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How will coronavirus change the world? Show more Show less
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COVID-19 has torn through the fabric of our lives all over the world - with over 20M cases and nearly 1M deaths, and a global collapse in GDP that is historically unprecedented. Will it have long term impact, and what will that look like - economically, politically, and socially?

Coronavirus will impact our economies 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

GDP collapse, record global unemployment, supply chains shattered, workers unable to perform their work: Coronavirus will destroy the global economy with consequences for years to come.
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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

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

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
This page was last edited on Thursday, 3 Sep 2020 at 16:19 UTC

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