Do you think COVID-19 is going to crash the world's economy?

It is already happening. Unemployment is at levels not seen since the Great Depression, oil is so cheap they will pay you to take it . There are more layoffs announced every day.

No, I think we’ll struggle a little while and recover. It’s not just one country struggling, we all have our burdens from COVID. We can do it, just take a little time.

Possibly, but we survived the Great Depression and we can survive this. Plus (and I realize this doesn’t apply to all professions), but many jobs can be done online now. They may simply change to that permanently.

For those that have to be in person, I feel like health-conscious protocols will be in place forever now.

Trades people can still come to your house, you just have to wait outside. Malls may close, but open-air plazas and markets may be more plentiful with regulated amounts of people entering and exiting. Movie theaters may never open again, but films can move to all VOD and charge accordingly in a time-based, tiered structure (like Trolls World Tour just did).

Not perfect solutions, but there are economic options to explore now that didn’t exist in 1920.

Nah.

It’s unavoidable and well underway. The only questions are around 1. The severity and 2. The duration.

@cookieman OMG if movie theaters close forever my heart will crack

Due to the human passion for currency, paper money, metals, and gems became highly valued, lowering the market value of actual necessities. Even virtual currency, bought, sold, and stolen and nothing more than electronic hash marks has risen above tangibles such as food, health, shelter. People would kill for imaginary money, but surrender their family home!
The pandemic will force people to reevaluate what truly has value to them. Barter will see an insurgence as currency falls sharply in popularity.
Power belongs to those who can convince populations that their choice of wealth is what holds true value.
In early US days, currency had no value whatsoever. People were duped into accepting it as having value. Convincing the French gave it value.

Currency will eventually regain a foothold, governments will see to that. Right now, Trump is back to a wall, using hands and feet to keep China from devaluing USD throughout the world to be replaced by China currency as the most sought after wealth.
Democrats have already been duped by online rants by villains posing as fellow Democrats. Challenge the truth in this as you wish, and watch what happens.
Barter will be our best weapon for a while. American quality, and abundance is known already the world over. Education, and solidarity is what we need, and no, Trump is not responsible for ripping loyalty apart. Listening to rants from outside our borders is what does that.
If Americans cannot find common sense, we are done.
Bringing more people within our borders is the opposite of what we need. We need to keep population down, a o we can continue to own a surplus. That is where we will retain our wealth.
Having employment is not what makes a nation wealthy. That is what gives a family stability. Surplus goods to sell to the world is where we get wealth. Other countries must be in a position to purchase those goods. Otherwise we see more of disposal as waste, rather than profits.

it is already happening. everyone in all parts of the world is suffering from this pandemic. the real question is china suffering in the same way the rest of the world Is?

@cookieman “we survived” does not include the roughly 7 million people who starved to death as a direct result of the depression.

Since we overlook the 10 million who starve to death every year, I guess they don’t really count.

I think we’re caught between a rock and a hard place. The longer we stay huddled out of action, the more the economy will kill our livelihoods. The sooner we go back to work and ignore the virus, the more it will kill us.
We can’t win.

@YARNLADY Starvation is with us now more than ever. We just haven’t really seen it yet like we’re going to see it in the coming years. People may have starved to death during the depression, but people starve to death every day. So what else is new?? The world simply cannot keep producing ponderous amounts of people without suffering some consequences.

It depends on what the virus does in the fall.

If the global news media is to be believed, the rest of the year 2020 economies across the world will be in various degrees of recession. This is to be expected…the lockdown joked off business. And even where businesses are opening, they’re complaining that there aren’t enough customers.

On the positive side, next year – 2021, there will be a strong global rebound in economies across the world. This is also when a vaccine is expected which will further calm nerves.

@annieborn: Hopefully not.

@YARNLADY: I mean “survived” as a species. A society.

We are already seeing the supply chain breaking. With no one working to produce goods and services, there won’t be anything to buy whether you have the money or not. If we begin NOW to reopen our country we should be able to recover in reasonably short order. If we wait another six months, all is lost. That’s my opinion. It’s not the virus that will kill us but rather the fear of the virus.The media and politicians are constantly telling us that if you go outside, you will die. That’s absurd. Even now the pandemic is only slightly worse than a bad flu season, not a death sentence. If you want this to be over, if you want to resume your life, Open up business. Otherwise we’re doomed to decades of poverty and despair.

@Jaxk Even now the pandemic is only slightly worse than a bad flu season,

Flu deaths average 36,000 a year (full 12 months). Since early February (a quarter of a year) there have been over 73,000 deaths from coronavirus alone.in the US.

That’s a bit more than “slightly worse.”

Nobody is saying “lockdown for six months”. It just is a matter of not completely reopening this week, but a gradual phase. The company I work for opened a San Francisco location for about one third the normal number of people this week, while the rest of us work from home.

@zenvelo – I have no problem with your averages. Unfortunately I didn’t say average, I said a bad flu season which can range up to 50–60K. Also flu season is the winter months not all year. That doesn’t mean you can’t get the flu in summer but it’s unlikely. Poverty on the other hand is all year. It took us 8 years to dig out of the last recession, how long will it take to dig out of a full blown depression.

Working from home is good and I support that where possible but it isn’t going to produce food or other things. The food supply chain is in jeopardy as are many other things.Answering your phone from home won’t fix that. When your company goes bankrupt and you lose your home it will be too late.

We shall soon have the verdict on those places presently opening up. I wish them luck, but expect the worst.

Probably won’t crash the world economy, but will ding it pretty good. And what it looks like after Covid may not be the same as it looked before. But you can bet the rich will thrive either way.

Canada making a push for the economy.

I was told to pay off my credit card NOW as a Depression is coming in the U.S. and will affect our economy in Canada as well.

@Inspired 2write If that’s the case, tell the bank to go screw itself. Which of the 2 of you should have to take the hit?

@stanleybmanly
Half paid off already…not a good idea to screw the bank?

Don’t you believe it. The bank has no such illusions when it comes to screwing you.

@stanleybmanly
I am well aware of that as I used to work morning only at a well known bank in Canada which purports to be ethical and honest… of which its not! Or a least some of its manager weren’t.

Tried to get me to pay back a “remote allowance” since the manager purposely over charged the Bank just before she was replaced.

She did this maliciously and hurt a lot of employees who succumbed to the threats from the Head Office which were threats to affect our Income tax refunds?

Only three of us didn’t respond tho Head Office but quit .

The others who stayed in there jobs and paid dearly for the “choice” were over charged by this bank!
I had no problems with the bank thereafter, but I never had an account with them again.

I wrote them an email about possibly taking this to the media and what would the public think of a Prestigious Bank system that failed its employees and threatened them as well..dirty tactics. Also I asked what they did about that angry manager who started all this..and to check where this reporting of our hours and what computer was used..( Managers computer)!

It later learned that what they thought that I owed was vastly different than the facts.

They were trying to gouge the money out of its very own employees!

@Inspired_2write I paid everything off last month, too. My credit score went down a point. Boo!