Europe is one of the areas suffered most badly by the Covid-19. One must not think that Europe will be immune to the disasters of this pandemic. Except few strong economies like Germany, France, and England; other countries are not strong enough rather they have fragile economies. Countries like Greece, Spain, and Italy have just got themselves out of the debt traps. However, the strongest economies of Europe are under the great threat because of this pandemic. Germany the economic king of Europe, will suffer the most from this pandemic. This is because the economic contagion will be more destructive than the viral contagion.
Europe is over 23 percent of the global GDP and $20 trillion-plus economy. To make it easier, if 23% of your body got affected by cancer, do you think the rest of your body will survive? This is the case here, if Europe succumbs to the pandemic; the rest of the world will not remain healthy. The market in Europe is mature and based upon a very old and strong financial system. This makes Europe far more important to the world than China. China does lack both of these qualities that are entrenched in Europe. The fall of Europe and inflictions of the American economy will not let the world go unattended. Everyone in every corner of the world will face its heat.
The Absence of Demand of the Petrol and Other Products Also have Their Implications:
The world has witnessed for the first time in history that the prices of oil went into the negative before recovering a bit. This means the buyer gets the money for buying the oil. This is not only because of the Covid-19 rather the foolish policies of KSA and Russia have also added to it. The skirmishes of producing oil more than needed have also proven deadly for the crash of the oil market. The closure or diminishing of roads, railways, airlines, industries, and sea cargo has also lessened the demands in the world. The oil market was one of the worst to be hit by this pandemic.
Other metals like Copper, Gold, silver, Platinum, and many more are results of a strenuous effort by the labor. This difficult process starting from extraction to the refinement needs labor but labor is no more because demand is no more. Once the markets are open, this will raise the prices alarmingly but that is also dependent on the increase and decrease of Covid-19.
Socio-Political Changes in the Developed and the Developing Nations:
The blatant changes in the political and social spheres of lives will be seen in the post corona time. The poor population which lives below the poverty line has to be supported and the health system has to be strengthened in the post corona world. All the countries are not as disciplined as China; therefore other countries with a large population are under a somber threat. India and Pakistan might be the places where Covid-19 will inflict the most after America.
The elections will not be contested on the manifestoes that were once popular. The manifestoes of the parties will change so do the priorities of the voters. They will ask as a taxpayer to spend their money on their health instead of spending on the alliances like NATO and by imposing wars on other countries as done by the US in the whole world. The taxpayer will ask for his right to proper healthcare should be provided by the state.