As of today, twenty percent of the people of the world are under some form of lockdown in the battle to push back the COVID-19 pandemic. The United Kingdom is the latest country to adopt the severe type of lockdown the Greeks have initiated. Italy is rapidly approaching China for the total number of reported cases of the disease. The United States has taken the third spot just as the American president says he’s about to ease social distancing restrictions. Meanwhile, nearly 10 percent of the people in Italy contracting COVID-19 are dying.
This week the World Health Organization (WHO) warns the coronavirus pandemic is not slowing but accelerating instead as verified cases worldwide approach 400,000. This interactive map created by Microsoft Bing, allows users to see the numbers by country.
Here in Greece, another 71 cases were registered on Monday, which brings the total to 695. So far, 17 people in the Hellenic Republic have died due to complications from the dreaded disease.
Reuters is reporting that the coronavirus pandemic is “ravaging the world economy,” while the United Nations has called for a global ceasefire so that the world can focus on beating back the “real enemy.”
On Monday, the United States’ Federal Reserve Bank promised “bottomless dollar funding.” In addition, the Fed said it will:
“…back purchases of corporate bonds, backstop direct loans to companies and “soon” will roll out a program to get credit to small and medium-sized businesses.”
The bad news came in the form of a Goldman Sachs warning, that the U.S. economy could contract by an annual rate of 24% in the second quarter. This decline would be two-and-a-half times greater than the previous biggest contraction in the period after World War Two, according to GS.
Experts now say the world economy has already tipped into a global recession on account of the pandemic. Back in February scientists warned that the virus would touch everyone on the planet. But, but the full economic impacts cannot be known until the epidemic is under control.
Meanwhile, United States health officials and some leaders are warning that President Trump’s suggested pullback from physical distancing will spell disaster. The U.S. president has waffled back and forth on COVID-19 since the onset, telling the people he “had it under control” initially, and then calling for prayers and a state of emergency once American cases started to skyrocket. Currently, one-third of Americans are under some form of lockdown.
