The Coronavirus pandemic is probably the greatest health issue this generation has ever experienced. Though it wasn’t as deadly when compared to the Spanish Flu, its reach was as far mainly due to larger human travels all around the world in recent times.
According to worldofmeters.info, the total number of Covid-19 cases around the world is halfway to reach 5 million cases with 6.39% of them died and 40.8% of them have recovered.
Let’s look further on some of the key countries that we have been monitoring previously on how they are faring the fight against Covid-19:
The US is still running away at the top with no signs of being surpassed soon. Spain on the other hand, who used to be a distant second, now sits at number four over-all. Australia, Malaysia, and South Korea sit at the bottom of this list with almost no signs of significant increase.
In terms of each country’s death rate, the US is surprisingly having a low death rate with just below the 6% worldwide baseline. European Countries Spain, UK, Italy, France, and the Netherlands all have an alarming death rate % with more than 10%. Inspiring death rates come from South Korea, Malaysia, Australia, and Singapore with very low percentages.
Surviving Covid-19 is one, but fully recovering from it is another. US is relatively low in recovery rates as well as Philippines with both under 25% recovery rate, which is way below than the worldwide baseline of 40%. Top countries finding the best ways to get their Covid-19 patients recovered fully are China, South Korea, and Australia with more then 90% recovery rate%.
The fight against Covid-19 of each country is far from over. While some are easing up their country’s restrictions on human movements, getting back to normal would be not easy as it seems.
The health issues are one thing to look out in this situation, but when everything stopped, a country’s economy would be hit the hardest. And if the economy is hampered, all the other aspects will soon be affected as well, including job security
Let’s check out some of the key country’s economic outlook as they brace for the pandemic economic impact:
United States
Total No. of Cases Rank (World): #1 (Rank in April 2020: #1, no change)
Total No. of Cases Rank (Continent): #1 (Rank in April 2020: #1, no change, North America)
Economic Outlook:
The US is now experiencing economic shrinkage that was last experienced in the year 2008. The GDP went down to -4.8 % in the first quarter of 2020. This is the result of around 95% of US businesses on some form of lockdown.
Unemployment Rate:
Every day, as the lockdown marches on, there is now a total of 38 million individuals who have filed for unemployment with almost all industries are hampered by the pandemic.
Spain
Total No. of Cases Rank (World): #4 (Rank in April 2020: #2, +2 spots)
Total No. of Cases Rank (Continent): #2 (Rank in April 2020: #1, +1 spot, Europe)
Economic Outlook:
Spain is now experiencing a sharp decline in GDP that was last experienced during the 1970s. Its GDP has now declined by 5.2 percent and would become worse in the future. The prediction would be that the economy will shrink by around 9.2%.
Unemployment Rate:
The unemployment rate in Spain has increased to 19% for the working-age population. Their hopes are up though moving forward to 2021 as it expects to bounce back.
Italy
Total No. of Cases Rank (World): #6 (Rank in April 2020: #3, +3 spots)
Total No. of Cases Rank (Continent): #4 (Rank in April 2020: #2, +2 spots, Europe)
Economic Outlook:
Italy is now considered to be in recession with a decline of 4.7% GDP during the first quarter of this year with tourism severely hampered by the country.
Unemployment Rate:
267,000 people are now unemployed in Italy bringing in 8.4 percent unemployment rate in the country.
Germany
Total No. of Cases Rank (World): #8 (Rank in April 2020: #4, +4 spots)
Total No. of Cases Rank (Continent): #6 (Rank in April 2020: #3, +3 spots, Europe)
Economic Outlook:
Germany is now experiencing recession with a 2.2% contraction during the first quarter of this year. Though the country is now easing restrictions and slowly starting up the economy, the outlook is not that promising at least for the next quarter.
Unemployment Rate:
The manufacturing industry was the hardest hit working sector in Germany. This is in turn increased to the unemployment rate of 3.9% which is actually down from 3.2% last year.
France
Total No. of Cases Rank (World): #7 (Rank in April 2020: #5, +2 spots)
Total No. of Cases Rank (Continent): #5 (Rank in April 2020: #4, +1 spot, Europe)
Economic Outlook:
France’s economic activity went down by 33% compared to last year. Though last month it was in 35%, the outlook is still bleak as the country slowly easing up and starts to return back to businesses.
Unemployment Rate:
The March 2020 unemployment declaration in France is at 246,000 individuals. This is projected to have unemployment rate of 10% this year compared to 8.5% last year.
Iran
Total No. of Cases Rank (World): #10 (Rank in April 2020: #7, +3 spots)
Total No. of Cases Rank (Continent): #1 (Rank in April 2020: #2, -1 spot, Asia)
Economic Outlook:
Due to the significant reduction of use of fuel, Iran’s economy was severely affected. The inflation rate is now at a record high and the its currency lost its strength by almost 60%.
Unemployment Rate:
Iran’s unemployment rate is now projected to reach at least 19%.
United Kingdom
Total No. of Cases Rank (World): #5 (Rank in April 2020: #8, -3 spots)
Total No. of Cases Rank (Continent): #3 (Rank in April 2020: #5, -2 spots, Europe)
Economic Outlook:
The unprecedented slump of economic activity put the UK on the brink of recession. April data showed 28.9% of economic activity, slightly better than March data of 13.8%
Unemployment Rate:
Q1 2020 showed 3.9% unemployment rate and the April data showed around 70% surge of unemployment claims.
