This year started with the raising cases of Corona virus in one of the cities of China named Wuhan. Till he mid of February almost all countries shut down their flight operations for China but it was too late. People who travelled from China to other countries spread Corona virus and within a days it transformed into global pandemic. Almost every country of the world locked down due to this pandemic. This pandemic almost ruined the global economy. Global economy which was raising every year dropped off up to 7% within a single year.
It would not be wrong if we call year 2020 a terrible dream for the global economy. In this year global economy suffered more than economic crises of 9/11 and 2007-08. Many companies bankrupted this year. Tourism and airplanes companies suffered the most by economic crises caused by COVID-19. Real estate sector also affected badly by COVID-19. First time in the history prices of crude oil fell in negative domain because all oil reserves filled completely. But the prices came back is positive domain within a few days. About 500 million people lost their jobs around the globe and it will take years to create so many jobs again and many jobs will never exist anymore even after the end of this pandemic. A chart is given below which shows the unemployment in terms of percentage over the last 8 years.
| country | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
|---|---|---|---|---|---|---|---|---|
| Albania | 15.9 | 17.5 | 17.1 | 15.2 | 13.7 | 12.3 | 11.5 | 11.8 |
| Algeria | 9.829 | 10.6 | 11.214 | 10.498 | 11.709 | 11.731 | 11.383 | 14.103 |
| Argentina | 7.075 | 7.25 | 6.533 | 8.467 | 8.35 | 9.2 | 9.825 | 10.981 |
| Armenia | 16.2 | 17.6 | 18.5 | 18 | 20.9 | 20.5 | 18.9 | 22.273 |
| Aruba | 7.599 | 7.451 | 7.298 | 7.694 | 8.923 | 7.283 | 7.544 | 13.084 |
| Australia | 5.658 | 6.058 | 6.05 | 5.7 | 5.583 | 5.292 | 5.158 | 6.908 |
| Austria | 5.333 | 5.608 | 5.742 | 6.042 | 5.508 | 4.883 | 4.5 | 5.8 |
| Azerbaijan | 4.973 | 4.913 | 4.958 | 5.043 | 4.961 | 4.944 | 4.848 | 6.541 |
| Bahrain | 4.392 | 3.767 | 3.358 | 3.7 | 3.58 | 3.932 | 4 | 4.897 |
| Barbados | 11.625 | 12.275 | 11.3 | 9.65 | 9.95 | 10.05 | 10.357 | 14.853 |
| Belarus | 0.508 | 0.488 | 0.912 | 1.017 | 0.768 | 0.428 | 0.295 | 1.403 |
| Belgium | 8.45 | 8.55 | 8.483 | 7.842 | 7.117 | 5.958 | 5.358 | 6.136 |
| Belize | 12.95 | 11.578 | 10.157 | 9.55 | 9.35 | 9.725 | 9 | 25.059 |
| Bhutan | 2.9 | 2.6 | 2.5 | 2.1 | 3.138 | n/a | n/a | n/a |
| Bolivia | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 8 |
| Bosnia and Herzegovina | 27.5 | 27.5 | 27.7 | 25.4 | 20.5 | 18.4 | 15.7 | 19 |
| Brazil | 7.2 | 6.783 | 8.283 | 11.258 | 12.767 | 12.258 | 11.925 | 13.371 |
