The International Monetary Fund has predicted a very challenging global economy. There has been a sharp decline in economic growth. Such a dramatic change has not been seen since the Great Depression. The world economy suffered a major collapse in 2008 causing unemployment and a decline in living standards. Conditions are so poor that the UK may have to delay leaving the European Union once more. Some economists believe that this is only a minor recession and should stabilize once lock downs and quarantines end. This may not be the case for people who become unemployed when the public health crisis occurred. A depression may have happened regardless of the COVID-19 pandemic. Neoliberal capitalism and supply side economics has created an erratic global market. The poorest countries will be effected the most. Many are still in debt to the IMF with little benefits coming from loans. The US and EU countries will not be entirely spared. Fiscal austerity measures and structural adjustment could be used to ensure the system remains intact, It will come at the expense of the working public. The decline in social services, adequate pay, or a banking panic would result in civil unrest. At some point new solutions will be require to prevent complete breakdown of the global economy.
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