The World Health Organization identified COVID-19 as a pandemic on 11 March 2020. The epidemic has affected all aspects of human health around the world and has been reflected in the growing number of infected people and the increasing death toll in many countries. Governments have set limits of varying degrees of severity that have affected people’s daily lives. Even in the economic aspect, some changes were needed as we were in front of an emergency and many lost their jobs.
The problem is not over yet; you still need to practice social distance and more measures to avoid the spread.
How did the Covid-19 Pandemic Starts?
COVID-19 is the name of a newly diagnosed disease caused by SARS-CoV-2 and was originally identified as a common pneumonia case from Wuhan, China, in December 2019. However, the virus, which is identified as the new virus, become dangerous and very contagious pretty soon. The first thing to address the problem was isolation and social distance: this meant for many people losing a job, impossibility to make money and economic struggles.
The Effect of the Covid-19 Pandemic on the Global Economy
COVID-19 is far from being only a health problem. It is expected to lead to a slowdown in the global economy and finance in the future years. It will take time to go back to what we used to call normality. The recovery consists in rising unemployment rates, and decreasing the global poverty. The economic downturn reduced people purchasing power, affected food security, especially in the poorest countries and the rate of employment around the world.
Australia was not excluded, even though the cases numbers were not even closed to other countries, the unemployment records its maximus in the country’s history. This was a major cause of stress, especially are few options. It is not a coincidence that unemployment is one of the most understandable causes of stress: it requires some social or psychological adjustment and help.
Positive Rebound of Superannuation Record
Australia government came with an emergency plan: the possibility to take money from your superannuation without consequences. At the beginning of the pandemic, this brought negative results in the superannuation industry.
Association of Superannuation Funds of Australia (ASFA) is positive and optimistic, seeing the latest results of the positive economic rebound of Superannuation during 2021.
Phillip Kingston broke his silence regarding the situation with the Sargon Company, which had a partnership with China in the insurance sector. One scandal that came across in the most difficult times of the pandemic.
Australia is financially stable
The fast approach to the situation, both sanitary and economical had a positive impact in the nation.
Even though there were a few months of financial terror, also in the superannuation industry, little by little Australia started to recover and people were able to go back to their jobs and start putting money in their investments and superannuation again.
There is a huge sense of gratitude for the measures taken, the responsibility of people in Australia and the huge hope that Australia will keep growing economically.