Damascus-Sana
With the United States turning into a focus of the new Corona virus outbreak and the unexpectedly high number of deaths and injuries in Britain amid measures that have proven unsuccessful in limiting the spread of the disease, the repercussions of the global pandemic have begun to have a clear impact on the American and British economies, threatened by a Great Depression that exceeds its size and speed that it witnessed 1930s.
The Corona pandemic, which quickly spread, was not expected by US President Donald Trump, to wreak havoc on the American economy, causing losses of more than 700,000 jobs last March, to raise unemployment rates due to the increase in injuries and deaths, the expansion of home quarantine measures, and the submission of more than 10 million Americans in government aid requests after losing their jobs, according to The Washington Post.
As for Britain, which was barely breathing from the exit crisis from the European Union and the Brexit process, the consequences of Corona were greater. British companies are already suffering from the effects of the crisis of withdrawal from the European bloc and are never prepared to deal with a new catastrophe such as Corona, and this is what the Professor in Economics at Darmouth University warned of. American and former Bank of England official, "David Blanchflower", who expected the unemployment rate in Britain to rise to 21 percent.
Blanchflower stressed in an article published by the British Guardian newspaper that unemployment rates, whether the United States or Britain and across Europe, are increasing at a rapid rate that the world has not seen before, indicating that the unemployment rate due to corona will be ten times faster than it was during the global financial crisis in 2008.
Blanchefour's warnings are undoubtedly in line with the reality of the global economy currently being affected by the Corona virus and comes at a time when economic activity in Britain and the European Union has fallen to its lowest level.
The threat that the Corona virus poses to the global economy has become a visible reality as companies and businesses in most countries enter a state of paralysis, while governments, especially in Europe and the United States, are trying to take urgent measures to try to save their economies and prevent them from completely collapsing.
French newspaper Le Monde has completely succeeded in describing the deteriorating economic situation in Europe by saying that “the European economy has become like a man who was afflicted by a chest angina.” The Corona scandal revealed serious defects in the health and administrative systems of the major western countries and explained the inability of these countries not only to save the lives of their citizens but their economy Also.
Basem Kanoon
