The Great Recession of 2020 A.D.

Brought to you by the VeleBit Team, we take a look at how the world economy is getting affected or will continue to get affected due to the COVID-19 Pandemic.

With more than 20,875,700 patients infected with the coronavirus, 748,300 have died and 13,767,454 recovered (13 August 2020).

To Control the pandemic more than 100 countries have made travel restrictions

· The COVID-19 epidemic is putting up to 50 million jobs in the global travel and tourism sector at risk.

· Asia is expected to be the worse affected.

· After the outbreak ends, it is being estimated that it could take almost 10 months for the travel industry to recover.

· The Tourism Industry accounts for 10% of global GDP.

· Of the 50 million jobs that could be lost, around 30 million would be in Asia, seven million in Europe, five million in the Americas and the rest in other continents.

Supermarkets and online delivery services have reported huge growth in demand as customers stockpile goods such as toilet paper, rice, and orange juice as the pandemic escalates.

To stop the spread of the COVID-19 outbreak, many countries around the world have started implementing very tough measures. Countries and world capital have been put under lockdown, which has caused the small business to shut down, also bringing a total halt to the major industrial production chain.

Whenever a crisis hits, investors mostly opt for less risky investments

Gold is traditionally considered a "safe haven" for investment in times of uncertainty.

But even the price of gold tumbled briefly in March, as investors were fearful about a global recession.

Oil has slumped to prices not seen since June 2001.

Investors fear that the global spread of the virus will further hit the global economy and demand for oil.

The oil price had already been affected by a row between Opec, the group of oil producers, and Russia. Coronavirus has driven the price down further.

Experts are suggesting that the world economy due to the COVID-19 outbreak could grow at its slowest rate since 2009.

The situation could be worse than the great recession of 2009 because at the time when the recession hit though people lost their jobs the people were still working, but right now due to complete lockdown in many countries people have stopped working.

It is a mixed opinion since some suggest that after the outbreak ends people would again continue their work as before.

The coronavirus outbreak is having a huge negative impact on the economy with experts suggesting that the outbreak could result in a recession equal to that of the great depression of 1930.