“To achieve a better outcome, the world must act jointly and swiftly to revamp all aspects of our societies and economies; from education to social contracts and working conditions.” Nigeria Coronavirus Economy
Professor Klaus Schwab. It’s time for capitalism’s great reset. The changes we have already seen in response to the coronavirus pandemic prove that a reset of our economic and social foundations is possible. This is our best chance to instigate stakeholder capitalism and here is how it can be achieved. COVID-19 lockdowns may be gradually easing but anxiety about the world’s social and economic prospects is only intensifying.
This will have serious long-term consequences for economic growth, public debt, debt repayment, employment and human wellbeing. According to the London Financial Times, global government debt has already reached its highest level in peacetime. Moreover, unemployment is skyrocketing in many countries, particularly in Nigeria. In the United States for example, one in four workers has filed for unemployment since March, with new weekly claims far above historic highs.
However, upon the decay and widespread suffering in Nigeria came the report that 39.4 million people may lose jobs. According to Vice President Yemi Osinbajo, while delivering the report of his Committee on Economic Sustainability Plan, millions of Nigerians might fall into extreme poverty before COVID-19 ends, as our Gross Domestic Product slides from minus 4.40 per cent to minus 8.91 per cent.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US ends emergency use of hydroxychloroquine for COVID-19 - HealthwiseThe United States on Monday withdrew emergency authorisation for two antimalarial drugs favoured by President Donald Trump to treat COVID-19, effectively shutting the door on the drugs. Hydroxychloroquine and chloroquine were authorised in March after they were found to inactivate the virus in test tubes, and early small studies appeared to show they worked well …
Read more »
COVID-19: FG set to reopen schools, lists six conditionsWe are a quality, national, newspaper with credible and dependable information.
Read more »
COVID-19 Crisis Torpedoes Foreign Investment – UNCOVID-19 Crisis Torpedoes Foreign Investment – UN
Read more »
COVID-19: Kano reviews, reduces 2020 budget by 30 percent - Daily Post NigeriaFollowing the current COVID-19 pandemic, the Kano State government under Dr Abdullahi Umar Ganduje is perfecting plan and processes to review the 2020
Read more »
COVID-19: FG lists 6 conditions for re-opening of schoolsThe Federal government has listed six conditions that must be met before it will allow schools to re-open for academic activities. The government, through its ministry of Education had on March 19 …
Read more »
Chinese President to preside over China-Africa summit against COVID-19Chinese President Xi Jinping will preside over an extraordinary China-Africa summit on solidarity against COVID-19 in Beijing on Wednesday, and deliver a keynote speech, foreign ministry spokespers…
Read more »