Sarosh Ibrahim
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The ongoing coronavirus pandemic has left no part of the world unharmed. Aside from its devastating impact on human life, COVID-19 has severely damaged the global economy. The author, Ayesha Zafar, notes that the collapsing global economy has increased unemployment, food insecurity, and poverty, and threatened international trade and tourism.
Due to the pandemic, the oil demand has reduced by 30% and the oil prices have reached an all-time low, causing the oil-producing states to suffer a 50-85% loss in oil revenues.
According to the Asian Development Bank (ADB), this collapse is likely to cost the world economy $5.8 to $8.8 trillion. The author explains that for the recovery of the global economy, international organizations (such as the International Monetary Fund (IMF), World Bank, World Trade Organization, and the ADB) and varying countries (i.e. the US, China, Japan, and Pakistan) have introduced several initiatives and stimulus packages. However, for these measures to be successful, international cooperation is necessary.
To read the complete article, visit: https://www.paradigmshift.com.pk
Due to the pandemic, the oil demand has reduced by 30% and the oil prices have reached an all-time low, causing the oil-producing states to suffer a 50-85% loss in oil revenues.
According to the Asian Development Bank (ADB), this collapse is likely to cost the world economy $5.8 to $8.8 trillion. The author explains that for the recovery of the global economy, international organizations (such as the International Monetary Fund (IMF), World Bank, World Trade Organization, and the ADB) and varying countries (i.e. the US, China, Japan, and Pakistan) have introduced several initiatives and stimulus packages. However, for these measures to be successful, international cooperation is necessary.
To read the complete article, visit: https://www.paradigmshift.com.pk
