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 will destroy the global economyShow moreShow less
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.
To believe that we can contain economic impacts in the age of globalisation is farcical, as is already being seen. The OECD has characterised coronavirus as the biggest threat to the global economy since the 2008 crash. Already, the economic effects Coronavirus has wiped $1.7 trillion off of the US stock market in a couple of days.
Coronavirus' impact on the global economy isn't a hypothetical; it's happening. The global economy is in grave danger and the effects are already being felt. As coronavirus itself spreads internationally, so does economic volatility, and like the virus this shows no signs of stopping.
[P1] There have already been severe global economic effects of coronavirus.
[P2] Coronavirus is already impacting the global economy.