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Interpretations of the 2020 recession - Coggle Diagram

- - - - Athough in cultural terms New Zealand is a very special country since it has been widely influenced by western culture and at the same time it has suffered the cultural input of the indigenous Māori people and the various waves of multi-ethnic migration. However, it has a similar projected GDP variations, Consumer primes are projected to variate very little, in terms of CA deficits
  - - - Oil Importer, Tourism dependent, CA deficits
  - - - Country where we live
- - - - The coronavirus disease (COVID-19) pandemic is exacting a severe social and economic toll on Europe. By mid-October 2020, more than 240,000 people have lost their lives in Europe, while nearly 7 million people are estimated to have been infected with the virus. Early spring lockdowns, voluntary social distancing, and associated disruptions in supply chains and lower demand led to a record collapse in economic activity. Real GDP fell by about 40 percent in the second quarter of 2020 (annualized quarter-over-quarter), with deeper contraction in advanced Europe, where the virus spread first, relative to emerging Europe.
    - - job retention programs preserving at least 54 million jobs
    - - Central banks embarked on substantial monetary easing through both conventional and unconventional means, to support the flow of credit and prevent financial market disruptions. Macroprudential measures were also eased to cushion the impact of the crisis on both banks and borrowers. The European Union relaxed existing rules to accommodate increasing fiscal deficits and support to households and firms. In a strong display of solidarity, it is also mobilizing supranational resources to finance new anti-pandemic facilities and complement national fiscal policies.