A long road to recovery for world economies even after pandemic gets over

As the coronavirus pandemic continues to grapple the world, economies are in a state of shock. The world economies are ravaging more severe than the global financial crisis or the great depression.

In a first, all major automakers, including Maruti Suzuki, Mahindra & Mahindra, failed to sell any car in Apriledue to the nationwide Covid-19 shutdown.

Meanwhile, Royal Dutch Shell, an oil and gas "supermajor" has cut its dividend for the first time since World War Two.

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One of India's biggest conglomerate, Reliance suffered its worst profit fall in more than 11-years.

Going by the latest numbers coming in, it would not be wrong to say that the global economic impact from the pandemic is severe and it juts not India that is suffering, world economies are also facing the heat.

In the united states, 3.8 million people lost their jobs and filed for unemployment benefits last week.

According to the data, in six weeks, as many as 30 million Americans have sought unemployment benefits. This is one-fifth of America's working population and roughly nine per cent of its population.

In Europe as well, its economy is declining at the fastest rate on record.

The European Union is the world's largest economic bloc and since the outbreak, the eurozone economy has shrunk by 3.8 per cent.

France became the worst hit casualty as it saw the largest drop in GDP since 1949. Spain lost more than five per cent of its GDP in this quarter.

In Germany, retail sales have declined at their fastest rate since January 2007.

Meanwhile, economists have said that job losses are inevitable.

President of the European Central back, Christine Lagarde recently sais that the worst might be yet to come.

Some predictions by economy experts have painted further dire state of affairs for the rest of the year.

One way to make a guess about the future is to look at the global energy consumption.

The International Energy Agency or the IEA says it's not looking good.

They also said the global energy demand is set to plunge this year while forecasting a decline of six per cent in energy demand.

This is the biggest drop since world war two.

"In absolute terms, the decline is unprecedented - the equivalent of losing the entire energy demand of India, the world's third-largest energy consumer."

I guess it's safe to say the world economy now faces a long road to recovery.