| Brunei Darussalam | 7.7 | 6.9 | 7.7 | 8.5 | 9.3 | 8.7 | 6.822 | 6.822 |
| Bulgaria | 13.038 | 11.524 | 9.233 | 7.666 | 6.23 | 5.2 | 4.2 | 5.6 |
| Cabo Verde | 16.4 | 15.8 | 12.4 | 15 | 12.2 | 12.2 | 8.5 | 8.5 |
| Canada | 7.1 | 6.925 | 6.9 | 6.992 | 6.342 | 5.833 | 5.667 | 9.748 |
| Chile | 6.082 | 6.495 | 6.328 | 6.685 | 6.965 | 7.377 | 7.223 | 11.441 |
| China | 4.05 | 4.09 | 4.05 | 4.02 | 3.9 | 3.8 | 3.62 | 3.8 |
| Colombia | 9.658 | 9.092 | 8.908 | 9.217 | 9.367 | 9.683 | 10.517 | 17.289 |
| Costa Rica | 8.311 | 9.658 | 9.604 | 9.541 | 9.293 | 11.951 | 12.417 | 22 |
| Country | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
| Croatia | 19.808 | 19.275 | 17.067 | 14.958 | 12.433 | 9.858 | 7.758 | 9.267 |
| Cyprus | 15.85 | 16.075 | 14.9 | 12.95 | 11.05 | 8.35 | 7.075 | 8.003 |
| Czech Republic | 6.942 | 6.097 | 5.04 | 3.946 | 2.89 | 2.243 | 2.001 | 3.1 |
| Denmark | 7.375 | 6.867 | 6.283 | 6 | 5.808 | 5.117 | 5.042 | 6.2 |
| Dominican Republic | 9.196 | 8.538 | 7.328 | 7.08 | 5.509 | 5.656 | 6.167 | 16 |
| Ecuador | 4.15 | 3.8 | 4.77 | 5.21 | 4.62 | 3.69 | 3.84 | 8.074 |
| Egypt | 12.992 | 13.365 | 12.859 | 12.705 | 12.245 | 10.932 | 8.612 | 8.296 |
| El Salvador | 5.9 | 7 | 7 | 7.1 | 7.049 | 6.347 | 6.733 | 9.39 |
| Estonia | 8.628 | 7.351 | 6.185 | 6.758 | 5.763 | 5.371 | 4.448 | 7.8 |
| Fiji | 6.367 | 6.2 | 5.5 | 5.5 | 4.5 | 4.5 | 4.5 | 13.351 |
| Finland | 8.325 | 8.825 | 9.575 | 8.975 | 8.825 | 7.425 | 6.833 | 8.418 |
| France | 10.3 | 10.283 | 10.367 | 10.042 | 9.425 | 9.025 | 8.467 | 8.879 |
| Georgia | 16.9 | 14.6 | 14.1 | 14 | 13.9 | 12.7 | 11.6 | n/a |
| Germany | 5.242 | 5.008 | 4.633 | 4.158 | 3.758 | 3.417 | 3.133 | 4.267 |
| Greece | 27.475 | 26.5 | 24.9 | 23.55 | 21.45 | 19.3 | 17.325 | 19.876 |
| Honduras | 4.096 | 5.488 | 4.592 | 4.668 | 4.048 | 4.076 | 4.109 | 5.713 |
| Hong Kong SAR | 3.376 | 3.262 | 3.307 | 3.387 | 3.119 | 2.816 | 2.955 | 5.234 |
| Hungary | 10.178 | 7.726 | 6.814 | 5.115 | 4.156 | 3.708 | 3.418 | 6.1 |
| Iceland | 5.392 | 4.958 | 3.992 | 3.008 | 2.825 | 2.742 | 3.55 | 7.2 |
| Indonesia | 6.25 | 5.94 | 6.18 | 5.61 | 5.5 | 5.34 | 5.28 | 8 |
| Ireland | 13.767 | 11.892 | 9.933 | 8.4 | 6.725 | 5.775 | 4.958 | 5.629 |
| Islamic Republic of Iran | 10.4 | 10.6 | 11 | 12.425 | 12.075 | 12.025 | 10.65 | 12.176 |
| Israel | 6.25 | 5.9 | 5.25 | 4.825 | 4.225 | 4 | 3.8 | 5.989 |
| Italy | 12.142 | 12.608 | 11.908 | 11.65 | 11.275 | 10.625 | 9.9 | 11 |
| Jamaica | 15.275 | 13.75 | 13.5 | 13.2 | 11.65 | 9.125 | 7.7 | n/a |
| Japan | 4.008 | 3.583 | 3.375 | 3.108 | 2.825 | 2.442 | 2.358 | 3.305 |
| Jordan | 12.6 | 11.875 | 13.075 | 15.275 | 18.3 | 18.6 | 19.075 | n/a |
| Kazakhstan | 5.206 | 5.042 | 5.11 | 4.951 | 4.9 | 4.854 | 4.779 | 7.779 |
