Covid19 itself had a great impact globally. There was indeed a sudden change or market hiatus. It’s like a domino effect impacting both demands and offers. Manufacturing on the other hand and other economic activities have shut or near to shut resulting in unemployment of thousands of employees. People are spending only on their essentials and tried to do hoarding. Government’s expenditure is only for control of the crisis; collection of revenue is also declining. All these factors combine push world economy towards slowdown and recession. And this scenario would worsen if Covid19 won’t stop.
Click here to learn more: The COVID-19 Supply Chain Hit Could Trigger Recession in Australia