If ever the modern world faced a “perfect storm,” this is it. The combination of a deadly and highly infectious virus, an emerging worldwide economic depression, the collapse of global governance, and an absence of a coordinated and effective international response—all have contributed to a tragedy of historic magnitude, one that will not be easily overcome. […]
Unemployment in the U.S. is swelling to levels last seen during the Great Depression of the 1930s, with 1 in 6 American workers thrown out of a job by the coronavirus, according to new data released Thursday. In response to the deepening economic crisis, the House passed a nearly $500 billion spending package to help […]
This is a “crisis like no other.” The outlook is dire. We expect global economic activity to decline on a scale we have not seen since the Great Depression. This year 170 countries will see income per capita go down—only months ago we were projecting 160 economies to register positive per capita income growth. Read Here – […]
Governments around the world are wrestling with when — and how — to ease the restrictions designed to control the coronavirus pandemic amid rising unemployment and with many of their citizens struggling to make ends meet. Mandatory lockdowns to stop the spread of the new virus, which has so far infected almost 2.3 million people […]
An economy without crowds is not a “new normal.” It may be more like the new anomie, to borrow Émile Durkheim’s term for the sense of disconnectedness. For most people, the word “fun” is almost synonymous with “crowd.” The coming year will be a time of depression in the psychological as well as the economic […]
The public-health effects and economic impact of the COVID-19 pandemic in developing and emerging economies are only just becoming apparent, but it is already clear that the toll will be devastating. If the international community wants to avoid a wave of defaults, it must start developing a rescue plan immediately. Read Here – Project Syndicate
Until there is a better sense of when and how the COVID-19 public-health crisis will be resolved, economists cannot even begin to predict the end of the recession that is now underway. Still, there is every reason to anticipate that this downturn will be far deeper and longer than that of 2008. Read Here – […]
The United States is the battle-tested survivor of 12 recessions and a Great Depression over the last century. China has not suffered a recession since its economic boom began four decades ago, and its leaders now respond to any hint of a downturn by pumping more debt into the economy. Read Here – Foreign Affairs
With the COVID-19 pandemic still spiralling out of control, the best economic outcome that anyone can hope for is a recession deeper than that following the 2008 financial crisis. But given the flailing policy response so far, the chances of a far worse outcome are increasing by the day. Read Here – Project Syndicate
Like the Sept. 11 attacks and the Great Recession, the coronavirus pandemic is an economic and geopolitical shock that will remain vivid in our minds long after it passes. But it is something more: Coronavirus is the historical marker between the first phase of globalisation and the second. Read Here – BloombergOpinion
looking beyond borders 