Today we are facing a crisis like no other. Coronavirus has destroyed the structure of our social and financial orders at lightning speed and on a scale that we have not found in living memory. Countries around the globe are attempting to contain the COVID-19 pandemic and its monetary effect, and reactions to our most recent McKinsey Global Survey on the economy says that In North America developing markets, executives have become less hopeful since early June about their countries. Not only North America each region is dependent upon considerable development downgrade. East Asia and the Pacific will develop by a sparse 0.5%. South Asia will shrink by 2.7%, Sub-Saharan Africa by 2.8%, Middle East and North Africa by 4.2%, Europe and Central Asia by 4.7%, and Latin America by 7.2%. These crises are relied upon to reverse long periods of progress toward development goals and tip a huge number of individuals back into extreme poverty. If you see especially for the developing nations, this pandemic is giving all the more tough chance to them due to pressure on weak medical services frameworks, loss of exchange and the travel industry, subdued capital flows, and tight budgetary conditions in the midst of mounting obligation. Exporters of industrial items will be especially hard hit. Another significant component of the current scene is the demand for oil and oil prices. Low oil price is probably going to give, best case scenario, transitory starting help to development once limitations to economic movement are lifted. Low oil costs offer a chance to oil makers to broaden their economies. Also, the ongoing oil value plunge may give further force to attempt energy appropriation changes and develop them once the quick wellbeing health crisis subsides

I might want to finish up by saying that it is this normal threat that unites us all, to tackle the best qualities of our mankind solidarity, fortitude, innovativeness, and sympathy. We don't have a clue yet how our economies and lifestyle will change in the coming year, however, we do realize we will emerge from this crisis stronger. 

Reference:

https://www.worldbank.org/en/news/feature/2020/06/08/the-global-economic-outlook-during-the-covid-19-pandemic-a-changed-world

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