For the socialists who are rubbing their hands in glee at the prospect of a resetting of the global economic system, read on.
It is the poor that will be hit the hardest.
Coronavirus: Millions will be left in poverty, World Bank warns.
The financial impact of coronavirus will stop almost 24 million people from escaping poverty in East Asia and the Pacific, according to the World Bank.
It says “significant economic pain seems unavoidable in all countries”.
The World Bank warned of “substantially higher risk” among households that depend on industries particularly vulnerable to the impact of the virus.
These include tourism in Thailand and the Pacific Islands, along with manufacturing in Vietnam and Cambodia.
The bank urged the region to invest in expanding healthcare and medical equipment factories, and to offer subsidies for sick pay that would help with containment and aid households.
Coronavirus: A visual guide to the economic impact
Global economy will suffer for 'years to come'
In its baseline scenario, almost 24 million fewer people will escape poverty across the region in 2020 due to the economic impact of the pandemic.
Under its worst-case scenario, the bank predicts that almost 35 million people would be expected to remain in poverty, including 25 million in China. It defines the poverty line as living on $5.50 a day or less.
https://www.bbc.com/news/business-52103666
08 Apr 2020, 11:57 pm
