Europe experiencing greatest economic shock since great depression
Bianca Rahimi
Press TV, London
The European commission for the economy says the continent is experiencing an unprecedented economic shock since the Great Depression. The US has fared far worse. But the developing world has yet to feel the full impact of the virus and it is up to the strongest economies to help.
The economic fallout from the Covid-19 pandemic could be felt across the world for years if not decades to come. International organizations insist global unity is the only way to mitigate the effects. But for millions worldwide this not just about quality of life, it is a matter of life or death.
This year US, Germany Sweden and the United Kingdom have been the world food programmer’s top donors.
Some of the world’s strongest economies who are on the brink of disaster themselves due to the pandemic. US job losses have reached great depression levels, at least 10-percent of the entire population, and as for Europe:
Gentiloni said the labor market will feel the full impact of the pandemic and a massive drop in hours worked are expected. EU institutions making timely and sizeable policy measures could help but European unity is already failing.
Wealthier states such as Germany and the Netherlands have already resisted transfers of money from the stronger nations in the bloc to the weaker ones and The European Central Bank has received ultimatums.
Meanwhile developing nations are yet to feel the full impact of Covid-19. The UN says cases in the poorest nations will peak over the next six months and it will be up to the world’s strongest economies to help them.
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