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The Corona Based Global Economic Crisis

No country is better than its education system and yet no education system surpasses a nation’s economy. It’s a blend of two aspects that define our socio-economic setting. Hitherto the unprecedented industrial revolution of the 18-19th centuries, countries have flaunted different developments that have determined their stand and influence in socioeconomic and political roles. The new decade’s progress was interrupted by the unfamiliar coronavirus that has affected global markets, shifted car making industries to coffin making ones.

Italy, the new epicentre of the lethal covid-19 whose current death toll continues to shake and test the tenacity of modern day scientists has run out of space to honourably bury those that are continuing to succumb to the pandemic.

The world sits quarantined and yet in impatient await of better ways to tackle the pandemic. The China-USA economic war seems to be harshly interrupted by the fast spread and death of people in both countries. According to the Evening newspaper, The economic contraction of USA is set to hit 30%, followed by an inevitable rise in unemployment at a rate of 12.8%. The Chinese death rate is steadily reducing and we are optimistic that the outbreak will inspire future scientific partnerships between the two states.

Great Britain is still bravely fighting the health battle and the federal reserve is set to attain government loan and lend to large and small business all in move to boost the languishing economy.

The global economies are yet to deal with greater problems arising from the pandemic. Great business dealers are selling their assets and hoarding cash, an arrangement that’s deeply affecting financial markets. In the African continent, countries like Rwanda have enacted laws that seemingly support the sale of only drugs and food only. However this has occasioned illegal rise of food prices and yet the number of workers lain of across the country keeps increasing as response to the policy of social distancing. The dollar exchange rate in Uganda is set to hit UGX 4000.

The country’s president also put in a place a 32 day lock down with exceptions of hospitals, food stores and other essential sectors.

The modern trend of events has globally halted and with much optimism, every human today longs for a post covid-19 era.

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