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How will coronavirus change the world? Show more Show less

As coronavirus spreads, the possibility that it will have a severe and lasting impact on our world increases. But how will covid-19 impact the different facets of our existence and society? After the coronavirus pandemic is over, will we go back to life as normal? Or will things never be the same?

Economic effects of coronavirus Show more Show less

We are already feeling the severe effects of coronavirus on the economy.
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Coronavirus will destroy the global economy

Coronavirus is on the verge of causing total economic collapse.
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Context

The Argument

Major damage to one of the world's biggest economy cannot simply be shielded from other economies in an era of globalisation. Dramatic declines in commodity prices have had knock-on effects for commodity export dependant markets.[1] Industries from pharmaceuticals to tourism are bracing for impact.[2] The OECD has characterised coronavirus as the biggest threat to the global economy since the 2008 crash.[3] Already, the economic effects Coronavirus has wiped $1.7 trillion off of the US stock market in a couple of days.[4] 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] 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. 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.

Counter arguments

Framing

Premises

[P1] Coronavirus is already being shown to have significant effects on the global economy. [P2] This impact will not stop until the global economy is destroyed.

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. http://www.oecd.org/newsroom/global-economy-faces-gravest-threat-since-the-crisis-as-coronavirus-spreads.htm
  4. https://www.cnbc.com/2020/02/25/coronavirus-wipes-out-1point7-trillion-in-us-stock-market-value-in-two-days.html?__source=facebook%7Cmain&fbclid=IwAR3avxsXkxXIcCLL6F5xu_GV9cMVijae6fuvXpK6rV0-UU6ZBYx1nZGt88Q

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This page was last edited on Tuesday, 10 Mar 2020 at 16:43 UTC