China
Total No. of Cases Rank (World): #13 (Rank in April 2020: #6, +7 spots)
Total No. of Cases Rank (Continent): #3 (Rank in April 2020: #1, +2 spots, Asia)
Economic Outlook:
The first country to have somehow managed its Covid-19 cases, China is now doing away with its usual economic growth target due to the impact of the lockdowns.
Unemployment Rate:
China’s unemployment rate rose to 6% in April, which is a record high for almost 20 years. the past 20 years, China only experiences around 4% to 5% unemployment rate.
Netherlands
Total No. of Cases Rank (World): #20 (Rank in April 2020: #12, +8 spots)
Total No. of Cases Rank (Continent): #9 (Rank in April 2020: #9, no change, Europe)
Economic Outlook:
The GDP growth in Netherlands is forecasted to have -7.5%, a far cry from +11% last year.
Unemployment Rate:
Unemployment rate in Netherlands is now up at 3.4%, which is almost at a record low.
Canada
Total No. of Cases Rank (World): #14 (Rank in April 2020: #13, +1 spot)
Total No. of Cases Rank (Continent): #2 (Rank in April 2020: #2, No change, North America)
Economic Outlook:
The Canadian economy is now on a slump similar to a recession. Experts are now looking at how the economy recover in a particular way.
Unemployment Rate:
Canadian unemployment rate rose exponentially to 13% in April 2020. Its previous rates over the past few months is just around 6%.
South Korea
Total No. of Cases Rank (World): #45 (Rank in April 2020: #17, +28 spots)
Total No. of Cases Rank (Continent): #15 (Rank in April 2020: #3, +12 spots, Asia)
Economic Outlook:
South Korea is on a brink of recession as its key business sectors slump down so hard in Q1 of 2020.
Unemployment Rate:
Around 2 million people are now jobless in South Korea, a number that has even surpassed the 2008 financial crisis situation.
Israel
Total No. of Cases Rank (World): #38 (Rank in April 2020: #19, +19 spots)
Total No. of Cases Rank (Continent): #12 (Rank in April 2020: #4, +8 spots, Asia)
Economic Outlook:
As the country is easing down on restrictions, Israel’s economy will be slow in getting back up as one of its major business rely on services and tourism.
Unemployment Rate:
Israel is now facing the highest unemployment rate in history with 75%, and probably going higher. This is in comparison to previous highs during key events such as 2008 financial crisis or even wars.
India
Total No. of Cases Rank (World): #11 (Rank in April 2020: #21, -10 spots)
Total No. of Cases Rank (Continent): #2 (Rank in April 2020: #5, -3 spots, Asia)
Economic Outlook:
Economic growth in India was predicted to go down by 2.5% to 4.5% during the lockdown but it turned out the reduction is just 1.8%
Unemployment Rate:
India’s unemployment rate now stands around 27%, an exponential increase due to the pandemic lockdowns
Australia
Total No. of Cases Rank (World): #59 (Rank in April 2020: #24, +25 spots)
Total No. of Cases Rank (Continent): #1 (Rank in April 2020: #1, No change, Australia and Oceania)
Economic Outlook:
Australia’s economy is on an unusually uncertain status and even its currency’s strength is very low. They are actually banking on a medical breakthrough to get through this economic situation.
Unemployment Rate:
Australia unemployment rate now sits at 6.2%, a rate that was last seen in 2015.
Japan
Total No. of Cases Rank (World): #39 (Rank in April 2020: #29, +10 spots)
Total No. of Cases Rank (Continent): #13 (Rank in April 2020: #6, +7 spots, Asia)
Economic Outlook:
Japan’s economy is now on recession, last seen back in 2015. Its GDP contraction is 3.4% for Q1 of 2020 and hopes are up to bounce back as businesses are slowly easnig up.
Unemployment Rate:
Japan’s business sector projects 3 million jobs will be removed in the midst of the pandemic
Malaysia
Total No. of Cases Rank (World): #58 (Rank in April 2020: #34, +24 spots)
Total No. of Cases Rank (Continent): #16 (Rank in April 2020: #8, +2 spots, Asia)
Economic Outlook:
Malaysian economy stood the test of the pandemic and surprised everyone with a 0.7 economy growth compared to last year.
Unemployment Rate:
The unemployment rate in Malaysia now stands at a rate seen a decade ago, with 3.9%
Philippines
Total No. of Cases Rank (World): #43 (Rank in April 2020: #35, +8 spots)
Total No. of Cases Rank (Continent): #14 (Rank in April 2020: #9, +5 spots, Asia)
Economic Outlook:
Philippines have lost at least $21 million due to the pandemic lockdown with the services and industrial sector being hit the hardest.
Unemployment Rate:
The unemployment rate in the Philippines is projected to hit more than 10% and will reach the same rate as it was 15 years ago.
Singapore
Total No. of Cases Rank (World): #26 (Rank in April 2020: #50, -24 spots)
Total No. of Cases Rank (Continent): #8 (Rank in April 2020: #15, -7 spots, Asia)
Economic Outlook:
Singapore’s economy is set to shrink between 1% to 4% this year because of the economic activity stoppages.
Unemployment Rate:
Unemployment in Singapore drops by at least 0.2% due to the pandemic, a rate that was last seen during the SARS outbreak.
This pandemic halted the world – literally and figuratively. Apart from being a health issue, its corresponding consequences will hamper the economy. What the world needs apart from the cure is resilience, discipline, and patience. Fighting an invisible foe is very hard, but we will get past through this post pandemic economy it in one way or the other.
8 responses to “Pandemic Reactions: What Lies Ahead”
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