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.
Hello @gbenga, I think most countries are being severely hit with this whole situation, however, the worst part is being taken away by third world countries.
This post opens a very wide window of discussion.
I am from Venezuela, everything is very bad there, since a long time ago, with all this reality even worse. But I have two years in Colombia, here the government has tried, at least in Bogota, to help people with bags of food, but it is not enough, it is not enough for the month in family groups. Most of them live in rented houses, they don't have jobs and they can't pay rent. Services (electricity, water, gas) have increased, and people are out of work. I don't think the government here is doing much to really solve this situation, I'm afraid it's the same in all underdeveloped countries.
The pandemic has caused a lot of hardship in the environment and it has made poor citizens poorer. I try to understand what will be done to this situation as a lot of people are out of jobs.
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The situation is really tough for people over here, imagine parents looking for movies for their children so they will not complain about hunger, it is a sad situation over here and the height of joblessness is also really disturbing.
Hi @gbenga
Definitely, this virus has affected everyone equally in some way indirectly and in other circumstances directly. And I do not say it because they are sick with the virus, I say it because of the way it affects the employment-generating companies.
Currently that is happening globally and it is very unfortunate.
Hello @gbenga
The truth is that this situation is painful. I am Venezuelan and I know that my country is getting worse every day and not precisely since the pandemic. Now I am in Colombia and here there are many unemployed people, this situation has hit the world economy very hard but much more to underdeveloped countries. Here the majority lives from trade and with this situation sales have decreased drastically. I currently do not have the same days of work due to the low income of the business where I am, I work some days when my boss allows me.
@gbenga we have seen many economy is under meltdown beauase of this covid-19 situation. We need to prepare for ourselves again any recession that will be coming in the future and keep our savings safe in hard times