Long-lasting global recession likely due to COVID-19, says World Economic Forum report

 

FILE PHOTO: A closed sign is seen in a shop window in Dunham Massey, following the outbreak of the coronavirus disease (COVID-19), Dunham Massey, Britain, May 7, 2020. REUTERS/Phil Noble/File Photo

 

LONDON (Reuters) - Risk managers expect a prolonged global recession as a result of the coronavirus pandemic, a report by the World Economic Forum showed on Tuesday.

 

Two-thirds of the 347 respondents to the survey - carried out in response to the outbreak - put a lengthy contraction in the global economy top of their list of concerns for the next 18 months.

 

Half of risk managers expected bankruptcies and industry consolidation, the failure of industries to recover and high levels of unemployment, particularly among the young.

 

“The crisis has devastated lives and livelihoods. It has triggered an economic crisis with far-reaching implications and revealed the inadequacies of the past," said Saadia Zahidi, managing director of the World Economic Forum.

 

Environmental goals risk being discarded as a result of the pandemic, the report said, but governments should try to carve out a "green recovery".

 

"We now have a unique opportunity to use this crisis to do things differently and build back better economies that are more sustainable, resilient and inclusive," Zahidi said.

 

The report was compiled by the World Economic Forum’s Global Risks Advisory Board together with Marsh & McLennan Companies Inc and Zurich Insurance Group.

 

Risk managers were surveyed between April 1 and 13.

 

-- © Copyright Reuters 2020-05-19

 

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Wow.

What a brilliant prediction thank you.

Ah, the World Economic Forum whose tag line is 'Committed to improving the state of the world.'

I think a better one would be 'Committed to getting the world in a state.'

 

Judge for yourselves:

 

 

https://www.weforum.org/platforms

 

 

“I want to be able to say to the people of New York — I did everything we could do,” Cuomo told reporters at the state Capitol. “And if everything we do saves just one life, I’ll be happy.”

13 hours ago, bkk6060 said:

Wow.

What a brilliant prediction thank you.

How do you get a job with this mob?

19 minutes ago, Chassa said:

How do you get a job with this mob?

 

Apply to Greenpeace and/or the Sierra Club and be prepared to swear eternal allegiance to the New Green Deal.....

 

Oh and on your Green wages, be prepared to live in a cold hovel lit by candles.....

14 hours ago, bkk6060 said:

Wow.

What a brilliant prediction thank you.

Preachers are thriving by preaching doomsday,

Financial tabloids are thriving by spreading recession and bear market,

Medias are thriving by boosting fears.  

There is no money to make on the other way.

 Experts......stating the bleeding obvious.

regards worgeordie

4 minutes ago, Retarded said:

Preachers are thriving by preaching doomsday,

Financial tabloids are thriving by spreading recession and bear market,

Medias are thriving by boosting fears.  

There is no money to make on the other way.

This is true. But that doesn't make the prediction false. Sometimes it's prudent to anticipate what is coming and prepare for it.

Take a bow, CCP.  Wuhan virus global recession 100% on you—whether lab-generated or wet-market origin.

And special mention to WHO for their CCP propaganda defense. 

Edited May 20, 20206 yr by Isaan sailor

The world was already reeling towards a major recession after the last financial crisis brought about by US subprime mortgage crisis. US rising levels of corporate debt bubble and people living close to the edge, EU mired in high employment with no signs of recovery, China & Japan economies slowing down, trade wars and geo-political tensions. This pandemic just pricked and hastened the 10 years business recession cycle. The only silver lining to this damaging pandemic is that government need to learn to implement their policies to be more sustainable and robust and more inclusive. Economy based on productive investments rather than speculative and debts and narrowing income inequality and better health care system for all.