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Will coronavirus destroy the global economy? Show more Show less

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 economy Show more Show 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.
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As global industry shuts down, so does the economy

With factories and offices being closed to limit the spread of the virus, global economic collapse is unavoidable.
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Context

The Argument

China is a major part of the global supply chain. Companies like Apple and Huawei - who rely on trade with China to maintain distribution - have already experienced disruptions in their earnings.[1] China is also one of the largest importers of oil in the world, meaning that global oil demand has decreased significantly.[2] Many of developing or emerging economies are deeply affected, and so are especially vulnerable to change and volatility.[3] China is shutting down major parts of its industry. When Chinese industry shuts down, so does global industry. When global industry shuts down, so does the global economy.

Counter arguments

Framing

Premises

[P1] Chinese industry is a major part of global industry. [P2] As Chinese industry shuts down due to coronavirus, so does global industry. [P3] This causes severe damage to the global economy.

Rejecting the premises

Proponents

Further Reading

References

  1. https://thehill.com/opinion/finance/483899-chinas-coronavirus-economic-cardiac-arrest
  2. https://www.weforum.org/agenda/2020/02/coronavirus-economic-effects-global-economy-trade-travel/
  3. https://www.bbc.co.uk/news/business-51386575

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This page was last edited on Wednesday, 4 Mar 2020 at 11:37 UTC