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![Coronavirus-Pandemic-Public-Domain-540x360-1.jpg](https://images.hive.blog/DQmSLcCPSGtBtV1dbJvAru97LLXvJoN3BxRsbd8H641pyEB/Coronavirus-Pandemic-Public-Domain-540x360-1.jpg)
<a href="https://investingmatters.co.za/the-coronavirus-outbreak-shows-no-signs-of-slowing-as-crematoriums-burn-bodies-24-hours-a-day/">Image Source</a></center>


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It is not the first economic crisis we face, the last major was the 2008 financial crisis which devastated the global financial system.
But today is **a crisis of stratospheric dimensions** and the nature of the shock is real: whole nations are in quarantine with the blocking of all non-essential activities.

### We still cannot believe that the whole world can be under attack by a virus.
Yet this is reality!
Surely there has been an error of underestimation of the epidemic that initially broke out in China.
**We knew what was happening and perhaps naively we preferred to believe it was confined to the Far East.**

Instead, the virus had already crept into the old European continent.
### How could it be otherwise in a highly technological and globalized world?
It was underestimated even when it had exploded in **Northern Italy** despite the country's total quarantine, European countries hesitated to take restrictive initiatives to prevent the spread of the virus.
And today over **4 billion people in the world are in quarantine**.

![RR-COMP-WORLDMAP-CORONA-USA-3-APRIL-0920.jpg](https://images.hive.blog/DQmQqfkTCB2r8k8XkrhVMhXFJ8WK84M8sKBT5Md7yfoheBs/RR-COMP-WORLDMAP-CORONA-USA-3-APRIL-0920.jpg)
<a href="https://www.thesun.co.uk/news/11313872/coronavirus-deaths-hit-50000-half-world-lockdown/amp/">Image Source</a>

### But how will we get out of this absurd war against an invisible and ruthless enemy?
### And especially when and in what ways?

China's economic recovery is linked to the recovery in demand from foreign countries which in turn depends on how quickly these countries react to the coronavirus.
The organization for economic cooperation and development, the **OECD** has predicted that the covid-19 pandemic will reduce global GDP growth by at least half a point.
The biggest downward revisions to growth are expected in countries that are deeply interconnected with China.<a href="https://www.google.com/amp/s/amp.theguardian.com/business/2020/mar/02/coronavirus-escalation-could-cut-global-economic-growth-in-half-oecd">Here </a> more info.

![-1x-1.png](https://images.hive.blog/DQmUbauPisskbQDkCTyLXivD6sDQrJ8UGF6AEVfdBdNTQFP/-1x-1.png)
<a href="https://www.bloomberg.com/graphics/2020-coronavirus-pandemic-global-economic-risk/">Image Source</a>

For **Bloomberg Economics** (<a href="https://www.bloomberg.com/graphics/2020-coronavirus-pandemic-global-economic-risk/">info</a> ) the scenario could be worse with a possible drop in GDP to **ZERO** even for the entire year 2020.
There are those who already risk figures like the United Nations agency for trade and development, **UNCTAD**, according to which the slowdown in the global economy caused by the coronavirus will cost at least **2,5 trillion dollars**.<a href="https://unctad.org/en/pages/newsdetails.aspx?OriginalVersionID=2315"> Info</a> here.

But they are always hypothetical estimates, certainly authoritative.
**This crisis has affected the supply and demand for goods and services globally**.
Covid-19 **containment measures** implemented in China have **interrupted the supply chain** and consequently blocked production in the rest of the world, the **quarantine of people**, in addition to blocking the workforce, has also drastically **reduced the demand** for goods and services and then this has happened in the other coronavirus-affected countries.

![w_55958827-800x450.jpg](https://images.hive.blog/DQmUi9tXeA6bFv7tprCPeCSrWihjRkCrXABfus7qup3sx5N/w_55958827-800x450.jpg)
<a href="https://www.euractiv.com/section/economy-jobs/news/limitations-of-economic-forecasting-during-coronavirus-pandemic/"> Image Source</a>

Unfortunately, the worst economic forecasts ever appear, **OECD Secretary General Angel Gurria** calls this pandemic the 3rd major economic, financial and social shock of the 21st century after the attacks of 11 September 2001 and the 2008 financial crisis.
**Measures to contain coronavirus unfortunately have the effect of freezing world economies but undoubtedly are indispensable.**
One thing is certain that in addition to containing the virus, our economic recovery also depends on **the amount of money** that governments will allocate to support the real economy.

![20200328_MAC017.png](https://images.hive.blog/DQmf6wzKwiraUT4qPq8yaottBjrSvMzDTxu2kqA4AFYXJTA/20200328_MAC017.png)
<a href="https://www.economist.com/graphic-detail/2020/03/27/coronavirus-and-leviathan">Image Source</a>

Action must be taken as soon as possible to remedy the effects of the interruption of production in the affected countries, the sharp drop in consumption and above all the collapse of confidence.
We hear in recent days the need for a huge **MARSHALL PLAN** as happened after the Second World War. 
But it must be a structural funding plan that should extend to all countries involved in the pandemic.
This pandemic is likely to widen the **GAP** between the richest and developing countries and cause **increasing POVERTY worldwide**. 

We need to **ACT QUICKLY** by reminding us that **world economies are interconnected** with each other and no country must be left behind: because **VIRUSES know no borders and can go anywhere**.

### Thanks for stopping by here.

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### REFERENCES:
* <a href="https://www.google.com/amp/s/amp.theguardian.com/business/2020/mar/02/coronavirus-escalation-could-cut-global-economic-growth-in-half-oecd">THE Guardian </a>

* <a href="https://www.bloomberg.com/graphics/2020-coronavirus-pandemic-global-economic-risk/">Bloomberg</a>

* <a href="https://unctad.org/en/pages/newsdetails.aspx?OriginalVersionID=2315"> UNCTAD</a>

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