It is still too early to estimate all the huge losses incurred by the global economy as a result of the outbreak of the Corona virus, which some sources estimate at more than 12 trillion dollars, according to the Geneva Center for Political and Strategic Studies, which far exceed those losses incurred by the world during the Great Depression at the beginning of the 1930s. For the first time, the economies of all countries have been completely paralyzed, with the exception of some sectors necessary to sustain life, such as food, medicine and energy supplies.
Now, nearly two years after the emergence of the pandemic, the world has breathed a sigh of relief, especially after the widespread and widespread use of vaccines, which limited the continuation of the outbreak of Covid-19 and opened the way for the resumption of most economic activities, even at a minimum, due to repercussions that need a long time to overcome, especially since these repercussions It not only led to a decline in production and activities, but also led to profound changes in the structure of global economies, labor values and the nature of production relations, especially after having to expand the use of modern technologies and artificial intelligence to facilitate life in all its forms, including important sectors with Social character, such as education and human social communication.
The important thing is that the recovery process has begun and will continue without stopping, but it will face several obstacles, which will hinder the speed of recovery, especially since vaccines reduce the severity of infections, but they do not provide complete and sure protection due to the many mutations of the virus and the speed of its spread, as we will try here to clarify some of the consequences of these repercussions and the extent Prospects for overcoming it, to reach the stage of comprehensive recovery.
Lack of supplies of basic minerals The outbreak of the pandemic has led to an almost complete halt to vital productive sectors for the functioning of the production process, such as the production of minerals necessary for all industries, as the global industrial sector is currently suffering from a severe shortage of minerals due to the difficulty of returning the productive capacities of the mining sector to pre-Corona levels, which led to a decline Production in important sectors, such as the automobile industry, building and construction products, and machinery and equipment necessary to operate important facilities, such as agriculture and transportation, which will continue for some time and cause a shortage of supply, high prices and inflation rates.
In this regard, the semiconductor sector suffers from a great shortage, which hinders and affects production in other important areas, such as electronic and smart devices that have become part of most modern products, especially after the increased reliance on computers and smart devices in the automotive industry, machinery, communications devices and means of transportation. Like planes, ships, and trains
As for the services sector, including the tourism and air transport sector, signs of recovery have begun, albeit slowly, due to the instability of the outbreak of the pandemic among different countries of the world, which leads to re-closures, oscillating travel restrictions, hesitating travelers and tourists, and preventing large numbers of them for not accepting the necessary vaccinations. For international travel, however, the positive side here lies in the fact that this vital sector has resumed activity gradually, but it is continuous and growing.
This brief analysis of the repercussions and possibilities of recovery allows for an important conclusion, which is that the recovery phase has begun and that the worst times have passed. It can also be noted that the global economy will achieve good growth rates in the coming years, compared to a significant decline of more than 20% in some advanced economies. The International Monetary Fund expects strong growth for the global economy this year, raising its forecast from 5.5% to 6%, compared to a contraction of 4.9% last year.