Gear up to provide solutions
Coronavirus fatalities are increasing across the globe. As on date we have 9,072,642 people who have tested positive and around 471,176 deaths that have been reported across the globe. Though a good number of people 4,855,150 have also recovered from the deadly infection got from the life threatening virus.
In Jammu and Kashmir we have witnessed around 85 deaths upto Monday afternoon and God knows when the world will announce a control over the deadly virus which has sent shivers down the spine.
The major concern that has been post the advent of Covid-19 is that the world faces devastation due to the impact of coronavirus pandemic as the economies have clearly entered a recession mode.
This means that all hopes to see a recovery will depend on how fast countries are able to cope up with the pandemic and how effectively the growing economies draw a revival plan.
The reassessment of the prospects for growth for 2020 and 2021 makes it clear that the world has entered a recession as bad, or worse than in 2009. However, the key to recovery in 2021 depends only on how the international community succeeds in containing the virus everywhere and prevents liquidity problems from becoming a solvency issue.
The US is in recession, as are the rest of the advanced economies of the world. The same scenario is reflected in a big chunk of developed and emerging markets in developing economies. How severe will the recession prove will only depend on how effectively the countries respond to the containment by ensuring prevention of liquidity in the markets?
While containment of the pandemic will prove to be the main reason for the economies to stand still and get into a recession, it is important that third world countries and the developing nations stress hard on zeroing on the spread of the coronavirus infections.
To avoid this from happening, many countries have taken far-reaching measures to address the health crisis and to cushion its impact on the economy, both on the monetary and on the fiscal side.
The reflections on the economic front stand the same for the developed nations as well as those who are termed as developing or emerging economies. India and more so Jammu and Kashmir fall in the category where the impact of the coronavirus spread will be enormous.
The results are there for everyone to see. The lockdown that started in late March has spiraled the economy into an unending confusion and chaos.
Though the coming few weeks will be the toughest phase for all of us to go through, we need meticulous planning by our financial institutions to help the economy cling to the track that it can withstand the onslaught.
Authorities in Jammu and Kashmir need to plan meticulously as we have a fragile economy that has been witnessing plunder since the past three decades now. Our economy is dependent on agricultural output and horticulture which is witnessing a total neglect these days. This needs to be stopped and worked on.
KV Network
