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Will coronavirus destroy the global economy? Will coronavirus destroy the global economy?
The coronavirus is bringing down ill-prepared national economies The coronavirus is bringing down ill-prepared national economies
The coronavirus will destroy the global economy The coronavirus will destroy the global economy
The economic impacts of the coronavirus are short-term The economic impacts of the coronavirus are short-term
Global economic collapse has been coming for some time Global economic collapse has been coming for some time
The Chinese economy has been affected as it is the epicentre The Chinese economy has been affected as it is the epicentre
The US economy was affected by a climate of fear The US economy was affected by a climate of fear
As global industry shuts down, so does the economy As global industry shuts down, so does the economy
Damage to the Chinese economy can't happen in isolation Damage to the Chinese economy can't happen in isolation
Coronavirus is already destroying the global economy Coronavirus is already destroying the global economy
The virus 'shocked' markets, but this will stabilise The virus 'shocked' markets, but this will stabilise
Leading economists have warned of a 2020 crash for years Leading economists have warned of a 2020 crash for years
The crash was predicted by blind Bulgarian prophet Baba Vanga in the 1970s The crash was predicted by blind Bulgarian prophet Baba Vanga in the 1970s
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Will coronavirus destroy the global economy?
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The economic impacts of the coronavirus are short-term

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The virus 'shocked' markets, but this will stabilise

Historically, unforeseen circumstances have a negative impact on the economy. Yet as recent examples, such as Brexit, have evidenced - these are rarely long-lasting.
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The Argument

The Chinese economy has measures in place to deal with crises like coronavirus. The Chinese central bank has already began to loosen monetary policy to shield the economy.[1] Additionally, there is precedent for China being able to whether a storm like coronavirus. During the SARS crisis in 2003, the Chinese economy took a huge hit. However, the economy stablised during the following quarter and the negative impact was offset by economic growth.[2] Ultimately, concerns about a global economy collapse are an overreaction. The Chinese economy has measures to absorb the economic shock. Coronavirus certainly has the capacity to negatively effect the markets, but any negative impact will be counteracted over time.

Counter arguments

The coronavirus epidemic is already much worse than SARS. Roughly ten times the amount of people have been infected and more than 150 million people are on lockdown.[3] This is no simple shock - it is a serious crisis that will impact the global economy for a long time.

Premises

[P1] Precedent shows that the economy can stabilise after an economic shock. [P2] Coronavirus will not cause a global crisis; it is simply a blip.

Rejecting the premises

[P1] Coronavirus is much more serious than other crises we have seen. [P2] The impacts will be far more long-term and serious.

References

  1. https://www.nytimes.com/2020/02/15/opinion/china-economy-coronavirus.html
  2. https://www.marketwatch.com/story/three-reasons-coronavirus-wont-derail-chinas-economy-2020-01-27
  3. https://thehill.com/opinion/finance/483899-chinas-coronavirus-economic-cardiac-arrest
This page was last edited on Wednesday, 4 Mar 2020 at 11:30 UTC