The outbreak of the Covid-19 pandemic continues to deepen. Unlike the past financial crises, this pandemic has dealt a sudden “systemic blow” to the global economy, causing the economic and social system to be completely disrupted. From production to consumption, from the real economy to the financial sector, from manufacturing to services industry, all of these are temporarily suspended due to the pandemic.
The massive “freeze” in economic activity has led to a sharp rise in global unemployment. The International Labor Organization (ILO) has estimated that the impact of the pandemic will cause the world to see an increase of 25 million unemployed population. In terms of the breadth and depth of the economic shock, we are seeing a Great Depression-level economic crisis in the making.
In face of the outbreak, countries have introduced emergency measures to save the economy and jobs, in attempt to avoid the collapse of the economic and social system. How to effectively formulate…
