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What is the Fate of the Global Economy in the Face of Coronavirus?

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Mar 23, 2020

Even those who live under rocks have heard about the coronavirus pandemic and the jaw-dropping consequences it has on the world. The whole world is bothered about what this outbreak could mean for everyone. Every sphere or aspect of human life is affected, and it seems as if the global economy and financial community are taking the biggest hit. 

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THE CURRENT FATE OF THE WORLD ECONOMY

Stocks, bonds, and a lot of other commodities are losing their values, and all the investments are affected gravely. This is so because the traders obviously are part of humanity and are affected by the same pandemic, which is causing them to only engage in fundamental spending. The uncertainty that looms around the global financial market has reduced economic activities by traders. A lot of people do not understand what this means for the financial community and the world at large. 

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The last time the world witnessed a relatively close financial crisis was over a decade ago, 2008 precisely. It was a terrible time, and experts are suggesting that the world economy could experience a downturn this year and indefinitely until the pandemic is conquered.  

Currencies of different countries are already suffering, and their values are reducing by the day. Great Britain Pounds has taken massive hits, and the value is staggering currently. The currency of Great Britain is not the only currency that is suffering as the Japanese Yen stays weakened with no immediate relief. The European Union and its currency, the Euro is not in good shape. 

Through monetary policies, these countries and other countries that have not suffered much already are trying to prevent any further crisis and absorb the already existing shock in the global market. Other countries that have not already started to put in place such preventive precautions run the risk of suffering further if and when the pandemic is brought to an end.

HOW IT AFFECTS CRYPTOCURRENCIES?

While fiat currencies are taken the most hits, the value of digital currencies is not so much affected. Some experts attribute this security around cryptocurrencies to come from the heightened economic activities that have revolved around them, especially at the beginning of the year. More digital platforms that support online cryptocurrencies emerged to cater to the needs of the increasing population of users. Prices of different cryptocurrencies have since dropped because of the fear of the coronavirus pandemic, but they are doing better when compared to the traditional currencies.   

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