THAT JOB CUTS : WORLD

THE UN has predicted a 1% growth of the global economy, a sharp reversal from the pre-pandemic forecast of 2.5%.

The Developing World countries like India, Bangladesh, Sri Lanka, Egypt, Cambodia, Nepal, Vietnam, Pakistan, and on and on........are likely to be very badly affected, and may even sink, as a result of the spread of Coronavirus in the Gulf.

The internal and global situation in the wake of  the raging coronavirus pandemic indicates very, very difficult days ahead for most of the developing world countries.

Take the case of  Pakistan, where the Ministry of Planning has estimated that within the country  12.3 million to 18.5 million jobs might be lost and the economy could sustain Rs 2 trillion to Rs 2,5 trillion losses due to severe shocks from the virus outbreak.

The grim forecast has come when the country seems to have to cross the limited level  and is at the moderate phase in terms of curbs and on movement.

Add to this the global situation. So fat the pandemic has claimed more than plus and plus over 51,000 lives worldwide and the number of confirmed cases has topped, plus and plus 1 million.

The worst hit is the US, the largest economy in the world. Italy, China, Spain and other European countries are among countries to take the biggest hit.

All those countries are the developing world's biggest trading partners, so losses in terms of exports too would be more than substantial.

Millions, and hundreds and thousands of people work from the developing world in Gulf countries whose remittances are crucial and vital to the functioning of the economy.

Much of these regions have been in lockdowns for ongoing varying lengths of time. The above figures are, however, tentative, as the full impact of the pandemic will only be felt when it ends.

This is the future scenario for the developing world whose economies have steered in turbulent waters for close to a decade.

All this points to a frightening scenario in the near future, especially in terms of unemployment.

The devastating effects of the pandemic should give the humanity a jolt to mend its ways. Harmful habits precede natural calamities. Or is it going to be the same thing over and over again?

The World Students Society thanks the editorial writers at The Express Tribune.