COVID-19 Against Global Economy: Where is the Risk?

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In 2020, all the countries across the world will be faced with historically unparalleled problems. The  COVID-19 pandemic and its aftermath, as well as the side effects of the measures taken to curb the spread of the disease, have substantially affected the way most people live. The economies of all countries have undergone great shocks, and in general, the global economic system experiences hard times.

Global economy is unwell

According to international expert organizations, the consequences of the COVID-19 pandemic can become very severe if not critical for many sectors of the global economy. During the epidemic peak and the most rigorous quarantine restrictions, the GDP drop in different states ranged from 5% to 40%. This is very serious damage, and it is impossible to recover from it soon.

The greatest losses were incurred by representatives of medium and small businesses. Such companies and firms have a rather small turnaround, and they need to keep going in order to survive, that is, work, increase sales, and make progress. Even a few days of forced downtime is a major setback for such businesses, but when it comes to weeks and even months of the downtime, then the business winding up is an almost certain outcome.

If truth be told, it is important to note that governments of most world powers, including Australia, did not leave their business people on their own with the problems caused by the coronavirus and the lockdown. Programs aimed to support small and medium-sized businesses were developed and successfully implemented; so-called “credit holidays” were introduced, and other assistance was provided. These measures could help save such small firms hit by the lockdowns from bankruptcy; most of them were able to stay afloat.

One would think – what is the connection between small business and the global economy? However, there is the connection, and it is immediate. In the modern world, everything is closely interconnected, and companies with small turnover form one of the foundations of the economic well-being of developed countries. The fall in their income is followed by a decrease in taxes collected by the state, a decrease in the purchasing power of the population, and a decline in the market. The most unpleasant thing is that these processes are interdependent, i.e. problems in one area cause problems in another, and the result is an endless vicious circle, which is extremely difficult to get out of.

The extent of losses suffered by the entire global economy due to quarantine restrictions can be assessed by looking at the charts of stock quotes. All the major indices of the largest stock exchanges dropped significantly during the pandemic; many companies and corporations lost huge amounts of money.

Lots of people around the world lost their jobs or their incomes significantly decreased. The states incurred unbudgeted expenses aimed to strengthen healthcare, support their citizens and business companies. This global situation is historically unparalleled; at no time in the past humanity faced a crisis of such mammoth proportions.

What is in store for us?

Analytical agencies specializing in economics are rather conservative in their forecasts. According to some reports, it may take up to five years to restore the condition preceding the outbreak of the COVID-19 pandemic; and some countries may need even longer time. The world economy is a system too complex to be rectified quickly and with minimal losses. Significant financial investments and joint efforts of all world powers will be required to eliminate the consequences of lockdowns, industrial decline, and stock market crises once and for all.

The time required for global economic activity to recover depends largely on medical factors. The coronavirus, COVID-19, has been understudied so far. The media actively discuss new strains of the virus, and new waves of the epidemic are predicted. Governments make every possible effort to stabilize the situation, but these measures have a negative impact on the economy. It should be understood that restoration of proper operation of the financial system is contingent on taking control over the virus and reducing the disease burden to an acceptable level. This achievement is the best guarantee that economic efforts will not be wasted.

Did it really affect everybody?

Despite the fact that the damage from the first wave of the pandemic and its consequences was huge, not all industries suffered critical losses. The most affected ones include:

  • food service industry —restaurants and cafes lost customers during lockdowns;
  • sports and fitness clubs – they were forced to suspend work due to the same prohibitions;
  • manufacturing enterprises were closed completely or in part;
  • travel agencies – all tour operators fell victims of bans on visiting many countries;
  • shopping malls and entertainment centers – they were among the first facilities banned to be visited as public gathering places;
  • cinemas – screenings were canceled; in a best-case scenario, it was allowed to have a quarter or a third of seats occupied;
  • shops selling everyday goods.

These are just some sectors that were affected badly. Just as it could be expected in accordance with the market economy laws, small firms were hit hardest, while large companies were able to mitigate the consequences at the expense of internal financial reserves.

