The past two years are referred to as the lost years. People and the economy suffered from closed borders and restrictions. It was a tough time, and many people felt left alone. Because of the closures, they had to sit at home and try their luck on the most popular online gambling platform.
During these two years, many difficulties and weaknesses in the supply chain, but also in the healthcare system, became apparent. In some countries, the healthcare infrastructure is very weak and not prepared for a pandemic. Many people also suffered from the new restrictions and had to adapt to a new system. This system was moved to the Internet. From now on, people could do even more through the Internet. Classes, work, shopping, and much more were now possible online. But even though you could see your friends on the screen, it did not replace personal contact or a hug. Many people became depressed during this time. They felt alone and had many problems, including financial ones. People lost their jobs or the supply chain simply had nothing left for them to do.
Besides the new reality of the mask regime and lockouts, this shows us how vulnerable the supply chain is. All over the world, companies were struggling to find certain elements for their production.
HOW COUNTRIES SUFFERED
Many countries had this problem. The result was rising prices and a halt in production. This phenomenon was not limited to a few continents. Rather, it showed us how interconnected the global economy is.
Even large economies such as China, India, and Singapore had their problems. This was evident in their annual economic reports. Economies around the world are taking years to get back to pre-pandemic levels.
Global losses were estimated at 5.5%-8.7% of global GDP in 2020 and 3.6%-6.3% of global GDP in 2021. Thus, there is a slight increase. The corresponding losses for developing Asia are 6.0%-9.5% of regional GDP and 3.6%-6.3% of regional GDP in 2020 and 2021, respectively.
India’s growth rate of 4% in 2019 was higher than the 3.6% in similar countries and the 2.8% for the world, making the decline due to Covid-19 even more significant.
China is showing the aftermath of the Covid-19 crisis in its economic growth. It is expected to slow to 4.3% in 2022 before rebounding to 5.2% in 2023, largely reflecting the economic damage caused by the persistence of COVID-19.