There is no doubt to avow that Asia has been the best-growing economy no matter in the 1997 Asian financial crisis or 2008-9 crises. It has managed to build auspicious circumstances according to the need of time. During the crises, Asia did bring growth at 1.3% to 4.7% accordingly. The Asian markets are efficient and agile with the astute dexterity of business around the world. Yet there is a hollow gap created due to the pandemic Covid-19 causing severe problems around the globe.
Asia is one of the active economies which provide the labor force, young students with the active ability of knowledge and moreover its own industries. The issue to take the notice of is that while the markets are dark and dangerous, people are losing jobs, losing businesses, and local works and Asia cannot afford it. Theses severe baneful effects is occurring as Asia consists of more working-class which consists of daily wagers. Thus 2020 is the year of wicked bazaars, empty highways, and work from home which does not help people here because most people have outsides jobs than going into offices.
IMF report says that the global economy will shrink to 3%, the USA will face 5.9% and Europe will suffer 7.5%. Millions of people are losing jobs and in Asia people don’t have enough money to buy food, for that each state government is cutting the package for daily wagers. China cannot be auxiliary as it is seeing a complete shutdown since the end of 2019 thus it doesn’t have any funds to support the IMF. Japan’s economy will shrink by 5%, South Asia will suffer a 1.3% shrink in the economy. This is a huge number for countries with a much smaller GDP than multinational companies.
Although the markets are on loose, the people are trying to work from home but this is not giving much help to those who own businesses especially the locals. The lockdown is affecting daily lives with the dearth of money, the rents are not being paid and the people who work for private businesses are getting unemployed every day. The major aspects of life have been under the influence of this pandemic disease.
IMF says that it will be more likely to cause damage to Asia but creating crippling down affects the globe. China helped in the global crisis of 2008 but seems impossible to help now as it is already facing a 1.2% slowing down the growth rate. We hope that 2021 will come with a new start, with an efficient economy for the globe.