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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?

Global economic collapse has been coming for some time Show more Show less

Blame the experts. From world-leading economists to the Bulgarian mystic Baba Vanga, many with the ability to predict financial events predicted a 2020 crash years ago.
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Leading economists have warned of a 2020 crash for years

Field experts from former UK Prime Minister Gordon Brown, to Bank of England Governor Mark Carney, have long said a global economic crash is on its way.
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Context

The Argument

Even before coronavirus hit, Germany, Japan and the United Kingdom were all on the cusp of recession, with many other economies experiencing significant slowdowns.[1] Global debt had already skyrocketed, with debt to GDP rates being higher than immediately before the 2008 financial crisis. Growth in 2020 was already forecast to decline significantly.[2] Additionally, even far before the downturn, China had specifically been theorised to be the epicentre of the next financial crisis.[3] A 2020 recession had even been forecast by many.[4] Coronavirus is simply the catalyst that has sped up economic downturn, rather than having caused it. The economic crash we are experiencing is inevitable.

Counter arguments

Framing

Premises

[P1] There were many indicators of an impending economic crisis far before coronavirus became a crisis. [P2] Coronavirus has not caused global economic downturn - it has simply sped it up.

Rejecting the premises

Proponents

Further Reading

References

  1. https://thehill.com/opinion/finance/483899-chinas-coronavirus-economic-cardiac-arrest
  2. https://www.worldbank.org/en/news/press-release/2020/01/08/modest-pickup-in-2020-amid-mounting-debt-and-slowing-productivity-growth
  3. https://www.scmp.com/business/article/2163897/could-china-find-itself-centre-next-financial-crisis-because-its-mounting
  4. https://qz.com/1787021/the-economic-threats-that-could-cause-a-2020-recession/

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This page was last edited on Wednesday, 4 Mar 2020 at 11:31 UTC