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After novel coronavirus: What world will we live in?

The shutdown imposed to slow the spread of the virus could push some economies into full-scale meltdown.

AFP|
Last Updated: Apr 06, 2020, 09.43 AM IST
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Coronavirus
Many are already questioning the merit of multilateral organisations such as the WHO or the United Nations given the perceived lack of a coordinated, global response to an unprecedented health crisis.
Coronavirus

COVID-19 CASES

Confirmed
138,845
Deaths
4,021
One day, the battle against the novel coronavirus will be won. But the world that emerges may look very different from the one we lived in before the pandemic began.

Over 60,000 people have lost their lives to COVID-19 and there are a more than a million confirmed cases with the outbreak yet to reach its peak across the developed and emerging world.

But on top of the tragic human toll, the coronavirus also threatens incalculable social, economic and political costs, and to trigger a wave of change that will shape our world for years to come.

The shutdown imposed to slow the spread of the virus could push some economies into full-scale meltdown. Financial markets may never recover to pre-crisis levels.

Restrictions on movement will help some governments tighten autocratic control, and civil liberties could be eroded in the name of gaining information on virus spread.

Many are already questioning the merit of multilateral organisations such as the WHO or the United Nations given the perceived lack of a coordinated, global response to an unprecedented health crisis.

The changes could be immense, say analysts, but also unpredictable.

"Is it going to be a headline or is it a trendline?" asked Aaron David Miller, Senior Fellow at the Carnegie Endowment for International Peace.

"Are we witnessing an event that is going to reshape international relations and relations among states?"

Much will depend on how long national economies manage to withstand the storm, and the performance of governments in tackling the threat.
China, where the virus is believed to have originated, proudly claims to have quelled the outbreak.

US President Donald Trump initially appeared to shrug off the seriousness of the threat and is now faced with a full-scale crisis.

While the official figures from India remain far less grim than in the West, there is anxiety that much worse is to come.
(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

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