Question

In no less than 500 words

You are an “Economic Consult” attached to the Prime Minister’s office. The economy has slowed down, unemployment is high, and interest rates are rising. Should the government provide jobs? Please submit a report advising the government what course of action they should take.

Answer 1

As we know that, the Coronavirus originated in Wuhan, China in December 2019. From there it spread to other parts of the world as well. The COVID-19 is related with SARS-CoV-2 virus. The WHO has declared this virus as pandemic on 11 March 2020. This virus has it's presence in almost 189 countries and territories of the world. China was once the most affected country but if we look into the current scenario than US of America is the most affected country with most number of death's and positive cases followed by Brazil, India , UK and so on.

The COVID-19 has affected each and every domain of life that is social, political, economic, religious etc. The COVID-19 has devasted the most Economies and they are heading towards recession. In US of America the growth rate turns negative as per the latest figures it is -5%. The COVID-19 has forced the countries to go for complete lockdown, shut down the business, trade school's, college, transport and so on.

The most of the companies are slowing down in terms of growth, there is no production process going on. There is temporary ban on large gatherings in workplace which in turn affects the production and productivity activities in the industries. This in turn affects the employment rates in the econnomy. We see that lot of people are turned unemployed due to this pandemic. The interest rates are touching the all times high. The inflation is occurring more and more. As an economic consultant in the prime minister office first of all I would like to rehabilitate those who becomes unemployed due to the slowdown in production and productivity. Creating new ways so that they may get fruitful employment.

The government first of all should find the ways and means to control the ongoing pandemic. The government should have to create better and more ways so that these unemployed gets the job. The government should have to control the rising rates of interest, because it is a hindrance in making more and more investment. With investment the unemployment rates would fall to some extent.

Hope you got the answer.

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