with different names misrepresenting themselves as associates, partners or agents of Emerio Banque.

Please be informed that Emerio Banque is not associated with nor do we have any business connections or dealings with such institutions.

Emerio Banque takes all information regarding suspicious fraudulent activity very seriously. Please immediately inform us at compliance@emeriobanque.com if you suspect or are approached by persons misrepresenting or impersonating Emerio Banque and/or its officials. We will make investigations and will take legal action where necessary.