Headline, June 01 2019/ ''' '' DEBT RELIEF DIRE '' ''' : ECONOMICS


THE WORLD STUDENTS SOCIETY - AND EVERY GREAT STUDENT MUST CONSIDER and plead relentlessly the world over, the dire case of ''debt relief'' for the developing world.

AROUND 6 BILLION PEOPLE LIVE IN Developing Countries against 1.5 billion in the developed world.

The world could only squirm out of the recession caused by the coronavirus pandemic by helping developing countries and providing them with greater debt relief.

''The world is not going to recover from the recession if the bigger part of the world population remains in utter poverty. Take the case of Pakistan :

Of the 220 million population - almost 150 million people were among the vulnerable segments of the society, including daily wage earners. All this happening when the country's exports are dropping fast and so are remittances.

The above facts, realities and insights are from H.E. O''Captain Imran Khan while addressing a virtual conference titled ''Financing for Development in the Era of Covid-19 and Beyond' hosted by  the prime ministers of Canada, Jamaica and the UN secretary general.

''This pandemic has to be dealt with holistically as a global problem with a global solution,'' PM Imran Khan noted.

INDIA too, needs urgent help. A paper by Arvind Subramanian, former adviser to the Government of India, published in December, 2019 ''India's Great Slowdown,'' explains the stark decline of Indian economy and after the 2008 global financial crisis.

Even before the lockdown India's moves had spiraled the country downwards : tourism declined by 85%, and exports by 65%.

Vikas Khanna, a Michelin-starred chef has turned his focus on India's hungry, providing millions of meals to poor Indians who have suffered greatly in the coronavirus lockdown.

''We've totally failed our people,'' he said in an interview last week. ''I wanted to show that solidarity still exists.''

And in superpower America, Youths' job prospects may bear scars for life. Starting in a downturn could do lasting damages to and wages. Consider this :

Matthew Henderson couldn't be entering the job market at a worse time. As a senior of Loyola University Chicago, he spent the spring semester interning as a trade policy analyst at the British Consulate in Chicago.

But his chances of turning the opportunity into a permanent job ran headlong into the coronavirus pandemic.

Now Mr. Henderson is at home with his family in South Bend, Ind., unemployed and considering jobs at at the retailer Costco and Target to help pay of $24,000 in student loans.
''I'm in this bubble of anxiety,'' said Mr. Henderson, who just turned 21. ''I have to pay these, but I have no money to pay them.''

Saddled with debt, and entering a job market devastated by the pandemic, he and millions of his contemporaries face an exceptional dicey future.

Young adults, especially those without a college degree, are particularly vulnerable in recessions. They are new to the job market - with scant on the job experience and little or no seniority to protect them from layoffs.

A large body of research - along with the experience of those who came of age in the last recession -shows that young people trying to start their careers during the economic crisis are at a lasting disadvantage. Their wages, opportunities and confidence in the workplace may never fully recover.

And in the worst downturn in generations - one with no bottom in sight - the pattern is beginning to play out with a vengeance. From March to April, employment dropped by a quarter for workers 20 to 24 years old, and 16 percent for those 20 to 29. That compares with about 12 percent of workers in their 50s.

In an article for Lawfare, a blog about law and national security, the historian David Kennedy and the retired general Karl Eikenberry likened the current crisis to wartime, when elders send the young to fight and die.

''It is the young - indebted students and struggling mortgagers, parents supporting families paycheck to paycheck, precarious recent graduates and anxious first time job seekers - whose lives are will be most deeply scarred,'' they wrote.

For some younger workers, this is the second blow in barely a decade, as analysis by McKinsey Global Institute noted that ''the generation that first entered the job market in the aftermath of the Great Recession is now going through its second 'once-in-a-lifetime' downturn.''

Molly Zerjal, a 32-year-old  in St. Louis, lost a communication job in Wells Fargo during the last downturn. Now, Ms. Zerjal works in marketing at a different financial firm, and she's afraid it could happen again.

''I'm not an essential worker : Marketing and communications is a ''nice to have,'' she said. ''Every day, I'm like ''Oh, God, what could happen today?'' It's like PTSD.

The question is what kind of scars this will leave in the hearts, minds and pockets of younger people.

The Honor and serving of the Latest Global Operational Research on World Economies and State of the World, continues. The World Students Society thanks authors, Shalini Venugopal Bhagat, Eduardo Porter and David Yaffe-Bellany.

With respectful dedication the Leaders of the world, Students, Professors and Teachers.

See Ya all prepare and register for Great Global Elections on The World Students Society - for every subject in the world : wssciw.blogspot.com and Twitter !E-WOW! - The Ecosystem 2011:

''' World - Worry '''

Good Night and God Bless

SAM Daily Times - the Voice of the Voiceless


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