Countries across the world have started reopening their economies despite the rising number of cases in hopes of a quick recovery from the pandemic. Global recovery from the pandemic, however, seems very uncertain as it has caused an uneven impact on various sectors and countries.

Konstantina Beleli

Konstantina Beleli, economist, shared forecasts made by the International Monetary Fund (IMF) about an uneven and uncertain recovery from the Covid-19 pandemic as 75% of countries start to lift lockdown restrictions. The IMF forecasts that the global economy will witness a deeper contraction of 4.9% and an uneven recovery as different countries and sectors were impacted at different levels by the pandemic.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The global impact of the pandemic is impacting export-dependent economies, while trade tensions are further compounding the recovery of global trade. Policy makers should watch the situation as it evolves and provide sufficient fiscal and monetary support, the article adds.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Steve Keen

Steve Keen, an economist, shared an article pointing towards a weak recovery and declining living standards in the Australia for 2020-2021. The article is based on a survey of 22 economists from 16 universities across the Australia. The survey indicates that the panel of economists predict an average growth of 2.4% over the next four years.

The panel also notes that unemployment rate is expected to peak to 10% in 2020 and remain above 7% in 2021. The economists note that the economy may recover in the September quarter but if the Jobkeeper policy is scrapped as planned, it may lead to a W-shaped recovery.

Ian Bremmer

Ian Bremmer, a political scientist and author, shared an article on the impact of the Covid-19 pandemic on economies that are dependent on tourism. He notes that travel contributed approximately $8.8tn to the global economy in 2018 accounting for 10.4% of global economic activity.

The article notes that among the 50 of the largest economies in the world, Philippines (24.7% of GDP), Thailand (21.6% of GDP), Greece (20.6% of GDP), Portugal (19.1% of GDP) and Hong Kong (17.4% of GDP) are heavily dependent on tourism. These economies are expected to be severely impacted due to the travel restrictions and social distancing rules implemented due to the Covid-19 pandemic.

https://twitter.com/ianbremmer/status/1277059154994176001