Experts from all over the world are still trying to calculate the financial losses caused by the first wave of the coronavirus pandemic. This data is constantly changing, but one thing is certain - this "Chinese gift" has proved to be costly for humanity in every way.
The Organization for Economic Cooperation and Development called the looming crisis "new great recession" and estimated preliminary losses at $7 trillion. Apparently, this is far from the limit. The global economy is projected to shrink by 4.5 percent this year, hitting the level not seen in recent history. "The virus will stay for many more months. This excludes the possibility of a quick return to the previous economic activity. This is a severe shock," Lawrence Boone, chief economist at the Organization for Economic Cooperation and Development, said. At the same time, experts note that fragile economies will get through this crisis more easily than others. For example, Russia is expected to suffer less than other countries as it could not boast of strong economic growth in the pre-pandemic period. Besides, the economic damage will not be so heavy due to its relatively undeveloped small business and the service sector, as well as due to low per capita income.
According to Germany's Deutsche Bank, the world is facing a new "structural supercycle" that determines everything – from the economy to asset values, politics, and lifestyle. The coronavirus has brought an "era of disorder" closer. Globalization, which has ensured rapid economic expansion and asset value gains over the past 40 years, is expected to slow down.
