I remember when Covid broke out in China and we would watch the news effecting people in China while it continued to grow until we saw the virus taking the whole world in its hands.
It is said that, pandemics like these happen once in a century.
Flights closed, businesses closed, schools colleges and universities closed, people restricting themselves to homes etc. Man, those were some hard times as many people were stressed out about the virus effecting them mentally.
My office colleagues weren't attending the office and I had to take responsibility of their work as well doing their job. How many times I had to feel annoyed about visitors shaking hands when we were told not to shake hands or stay without masks.
According to a report by World Economic Forum, thousands of businesses were shut down in America and millions of Americans lost their jobs when Covid hit America with full force in early 2020. As a result of that, the second quarter GDP plummeted by 29.9%.
Foreign Policy Research Institute
Imagine how many people may have lost their jobs globally. This has to have an impact on the economy, not only domestically but globally as well.
And probably this is why are now seeing the after shocks of Covid-19 with world economies struggling to recover.
And probably Covid-19 has not only effected global economy, it seems like the crypto industry also is being effected by it.
Bitcoin after hitting its all time high back in November 2021, started to drop in late 2021. Bitcoin recorded its one of the biggest historical crashes in 2022 which is believed to have fueled extreme fear on the market.
And then we saw some of the biggest crashes in crypto in form of FTX etc.
I believe the global economy will recover some time in future with the arrival of bulls but as the Covid-19 pandemic had a hard hit on global economy, so it has to take some time to recover.
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