| Korea | 3.1 | 3.492 | 3.592 | 3.675 | 3.683 | 3.833 | 3.783 | 4.075 |
| Kosovo | 30 | 35.3 | 32.9 | 27.5 | 30.5 | 29.6 | 25.7 | n/a |
| Kuwait | 1.902 | 1.722 | 1.322 | 1.248 | 1.28 | 1.087 | n/a | n/a |
| Kyrgyz Republic | 8.332 | 8.046 | 7.554 | 7.211 | 6.891 | 6.605 | 6.605 | 6.605 |
| Latvia | 11.868 | 10.847 | 9.875 | 9.642 | 8.715 | 7.415 | 6.311 | 9 |
| Lithuania | 11.77 | 10.699 | 9.119 | 7.861 | 7.073 | 6.146 | 6.254 | 8.2 |
| Luxembourg | 6.827 | 7.081 | 6.636 | 6.256 | 5.845 | 5.105 | 5.401 | 6.47 |
| Macao SAR | 1.85 | 1.7 | 1.825 | 1.9 | 1.975 | 1.8 | 1.725 | 2.325 |
| Malaysia | 3.1 | 2.875 | 3.15 | 3.45 | 3.425 | 3.325 | 3.275 | 4.9 |
| Malta | 6.108 | 5.733 | 5.392 | 4.7 | 4 | 3.658 | 3.633 | 4.2 |
| Mauritius | 8 | 7.8 | 7.9 | 7.3 | 7.1 | 6.9 | 6.7 | 21 |
| Mexico | 4.903 | 4.823 | 4.349 | 3.883 | 3.423 | 3.331 | 3.493 | 5.238 |
| Moldova | 5.1 | 3.9 | 5.016 | 4.226 | 3.939 | 2.961 | 5.12 | 8 |
| Mongolia | 7.9 | 7.9 | 7.5 | 10 | 8.8 | 7.8 | 10 | 12 |
| Morocco | 9.235 | 9.879 | 9.707 | 9.4 | 10.2 | 9.8 | 9.2 | 12.5 |
| Netherlands | 7.257 | 7.434 | 6.891 | 6.024 | 4.854 | 3.839 | 3.39 | 5.5 |
| New Zealand | 5.75 | 5.35 | 5.35 | 5.1 | 4.725 | 4.275 | 4.075 | 6.027 |
| Nicaragua | 5.746 | 6.557 | 5.909 | 4.481 | 3.67 | 5.5 | 6.127 | 10.601 |
| Nigeria | 9.955 | 7.841 | 9 | 13.375 | 17.462 | 22.562 | n/a | n/a |
| North Macedonia | 29 | 28.025 | 26.05 | 23.75 | 22.375 | 20.725 | 17.25 | 20.248 |
| Norway | 3.773 | 3.617 | 4.531 | 4.74 | 4.216 | 3.854 | 3.728 | 4.5 |
| Pakistan | 5.975 | 6 | 5.9 | 5.958 | 6.018 | 5.55 | 4.08 | 4.5 |
| Panama | 4.098 | 4.823 | 5.052 | 5.494 | 6.13 | 5.956 | 7.07 | 10.923 |
| Paraguay | 5.021 | 6.038 | 5.351 | 5.998 | 6.086 | 6.236 | 6.086 | 6.978 |
| Peru | 5.945 | 5.938 | 6.49 | 6.742 | 6.876 | 6.7 | 6.6 | 12.473 |
| Philippines | 7.075 | 6.8 | 6.275 | 5.475 | 5.725 | 5.325 | 5.075 | 10.35 |
| Poland | 10.328 | 8.988 | 7.499 | 6.161 | 4.888 | 3.846 | 3.279 | 3.767 |
| Portugal | 16.183 | 13.894 | 12.444 | 11.066 | 8.867 | 6.994 | 6.463 | 8.125 |
| Puerto Rico | 14.3 | 13.9 | 12 | 11.8 | 10.8 | 9.2 | 8.3 | 12 |
| Romania | 7.096 | 6.802 | 6.812 | 5.902 | 4.927 | 4.187 | 3.912 | 7.9 |
| Russia | 5.5 | 5.158 | 5.575 | 5.525 | 5.2 | 4.8 | 4.6 | 5.6 |
| São Tomé and Príncipe | 13.525 | 13.472 | 13.433 | 13.416 | 13.472 | n/a | n/a | n/a |
| San Marino | 8.079 | 8.739 | 9.182 | 8.597 | 8.095 | 8.009 | 7.66 | 10.08 |
| Saudi Arabia | 5.568 | 5.721 | 5.591 | 5.6 | 6 | 6 | 5.625 | n/a |
| Serbia | 23 | 19.894 | 18.231 | 15.917 | 14.051 | 13.273 | 10.909 | 13.384 |
| Seychelles | 3.325 | 2.983 | 2.684 | 2.684 | 3 | 3 | 3 | 3 |
| Singapore | 1.9 | 1.95 | 1.9 | 2.075 | 2.175 | 2.1 | 2.25 | 3 |
| Slovak Republic | 14.258 | 13.183 | 11.483 | 9.683 | 8.108 | 6.542 | 5.758 | 7.783 |
