The whole world is having a great shock with this virus. In the 1600s maybe, but in the 21st century?
The expectation is that we will have the deepest recession, probably for a century. We will be in uncharted territory. With stimulus measures some countries may be able to claw back to near normality. Left to purely market forces, many will be very vulnerable.
I suspect long supply chains and "just in time" policies driven by ever lower prices will be ditched in the interests of supply security. Many retail businesses will close for ever and more of us will continue to shop online. I suspect flying will be rarer with higher prices and fewer leisure trips.
We are in for a difficult few years. I hope most governments can stimulate their economies to ease the pain.
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