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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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Global economic collapse has been coming for some time

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Leading economists have warned of a 2020 crash for years

Field experts from former UK Prime Minister Gordon Brown, to Bank of England Governor Mark Carney, have long said a global economic crash is on its way.
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The Argument

Even before coronavirus hit, Germany, Japan and the United Kingdom were all on the cusp of recession, with many other economies experiencing significant slowdowns.[1] Global debt had already skyrocketed, with debt to GDP rates being higher than immediately before the 2008 financial crisis. Growth in 2020 was already forecast to decline significantly.[2] Additionally, even far before the downturn, China had specifically been theorised to be the epicentre of the next financial crisis.[3] A 2020 recession had even been forecast by many.[4] Coronavirus is simply the catalyst that has sped up economic downturn, rather than having caused it. The economic crash we are experiencing is inevitable.

Counter arguments

Premises

[P1] There were many indicators of an impending economic crisis far before coronavirus became a crisis. [P2] Coronavirus has not caused global economic downturn - it has simply sped it up.

Rejecting the premises

References

  1. https://thehill.com/opinion/finance/483899-chinas-coronavirus-economic-cardiac-arrest
  2. https://www.worldbank.org/en/news/press-release/2020/01/08/modest-pickup-in-2020-amid-mounting-debt-and-slowing-productivity-growth
  3. https://www.scmp.com/business/article/2163897/could-china-find-itself-centre-next-financial-crisis-because-its-mounting
  4. https://qz.com/1787021/the-economic-threats-that-could-cause-a-2020-recession/
This page was last edited on Wednesday, 4 Mar 2020 at 11:31 UTC

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