The coronavirus depression will be much worse than the last worldwide
recession, because this time no country is strong enough to rescue the
global economy.
The story of the Great Recession goes like this: the US and Europe were crippled while working to clean up their devastated banking system, the global services sector suffered without its biggest player — the US consumer engine — but global economic growth didn't completely fall off a cliff because other countries kept money moving around the planet.
Over in China policymakers enacted a massive stimulus to skip over the recession entirely. The country's GDP grew 9.4% in 2009. India chugged along as if the crisis barely happened, with its GDP growing 7.9% in 2009.
But this time there is no corner of the globe that has been left untouched by the pandemic or its effects. And so, there's no country that can reasonably chug along and keep things from getting truly disastrous.
Read more at:
US, China, India, Europe can't save global economy from recession - Business Insider
The story of the Great Recession goes like this: the US and Europe were crippled while working to clean up their devastated banking system, the global services sector suffered without its biggest player — the US consumer engine — but global economic growth didn't completely fall off a cliff because other countries kept money moving around the planet.
Over in China policymakers enacted a massive stimulus to skip over the recession entirely. The country's GDP grew 9.4% in 2009. India chugged along as if the crisis barely happened, with its GDP growing 7.9% in 2009.
But this time there is no corner of the globe that has been left untouched by the pandemic or its effects. And so, there's no country that can reasonably chug along and keep things from getting truly disastrous.
Read more at:
US, China, India, Europe can't save global economy from recession - Business Insider
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