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Will coronavirus destroy the global economy? Show more Show less

How will the coronavirus pandemic affect the global economy? The virus is fast spreading across continents, causing major corporations to close their offices and airlines to go bust. Coronavirus has already been blamed for the record-breaking one day fall in the US economy. What's next?

The coronavirus will destroy the global economy Show more Show less

No economy is an island. The complex links between national financial markets mean that it's only a matter of time before coronavirus causes an economic collapse.
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Damage to the Chinese economy can't happen in isolation

When the second largest economy in the world goes on lockdown, it is inevitable that there will be significant global effects.
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Context

The Argument

China is far more integrated into the global economy than it was at the time of the SARS outbreak, and the global economy in general is far more interconnected.[1] 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.[2] Industries from pharmaceuticals to tourism are bracing for impact.[3] The rest of the world avoiding the damage the Chinese economy has suffered is impossible. The Chinese economy is no longer as isolationist as it once was, so knock-on effects to the global economy are inevitable.

Counter arguments

Framing

Premises

[P1] The Chinese economy is heavily integrated into the global economy. [P2] Impact from coronavirus on the global economy is inevitable.

Rejecting the premises

Proponents

Further Reading

References

  1. https://www.bbc.co.uk/news/business-51386575
  2. https://thehill.com/opinion/finance/483899-chinas-coronavirus-economic-cardiac-arrest
  3. https://www.weforum.org/agenda/2020/02/coronavirus-economic-effects-global-economy-trade-travel/

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This page was last edited on Friday, 17 Apr 2020 at 11:09 UTC