Intelligence Squared Coronavirus and the Economy: Your Questions Answered
Apr 17, 2020
Shanker Singham, a global trade expert, Ann Pettifor, a political economist, and Luigi Zingales, a finance professor, dive deep into the economic ramifications of the coronavirus pandemic. They discuss the potential longevity of the recession and the risk of exacerbated inequalities. The trio explores how the crisis might reshape global trade and government policies. From the need for innovative social systems to the importance of collaboration in rebuilding economies, they outline the transformative opportunities amid adversity. Their insights spark a thought-provoking conversation about the future of our economic landscape.
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Prolonged Downturn
- The global economy faces a prolonged downturn due to the brittle nature of supply chains.
- Reshoring and adjusting to new trade systems will take time, prolonging the crisis.
Medical and Political Factors
- Economic recovery depends heavily on a medical cure for COVID-19, like antiviral drugs.
- Political issues like public acceptance of tracking and potential changes to the world order will impact the length of the recession.
Business Destruction and Recovery Shape
- Business destruction during the lockdown is unprecedented and will lead to a jobless recovery.
- The longer the pause, the less likely a V-shaped recovery becomes.
