The coronavirus pandemic has hit a hard blow on the world economy and employment rates. Countries like India, with a high population, have faced major economic degradation and high unemployment rates. Most of the countries are expected to face a major economic recession as most internal and external economic activities have ceased to operate due to the worldwide lockdown and quarantine measures being taken. This might affect the socioeconomic relationships between countries. It has also affected the economically challenged sector of the world largely. In India, about 41 lakh people lost their jobs, including several migrant workers. Several G7 countries have ensured subsidies as the jobless rates vary from 30million in the US to 1.76 million in Japan.