- Question
Will coronavirus destroy the global economy?
How will the coronavirus pandemic affect the global economy? The virus is fast spreading across continents, causing major corporations to close their offices and airlines to go bust. Coronavirus has already been blamed for the record-breaking one day fall in the US economy. What's next?
The coronavirus is bringing down ill-prepared national economies
This position holds that coronavirus is bringing down ill-prepared national economies rather than the whole global system. It argues the damage is concentrated in a few nations—China as the epicentre, and the US, where a climate of fear hit the economy hard.
The coronavirus will destroy the global economy
No economy is an island. The complex links between national financial markets mean that it's only a matter of time before coronavirus causes an economic collapse.
The economic impacts of the coronavirus are short-term
This position holds that the economic damage from coronavirus is only short-term. It argues that markets naturally fluctuate, and that the shock the pandemic dealt the global economy will stabilise as governments put measures in place to account for the illness.
Global economic collapse has been coming for some time
Blame the experts. From world-leading economists to the Bulgarian mystic Baba Vanga, many with the ability to predict financial events predicted a 2020 crash years ago.