World Financial Crisis Issue of Covid- 19 (বিশ্ব অর্থনীতি ও আর্থিক সংকট). The entire world will face financial crisis because of COVID-19. World Financial Crisis.
World Financial Crisis 2020
The loss of world trade this year due to covid nineteen will be even worse than 2008. The crisis may be more than 1930. This is what the World Trade Organization has predicted.
Covid- 19 Issue 2020
The loss of trade will put the entire world in a financial crisis. The World Trade Organization has warned that the loss of trade cannot be avoided in any way. The general public will be severely affected by this.
This year due to corona virus, the global trade volume may decrease by 13 to 32 percent. If the virus is not controlled, the WTO is likely to suffer three-thirds of global trade or more this year.
Statistics of World Economy
The world is slowly moving towards a new financial crisis, which will have a devastating effect on the democratic market system. Former Governor of the central bank of the United Kingdom, Marvin King, expressed concern.
Lord King, who served as governor of the Bank of England more than a decade ago, believes that disrupting new thinking means going back to the chaos of 2008-2009. He was in charge of the BOE at a time when the British banking system almost collapsed.
Speaking at the annual meeting of the International Monetary Fund (IMF) in Washington, King said no fundamental question has been raised about the thoughts that led to the crisis a decade ago.
Another economic crisis will have a devastating effect on a democratic market system. If we think the banking system is safe by keeping the new conservatism on the monetary policy, then we are slowly moving towards a crisis.
King Carney’s predecessor, the current governor of the BOE, said that after the Great Depression in the 1930s, new thinking and intellectual change had taken place. “No one will doubt that we are going through another political stalemate,” he said. But comparative questions are not being raised about the fundamentals of economic policy. This situation must be changed.
The former governor of the British Central Bank feels that the political environment has been so bitter in recent history.
In this regard, he attributes the rising tensions between France and Germany and the growing political bitterness in the United States to the emerging economies such as the US-China trade war, Hong Kong’s continued movement-strikes, Argentina and Turkey.
The way the United States played its role as a policeman in the world system, the country is not expressing its willingness to perform that duty.
The King think that the world economy was in the grip of low growth, was not able to turn around so fast.
He thinks that the models used as the criterion are the two most important areas of economic policy. They are getting the world economy out of this low growth trap and preparing for the next financial crisis.
He said that through a distorted mold of demand and production, the whole world entered into a global economic crisis. It is necessary to redistribute wealth from one element to another, from one sector to another and from one institution to another, to get out of the trap of such low growth.
There are additional investments in some parts of the economy, such as the export sectors of China and Germany, and the commercial property sector of the advanced economy.
And there are insufficient investments in some sectors, such as infrastructure investments in various western countries. In order to bring about change in both capital and labor, broader policy changes must be made beyond ordinary financial incentives.
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