Europe’s economy was just standing up after their fall. The economy of the country was proving to be stronger than ever. Good things don’t last forever, this was proved by the continent. Europe was a part of, in fact, the only one having the sharpest recession in modern history. There was a huge rise in coronavirus cases in Europe. All of which has been within the past month. This surge in virus cases will most likely turn around what was supposed to be a period of healing for the continent. The economy was also meant to heal. The economy was in the process of healing from a lean winter of job losses as well as bankruptcies.
There are new rules and restrictions that the bars, airlines, restaurants, and myriads have to follow. However, politicians are trying to control this sudden surge in infection. The coronavirus cases are rapidly filling up the hospitals. The level of the pandemic had caused multiple mishaps. The biggest one of all being the economy of 19 countries plunging. This meant that the economy of entire Europe plunged since the formation of the European Union. The economy plunged by a massive 11.8% through April-June quarter. That is not it. About 1.5 million people in Europe alone registered as unemployed during that quarter. However, the governments of Europe were able to think on their feet. They dished out hundreds of billions of euros to keep another 45 million on payrolls and companies running.
The New Restrictions
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However, the new rules, regulations and restrictions are not as drastic as the near-total shutdown in the past. his total shutdown was imported in many countries all around the world in Spring. Due to this reason, many Europeans this is a foreboding sense deja vu.
The owner of a restaurant in the financial hub of Germany, Frankfurt had a few things to say. He said this after the government imposed an 11 PM curfew.
“It is a disaster,” says Thomas Metzmacher
He noted that people who are in the food/restaurant industry in Germany are barely scraping by. This curfew for them means people who come to have a meal don’t stay for a few more beers or schnapps. Extra beers and schnapps are where the restaurant owners make the most profit. What the people these days do instead; go for a meal, finish your drink, pay, go home.
The experts say that the global economy is based on the health crisis. Only when the pandemic is bought under control, countries and continents can recover.
Other Parts Of The World
Countries like China are still yet to have a resurge, which means their economy is doing pretty well. On the there hand, the United States still haven’t gotten their first surge under control. This means that their economy is still hobbled by the pandemic.
Europe, however, was successful in reducing the number of infections. They reduced it much faster than the US, and are therefore far better economically. On the other hand, the US never got its first wave under control, which is why they are suffering economically.