The coronavirus pandemic has plunged the global economy into what is possibly the most severe depression since the Second World War. In 2020, the global economy shrunk by 5.2 percent as trade, demand and supply, and finance had drastically been impacted. But why is it that we face a global economic recession anyway?
The Causes of Recession
The loss of business due to a decline in consumer confidence results in economic recession; as confidence declines in investment and economy, so do product or service demands. Likewise, high interest rates, deregulation, falling prices and sales of houses, stock market crash, wage-price controls, poor management, the decline in manufacturing orders, deflation, busting of asset bubbles, and credit crunches result in recession.
The 2020 Recession in the US
What adds to this list to discuss the 2020 recession is the global COVID-19 pandemic. To avoid the further spread of the coronavirus, the world forces most businesses to shut down, causing disruption in the economic cycle. The United States of America’s economy shrunk by 5 percent during the first quarter of 5 percent and only got worse through the remaining. What’s worse is that there are no chances of a complete recovery even by the end of 2020 despite introducing the COVID-19 vaccines.
The ongoing situation has only added to the housing, food, and employment hardships in the region. 11.5 million renters now lack behind on rent, 20 million adults failed to receive adequate food, and 6.8 million lesser jobs in June 2021 when compared to February 2020. If nothing is to be done, the post-pandemic struck world would look all things ugly. Therefore, the governments were required to take steps to treat, prevent, and control the epidemic. But the alarming levels of severity and spread calls for more significant relief.
We Might Be In Need Of Another Cure: Humanity
Human rights play a significant role in shaping the public health emergency response and impact on people’s lives and livelihoods. This not only ensures health care but preserves human dignity. The idea is to shift our attention toward who is suffering and what can help them transform their lives or possibly save them. The aim to build back better lives is to strengthen the effectiveness of the response and mitigate the impact on their lives while avoiding the creation of newer problems.
Focusing On Equitable Development And Sustaining Peace
The human conditions amid the coronavirus pandemic are shared; realizing this on a broader scale can become a source of unity rather than division. Giving hope or a vision regarding what the future holds can outcast the challenges posed to the human rights system, helping reconstruct relations for solidarity and achieving global stability.
Challenges Posed Amid COVID-19
There is food insecurity and unemployment, which has risen to unprecedented levels in a relatively short time, considering the pandemic was only declared officially in March of 2021. The widespread closure of educational institutions has accounted for an interruption in the literacy rate for billions of children across the world. Moreover, the reduction in child protection and care services has increased children’s vulnerability across the globe to abuse, exploitation, and violence. Likewise, women have been confined at home with abusers and deprived of access to harm reduction services. Lastly, the strategies of containing the virus have become troublesome for those lacking good quality safe housing; especially the homeless or slum residents without supply to clean water or sanitation for hand washing are at significant risk.
Good Practices You Can Sign Up For
Examples of good practices include the provision of emergency water supplies to slums, suspension of eviction in case of unpaid rent, extended paid sick leave, or providing unemployment benefits. It also includes securing shelter for the homeless, expanding responses for victims of domestic abuse, and preserving wages and jobs through related economic measures. In addition, you can also provide child care for service workers.
Several organizations are extending their support to victims worldwide; why not hold hands for a safe tomorrow that guarantees happiness? It isn’t just the state’s responsibility anymore; it’s our responsibility now.
About Reid Champagne
Reid Champagne is a renowned American writer, humorist, comedian, and romance author. Although he has been actively contributing to the industry for over 35 years now, he’s known for his work in the best-selling book An American Walkabout. Alongside this, he contributes religiously to his blog and columns where he talks about long distance relationships, the funniest travel books, and his lifestyle post 70 with just a hint of sarcasm. Reid and his wife, Carol, are currently headed to Iceland for their first summer vacation after the flights reopened.
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