Third World Countries and how the Recession is Hitting Hard
A friend of mine has been looking for a job since the lockdown got eased but unfortunately, he has not gotten a job yet. The state of the world is becoming alarming as a lot of people are going out of job and inflation is hitting hard into our economy. Although, a lot of companies around the world are making profits as high as 400%. Companies ranging from ecommerce, delivery, social media and tech have making money this year that their first quarter statement showed a lot of profit but even in the midst of a lot of increased revenue among a lot of corporations, several has gone bankrupt and this companies has laid off a lot of workers.
The United States have been trying their best to work on their unemployment issues since the beginning of the pandemic finding ways to make life a little convenient for her citizens by giving out cash as stimulus checks. Although the rise in unemployment has increased all around the world but what is going to happen in third world/underdeveloped countries.
The United States is the country with the largest economy, largest number of employments, biggest technological country and one of the world powers but what happens to third world countries. A lot of third world countries are not into technology, so many corporations as well as small businesses are going bankrupt, and people are being laid off from work making them unemployed.
I have interacted with a lot of people and it looks like the year has been bad for so many as a lot of people have lost their jobs, so many have lost their homes and painfully, they do not have any savings for as long as 6 months. I then ask, how do we go through this recession coupled with the pandemic. Sad enough, the government in most third world countries are not doing anything to improve the current situation and inflation is also increasing drastically.
I look at the current situation of so many poor or third world countries and I try to understand how the governments are doing or working on. I will appreciate if you can share your experience on the current pandemic and how the recession is affecting in your country.