| Slovenia | 10.158 | 9.742 | 8.992 | 8.008 | 6.575 | 5.125 | 4.6 | 8 |
| South Africa | 24.725 | 25.1 | 25.35 | 26.725 | 27.45 | 27.125 | 28.7 | 36.989 |
| Spain | 26.095 | 24.443 | 22.058 | 19.635 | 17.225 | 15.255 | 14.105 | 16.805 |
| Sri Lanka | 4.4 | 4.3 | 4.7 | 4.4 | 4.2 | 4.4 | 4.8 | 8.35 |
| Sudan | 15.2 | 19.8 | 21.6 | 20.6 | 19.6 | 19.5 | 22.1 | 25 |
| Suriname | 6.6 | 5.5 | 7 | 10 | 7 | 9 | 8.953 | 11.225 |
| Sweden | 8 | 7.933 | 7.4 | 6.95 | 6.683 | 6.325 | 6.767 | 8.669 |
| Switzerland | 3.158 | 3.044 | 3.178 | 3.323 | 3.088 | 2.547 | 2.306 | 3.211 |
| Syria | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Taiwan Province of China | 4.18 | 3.96 | 3.78 | 3.92 | 3.76 | 3.71 | 3.8 | 3.9 |
| Tajikistan | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Thailand | 0.7 | 0.8 | 0.9 | 1 | 1.2 | 1.1 | 1 | 1 |
| The Bahamas | 15.782 | 14.636 | 13.379 | 12.15 | 10.1 | 10.35 | 10.653 | 25.408 |
| Trinidad and Tobago | 3.675 | 3.3 | 3.425 | 3.95 | 4.825 | 4.067 | n/a | n/a |
| Tunisia | 15.33 | 14.959 | 15.39 | 15.544 | 15.513 | 15.53 | 14.889 | n/a |
| Turkey | 9.041 | 9.915 | 10.279 | 10.907 | 10.904 | 10.955 | 13.709 | 14.622 |
| Ukraine | 7.172 | 9.275 | 9.143 | 9.45 | 9.65 | 9 | 8.5 | 11.037 |
| United Kingdom | 7.575 | 6.2 | 5.375 | 4.875 | 4.425 | 4.075 | 3.825 | 5.375 |
| United States | 7.358 | 6.158 | 5.275 | 4.875 | 4.342 | 3.892 | 3.667 | 8.891 |
| Uruguay | 6.5 | 6.625 | 7.533 | 7.867 | 7.925 | 8.367 | 8.925 | 9.677 |
| Venezuela | 7.47 | 6.7 | 7.4 | 20.863 | 27.886 | 35.543 | n/a | n/a |
| Vietnam | 2.75 | 2.1 | 2.33 | 2.33 | 2.21 | 2.21 | 2.21 | 3.3 |
| West Bank and Gaza | 23.4 | 26.9 | 25.9 | 26.9 | 25.45 | 26.25 | 25.35 | 32.208 |
Source: International Monetary Fund, World Economic Outlook Database, October 20
When a lot of companies around the globe were suffering from economic crises some of them were making profit rapidly at the same time. Year 2020 gave boost to E-commerce and online video streaming websites. The lock down around the globe gave unimaginable boost to E-commerce. This year about 180 billion US dollars added to the net wealth of Jeff Bezos who is the founder of world’s largest E-commerce company Amazon and became the richest person of the world. Elon Musk also added about 147 billion US dollars to his net wealth and became the 2nd richest person of the world. We can call year 2020 a blessed year for Elon Musk as he started this year as 35th richest person of the world and ended as 2nd richest person of the world. Bicycle industry also boosted this year. Economists are hopeful that 2021 will be better than 2020 in term of economy and global economy will boost again.
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