In the economy world, a recession is where there is a huge decline in economic activity some times for whole months. Many outside as well as inside factors can contribute to this, from; Political agendas, Economic imbalance, and maybe even a deadly pathogen.
Current events:
With the recent Covid-19 virus threatening the current state of the world, A recessions seems to be right around the corner. For economic giants like the U.S and China a recession or even a minor halt can have huge consequences and after effect in the world’s economy.
An article published by Forbes magazine stated the following, “Capitalism, reasonably regulated, Milken reminded us, has remarkable recuperative powers. The COVID-19 crisis has created the lowest mortgage rates in U.S. history. Oil and gas are priced almost at the lows of early 2009. “The cost of living is going down. Purchasing power is going up.” Milken said, which will lead to a faster recovery of any recession caused by COVID-19.” A similar case occurred during the 1980s where HIV and Polio ran rampant. Even though many businesses and organization proceeds to shut down it’s door for fear of catching a deadly strain of virus, the lives of the people (that weren’t infected of course) were bettered by it. Cars and houses were made even more affordable, prices of regular goods from gas to food were dropping and the wages of worker increased.
The bad news is that the virus has shown in China, South Korea, Italy and elsewhere that it has the potential to cause extremely disruptive and recessionary forces in any economy where it takes hold. But as the deadly Corona virus loomed around the corner, 2020 see’s a outcome when it came to deadly virus affecting the economy.
Naturally prices of certain products like mask and sanitizes would of course increase, but the strange thing is many other product that has doesn’t help fight the virus has also seen a huge increase in cost. Such things from diapers, sanitary pads and toilet paper has recently been bought in bulks by the masses. In Australia, canned goods and other food items remained in stock while toilet paper shelves were completely bare, despite the store rationing the number each shopper could buy.
“People are so ridiculous!! It’s no worse than flu season yet they’re acting like it’s the zombie apocalypse,” said shopper Karen Ficheroux.
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