The outburst of the global Covid-19 pandemic has destroyed the world’s social, political, religious, economic, and economic structures. Major world economies like the USA, China, Britain, Germany, Italy, France, and Japan have collapsed. Also, stock markets all over the world have suffered strictly and prices of oil have decreased the cliff. Several financial and economic experts have warned that the structure of the world economy and finance is deteriorating. Kristalina Georgieva, director-general of the Global Monitoring Fund (IMF), defined that the economic downturn was at least as severe during or worse throughout the international financial crisis. Also, Covid-19 is damaging the world economy due to the world economic situation has been the most difficult since World War II. As for the human losses caused by coronavirus pandemic, this is out of nature. That is why all countries must work together and agree for protecting humanity and limiting economic losses. For instance, the key process has restricted several companies, such as traveling to fight the virus, so the business has suddenly stopped a company.
Due to the dire situation, the G-20 nations convened the emergency meeting for discussing the deterioration of the situation and develop strategies with Covid-19 to reduce losses. The spread of the epidemic is accelerating and causing more economic losses. Officials from the Federal Reserve Region noted that the U.S. unemployment rate will rise to 30 percent and the economy will shrink by half. Concerning the jobs of ordinary people, there is the real threat of losing the jobs due to closing a company shows that a company cannot pay its employees so they have to lay off workers. As for the stock market, Covid-19 was severely damaged, for instance, the US stock market fell by 30%. Examining the current state of several companies, most investors obtain capital from several companies. In this regard, since the outbreak of Covid-19, $ 83 billion has been raised from emerging markets. That is why the impact of Covid-19 on the structure of the world economy is serious due to people did not spend money, and because of this companies did not receive income, so most companies were closed.
It is necessary to protect the people and companies affected by timely and targeted measures in the financial sector. Third, reduce pressure on the financial system and avoid conflicts. The fourth, recovery plan and policy measures must be implemented to minimize the potential panic effects of the crisis. Due to the serious and deteriorating situation in a world, countries require to coordinate and cooperate with each other, including humanitarian aid, maturity, and prudent behavior, for effectively fighting the coronavirus. Otherwise, the wrong actions and policies of one country will have important repercussions for other countries due to globalization and intercommunication of the world. This is not a time of political scourge and collective strife, but a time in which countries can cooperate, coordinate and help each other first face this deadly pandemic and save a world’s financial and economic fabric.