WORLDVIEW: No safe spaces in a post Covid-19 economy
At the start of the year, things seemed good. Economies in Europe were slowly getting back to growth and the US economy was apparently firing on all pistons. China looked solid, smaller Asian countries were growing fast thanks to the US obsession with moving manufacturing out of China, and commodity prices were solid. Then Covid-19 happened.
Suddenly, all bets are off. Job losses have savaged workers around the world as lockdowns have shuttered economic activity and nervous households and businesses have held off on spending and investment. Countries everywhere are facing some of the worst recessions ever recorded. And it increasingly looks like there will be no safe places in the post Covid-19 economy.
Job losses are broad and deep
In the early days, it seemed that job losses would be confined to the hard-hit industries β tourism, hospitality, and personal services like massage or hair styling. It also seemed that the crunch would be temporary, a few months of isolation and then back at it.
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