Coronavirus will bankrupt more people than it kills — and that’s the real global emergency

Source: Independent

We may look back on coronavirus as the moment when the threads that hold the global economy together came unstuck

By Omar Hassan, who was the head of inward Middle Eastern investment during Boris Johnson’s tenure as Mayor of London, and is co-founder of UK MENA Hub

Human suffering doesn’t just come in the form of illness. It also comes in the form of people losing their homes and being left unable to pay their bills ( EPA )

Coronavirus’s economic danger is exponentially greater than its health risks to the public. If the virus does directly affect your life, it is most likely to be through stopping you going to work, forcing your employer to make you redundant, or bankrupting your business.

The trillions of dollars wiped from financial markets this week will be just the beginning, if our governments do not step in. And if President Trump continues to stumble in his handling of the situation, it may well affect his chances of re-election. Joe Biden in particular has identified Covid-19 as a weakness for Trump, promising “steady, reassuring” leadership during America’s hour of need.

Worldwide, Covid-19 has killed 4,389 with 31 US deaths as of today. But it will economically cripple millions, especially since the epidemic has formed a perfect storm with stock market crashes, an oil war between Russia and Saudi Arabia, and the spilling over of an actual war in Syria into another potential migrant crisis.

We may look back on coronavirus as the moment when the threads that hold the global economy together came unstuck; and startups and growing businesses like mine could end up paying the price.

read more here:

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8 replies

  1. A quote from the article: “All this makes it even more worrying that governments continue to see this as a health crisis, not an economic one. It is time the economists took over from the doctors, before the real pandemic spreads.”

    • ALSO, when mentioning in the news how many new cases of the virus there are and how many died, in order to complete the picture they should also mentioned how many have recovered !

  2. Quote — Human suffering doesn’t just come in the form of illness. It also comes in the form of people losing their homes and being left unable to pay their bills ( EPA )

    I agree—I hope this is not the end of the world

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