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Will coronavirus destroy the global economy? Will coronavirus destroy the global economy?
The coronavirus is bringing down ill-prepared national economies The coronavirus is bringing down ill-prepared national economies
The coronavirus will destroy the global economy The coronavirus will destroy the global economy
The economic impacts of the coronavirus are short-term The economic impacts of the coronavirus are short-term
Global economic collapse has been coming for some time Global economic collapse has been coming for some time
The Chinese economy has been affected as it is the epicentre The Chinese economy has been affected as it is the epicentre
The US economy was affected by a climate of fear The US economy was affected by a climate of fear
As global industry shuts down, so does the economy As global industry shuts down, so does the economy
Damage to the Chinese economy can't happen in isolation Damage to the Chinese economy can't happen in isolation
Coronavirus is already destroying the global economy Coronavirus is already destroying the global economy
The virus 'shocked' markets, but this will stabilise The virus 'shocked' markets, but this will stabilise
Leading economists have warned of a 2020 crash for years Leading economists have warned of a 2020 crash for years
The crash was predicted by blind Bulgarian prophet Baba Vanga in the 1970s The crash was predicted by blind Bulgarian prophet Baba Vanga in the 1970s
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Will coronavirus destroy the global economy?
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The coronavirus is bringing down ill-prepared national economies

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The Chinese economy has been affected as it is the epicentre

Economic forecasts suggest that at the very least, the Chinese economy will be hit until Q4 2020. Other nations can use its example to safeguard their economies before they are hit as badly.
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The Argument

The Chinese economy has been significantly affected thus far from the coronavirus outbreak. The virus has significantly slowed economic growth in the country, and production has come to a standstill with factories remaining on lockdown. Small and medium businesses, in particular, are feeling significant impact from coronavirus as people remain indoors rather than going to restaurants or shops.[1] However, it is unlikely that this impact will spread far beyond China. A slowdown of growth in China is generally expected to be roughly a fifth as serious elsewhere.[2] Other economies can look to the crisis unfolding in China and use internal safeguards to guard their economies from feeling a similar impact, halting coronavirus from causing a full global economic meltdown.

Counter arguments

It is too late for other countries to safeguard against the economic turmoil that has hit China - the impact has already been felt significantly in other economies. Coronavirus has cause significant upheaval to stock markets globally.[3]

Premises

[P1] The Chinese economy has been significantly affected by coronavirus as it is the epicentre of the crisis. [P2] Countries that are less affected by the disease and are feeling less impact can prepare their economies as the disease spreads.

Rejecting the premises

[Rejecting P2] Other economies don't have time to prepare themselves - the economic impact is already on their doorstep.

References

  1. https://www.washingtonpost.com/world/asia_pacific/with-chefs-idle-and-vegetables-rotting-chinas-virus-hit-restaurants-say-their-goose-is-cooked/2020/03/02/07d781da-59e3-11ea-8efd-0f904bdd8057_story.html
  2. https://www.marketwatch.com/story/three-reasons-coronavirus-wont-derail-chinas-economy-2020-01-27
  3. https://www.nytimes.com/2020/03/03/business/economy/coronavirus-recession.html
This page was last edited on Friday, 17 Apr 2020 at 12:06 UTC

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