Economic devastation from coronavirus could eventually kill more than virus, report says

The United Nations has predicted that the economic fallout from the worldwide coronavirus outbreak may end up killing more people than the actual disease itself. The virus’ outbreak has decimated the world economy and threatens the lives of millions around the globe who had been emerging from poverty. Economists forecast a global recession that will result in up to 420 million people plunging into extreme poverty, or making less than $2 a day. The U.S. has seen its unemployment levels reach levels not seen since the Great Depression while vulnerable poorer countries consider the virus’ impact on those already impoverished. “I feel like we’re watching a slow-motion train wreck as it moves through the world’s most fragile countries,” Nancy Lindborg, the president of the nonprofit U.S. Institute of Peace, said, according to the paper. The head of the International Labour Organization (ILO) said  with lost working hours higher than originally forecast, and equivalent to 495 million full-time jobs globally in the second quarter of the year.  The bleak news from ILO Director-General Guy Ryder coincided with an updated mid-year forecast from the UN body. Lower and middle-income countries have suffered most, with an estimated 23.3 per cent drop in working hours – equivalent to 240 million jobs – in the second quarter.  Previously, the ILO had suggested a 14 per cent average drop in global working time, equivalent to the loss of 400 million jobs, relative to the fourth quarter of 2019.  Workers in developing nations had also seen their income drop more than 15 per cent, ILO Director-General Guy Ryder told journalists in Geneva.  “On top of this, these are the places where there are the weakest social protection systems, so there are very few resources or protections for working people to fall back upon”, he said. “If you look at it regionally, the Americas were worst-affected, with losses of 12.1 per cent.”  Mr. Ryder highlighted that while the Governments of richer countries had shored up their economies with hundreds of billions of dollars, poorer nations had been unable to do the same.  Without such fiscal stimulus, working hours losses would have been 28 per cent between April and June, instead of 17.3 per cent, he insisted.  State financial support has led to the emergence of an extremely worrying “fiscal stimulus gap” between wealthy economies and the developing world, amounting to $982 billion, Mr. Ryder warned. “It runs a risk of leading us to post-COVID world with greater inequalities between regions, countries, sectors and social groups,” he said. “It’s a polar opposite to the better world that we want to build back, and it reminds us all, that unless we are all able to overcome and get out of this pandemic, none of us will.” Although the $982 billion global stimulus package was a staggering sum, the ILO Director-General noted that low-income countries needed a fraction of this figure – $45 billion – to support workers in the same way as wealthier nations had done, while lower-middle-income countries required the remaining $937 billion. To protect workers and economies everywhere, Mr. Ryder warned against any premature loosening of support for health measures aimed at combating the pandemic, in view of increasing infection rates in many countries. Nick Note: This plague is far from being bought under control. I still maintain we will bump along the bottom at best for another year.

YOU WILL SEE WAVES OF ATTEMPTED RE OPENINGS FLOWED BY REEMERGING INFECTIONS AND LOCKDOWNS AGAIN!