However, there are some sectors of the modern economy that experienced significant growth during the pandemic. It can be explained by the nature of activities conducted by the relevant companies. Please find below a few examples:

  • online stores. For obvious reasons, people began to buy more goods online; furthermore, there are a lot of relevant options available nowadays;
  • grocery delivery service. Convenience, fast order processing, and low cost of services do appeal to consumers;
  • manufacturers of durable goods, household appliances, and electronics. Many people assumed that such products would soon become more expensive and decided to make purchases in advance, which caused an increase in demand and sales volumes;
  • online entertainment. All kinds of subscription-based online games and streaming services experienced substantial growth due to a significant increase of users;
  • gambling games that can be accessed via the Internet. Online casinos got a lot of new players. The activity of regular gamblers increased; they spent more time in the online rooms of gambling establishments. This leisure activity is an excellent way to spend time with pleasure, forget about everyday worries, and maybe improve the financial situation.

Every Australian who has an Internet capability and wants to enjoy a gambling experience has a variety of options to choose from. Modern playgrounds can satisfy all tastes and desires of players. One website can feature several hundred various slot machines, card games, roulettes, and other gambling activities. In addition to the obvious safety from catching the coronavirus, online establishments have a number of important advantages:

  • availability at any time and from any device with a network connection;
  • the opportunity to play for free using a special demo mode. For those new to gambling, online free pokies are a great way to find their way around and learn the basic principles of a particular slot machine. Experienced players can use free games to develop a winning strategy;
  • variety of entertainment offered. Several hundred gambling games available are common for modern Australian online casinos. At the same time, you can switch between different emulators in a matter of seconds;
  • convenience of financial settlements. You can top up your account, as well as withdraw winnings with a variety of methods – cards of popular banks, e-wallets, other payment systems, and so on. Many Australian online casinos accept not only Australian dollars, but also currencies of other countries and cryptocurrencies;
  • generous bonuses offered by the best online casino Australia will help new players feel at their ease at an unfamiliar website. In addition to welcome gifts, other incentives are available as well – a certain percentage for each deposit, free spins for being active, bonuses for regular players, and much more;
  • It is important for each player to be able to receive comprehensive answers to any questions regarding the game rules, participation terms for events, procedures for withdrawing funds, and etc. Any online casino that respects its visitors always has a customer support service that is ready to help with any difficulties and clarify any issues 24/7.

Taking into account the above-mentioned and other advantages, it is hardly surprising that more and more Australians prefer to spend their time during the quarantine restrictions in the pleasant atmosphere of popular online gambling establishments. Top platforms always play fair, so they adhere to the outlined rules and give each player a chance to win. And winnings are hit on a regular basis, and those winnings are of small and medium amounts, while the luckiest gamblers hit Jackpots time and again.

What Australian casino do I choose to play?

On the one hand, the answer to this question is simple – you should play in a reliable and honest establishment where the management sets the best conditions for a pleasant pastime. But then another question arises – how to find such a casino? If you want your search for the right platform to be successful, it is recommended to use several methods at the same time:

  • personal experience. Most of the modern Internet gaming platforms provide an opportunity to get acquainted with some of the website’s features before registration, such as the website navigation, ways to deposit and withdraw funds, read the rules and play pokies in a free demo mode;
  • opinions of other gamblers, which can be easily found on specialized forums and publics in popular social networks;
  • ratings of establishments that are regularly compiled by professional analysts. Such ratings are based on comprehensive research and comparison of various online casinos.

One of such reputable websites has posted its rating of gambling sites that deserve to be highlighted. Here are the Top10 establishments in 2021:

  • Ilucki Casino;
  • Bitstarz Casino;
  • Kahuna Casino;
  • Playamo Casino;
  • 21 Dukes Casino;
  • Joe Fortune Casino;
  • Casinochan Casino;
  • Grand Rush Casino;
  • Casinonic Casino;
  • Ignition Casino.

New players are provided with generous bonuses for registration and the first deposits. Experienced gamblers will definitely like the progressive loyalty program with substantial rewards for each level achieved.

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