The deadly coronavirus has brought the world on the verge of the century’s worst health hazards infecting millions and claiming lives of more than one hundred thousands of people in the world. The outbreak of the virus that began in Wuhan, China has seriously threatened lives and livelihood around the world. Global trade and commerce are going through the worst crisis in living memory.
The deadly virus has almost brought global export and import to a standstill and industries and factories to a grinding halt. The leaders of UN, IMF, World Bank have painted a grim picture of the economy and envisaged that the economic down turn would be tougher than ever before unless something miraculous happens in finding any antidote to this virus. They also anticipated that if the pandemic continues for another six months the world economy would face a crushing challenge.
US President Donald Trump, actively allowing to open up limited activities so that the economic recovery would be easier, is trying to find out ways to overcome the monumental challenges of getting the global economy back on track.
As far as the economic recession in 2008 is concerned, the USA was the worst sufferer in the global financial crisis as it was engaged in war with Afghanistan and Iraq and most importantly the US was involved in fighting an unconventional war on terror spending trillions of dollars in the Gulf. But this time China would be the worst sufferer as it has investment hundreds of billions of dollar around the globe.
Recent reports said that the coronavirus is spreading from America’s biggest cities to its suburbs, and has already begun encroaching on the nation’s rural regions. The virus is believed to have infected millions of citizens and has killed more than 34,000. Yet President Trump this week proposed guidelines for reopening the economy and suggested that a swath of the United States would soon resume something resembling normalcy.
People are still not clear where this crisis is leading to. Some experts in public health, medicine, epidemiology and history shared their thoughts on the future during in-depth interviews. When can we emerge from our homes? How long, realistically, before we have a treatment or vaccine? How will we keep the virus at bay?
Some felt that American ingenuity, once fully engaged, might well produce advances to ease the burdens. The path forward depends on factors that are certainly difficult but doable, they said: a carefully staggered approach to reopening, widespread testing and surveillance, a treatment that works, adequate resources for health care providers — and eventually an effective vaccine.
China’s recent investment in world economy is massive and extensive. With a view to consolidating and reinvigorating those projects China would not spare a single moment. As quickly as possible China will want to start their activities in a full swing.
China has invested in quite a good number of mega projects in Bangladesh. China is keen to complete the projects within the stipulated time. Chinese Ambassador in Bangladesh has asserted that despite the coronavirus crisis, the ongoing projects would be completed in the projected time.
Following the outbreak of the deadly coronavirus in China, it was presumed that Chinese workers, experts, and the engineers engaged in those projects went back to China. But the Ambassador said that they would return soon. China is the world’s most powerful growth engine, is now trying to restart activities surrounding its investment of $14 trillion which could be considered a much needed restart as long as it has wide ranging investment the global market.
How big the upcoming global economic crisis will be, depends on the durations of the Coronavirus, which is still on the upward trend. If something unexpected happens in the next few weeks, and if the situation remains unchanged, it would be difficult to assess the magnitude of the devastation and the economic impact in global economy.
Sharif Shahab Uddin is Editor-in-Chief, Bangladesh Post.