World leaders now describe Covid-19 as the 'silent enemy'. Several have called the pandemic a 'war'. For the first time in history, every nation on Earth is battling a common foe. What this will mean for globalisation remains unknown. Global connectivity is, on the face of things, being eroded, as free movement stops and people 'stay and shelter'. Yet, the world is also increasingly united, as triumph depends on cooperation.
Coronavirus will erode international institutions
With results being driven by national efforts, the work of international institutions will no longer seem important.
The Covid-19 pandemic will weaken the United Nations
The UN is under threat as the virus destabilises societies.
Opposing interests between countries during Covid-19 will weaken the European Union
EU leaders have already come to major disagreement over notional 'corona bonds', which would share post-crisis debt amongst member states. At the heart of this disagreement is the question of sovereignty versus a shared identity.
The global economy has been strong-armed by the Covid-19 pandemic. For better or for worse, Covid-19 will significantly impact economies worldwide.
The global economy will benefit from Coronavirus vaccinations
Covid-19 vaccinations are projected to roll out sometime during 2021. The global economy is already slowly improving in anticipation of this, and will be in the full swing of recovery by the time the vaccinations become available.
