Asia will face acute recession ahead: Lucman
Lahore, 6th April: Mubasher Lucman, a renowned journalist and a senior anchor of Pakistan has been rendering the task of giving regular follow up on the situation around the world faced by the pandemic.
He is a true journalist at heart who tries to pass on the relevant and authentic information through his videos on his YouTube channel, be it Pakistan or global politics or the recent coronavirus crisis.
The recent video released on Mubasher Lucman Official YouTube channel provides a very grim but true picture of the world economy after overcoming the coronavirus pandemic.
According to the video posted today, the anchor expressed his concerns over the aftershocks the virus will create. The crashing economy worldwide will be the most important issue faced in the coming days.
He says take the case of the US, where almost 7 million people were shunted out from their jobs in the month of March and around 10 million Americans have requested their insurance due to the unemployment in the previous weeks. If this has happened in America then what to talk of other places that are economically not as strong as the superpower.
As per sources, almost 5 million firms have been shut down in China owing to the virus, many businesses globally have gone bankrupt, the stock markets have crashed, there is subsequent inflation in the prices of the commodities and the decrease in the oil prices in the world market have growing concerns among Saudi Arabia, Russia, and other oil-producing countries.
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Mubasher Lucman prepares us about the real challenge, which according to him is not the fight against the disease but to sustain economic conditions around the world after the lockdown imposed in most of the countries. Although the governments are trying to help their citizens by facilitating them with the relief packages, however, many businesses are crashing and will take time to stand again.
Lucman points out that the travel and tourism industry has faced the biggest slump in history. The fear of the virus has stopped people from traveling across and further restrictions have halted the business.
Many airlines, ocean liners, sea cruises, restaurants, cafes, and hotels are associated with the tourism industry which is facing a decline amid the coronavirus situation. According to an estimate, around 50 million jobs linked to the tourism industry will cease due to the pandemic, which means that 50 million households will suffer afterward. According to experts, it will take a year’s period for the tourism industry to re-establish.
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Lucman sympathizes with the small business ventures that will eventually face the brunt of the situation afterward. Some of them are not even registered and won’t be able to facilitate themselves by the subsidies provided by the government and their debts are not easily pardoned too.
Mubasher Lucman conveys the message of awareness among people about the series of events that will follow after recovering from the coronavirus. He says that this disease has exposed the health system of the superpower US and broken the American dream of many. This virus has also unleashed the helplessness of the European countries in handling such a crisis. These are supposedly strong economic countries.
In the end, Lucman points out that the pandemic has forced each one of us to think that if the developed countries are not financially strong enough to provide the basic health facilities to their citizens at the time of need then what is their use?
He is hopeful about taking the challenge to rehabilitate the world in the future and equip ourselves better for the coming days to face any kind of crisis.
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