Sino FileIs the coronavirus fatal for economic globalisation?
- The Covid-19 outbreak will foist profound changes on the world’s future development in terms of economics, society, diplomacy and geopolitics
- On top of this, the pandemic may also be a catalyst for restructuring global governance and supply chains
Covid-19 has already brought almost all the world’s major economies to their knees. The worst-case scenario is that it might bring about a global recession, as it has spread to more than 100 countries, and the human casualties and economic losses are still escalating.
Though the scale of its reach might be unseen in human history, the final toll in casualties and economic losses can be quantitatively measured once the outbreak is over. However, its longer-term consequences and fallout might not be so easily quantified, as the pandemic will foist inescapably significant and profound changes on the world’s future development in terms of economics, society, diplomacy and geopolitics.
With the pace of economic integration and globalisation in the past few decades, we all now live in a global village. Not only are our economies inextricably and inexorably tied together, but direct person-to-person contact is so frequent and intense that the world is all the more vulnerable to pandemics.