Martin Wolf: coronavirus could be worst economic crisis since Great Depression | FT

The FT’s chief economics commentator Martin Wolf examines the global economic impact and looks at the social and political consequences, comparing it with the Great Depression of the 1930s and the 2008 global financial crisis. See if you get the FT for free as a student ( or start a £1 trial:

The read so much very colony is destroyed in the process of managing disease get back to normal the optimistic view would be that we will bring the explosion recently seen in places and death under control we will then have testing regimes available that allow us to keep it under control so that within a very short time the major economies can follow in china and

Begin to get back to work by the summer but at these three opposite we simply can’t contain the disease is that we don’t have colossal increases departed dead maybe 20 or 30 percentage points of gdp we would have many companies that have disappeared we would have had many people who’ve been unemployed for a year and a half or more we would have profound social

Unrest i think the trading system would probably collapse it could certainly be immediately i think in the short run a bigger decline in output ban in the early nineteen thirties the impact on an output gross domestic products in the developed countries will vary between minus 15% and minus 30% so every month will be smaller by that amount but what would it

Have been if the crisis never happens so over here that will be the fruit of gdp that’s why you must have it every year what the imf is telling us is that we’re going over an economic cliff right now they’re expecting their in advance country’s gdp will decline roughly by 12% between the end of last year and the second quarter of this year then after they hope

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There will be a recovery it will be a long time to get back to the sun there will be recovery even in this would be if the recession wasn’t really well today awesome and if it goes like these for a tool for years then i think political consequences that ultimately will feed back into the economy as well devastating without the great depression it would never be

Elected to power in germany is possible to get the disease under control that the recovery will be quicker we’re gonna have to have higher taxation to tread mile systems and strengthen our social safety nets and those costs will have to be borne by the relatively world we will have to consider whether we can continue indeed working precarious working we will have

To rethink how we relate the winners to loosen our economic system otherwise i don’t believe are their ancestors fine

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Martin Wolf: coronavirus could be worst economic crisis since Great Depression | FT By Financial Times

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