The Coronavirus Pandemic and Structural Changes in the Global Economy
We are facing a possible recession that is similar in magnitude to the depression of the 1930s. The coronavirus crisis is changing lives around the world. What are the implications for the global economy? Which new behaviors will become permanent and in what respect might we return to our previous ‘normal’? A group of researchers coordinated by the ASA has been analyzing the development of the crisis in weekly sessions since mid-March 2020.
As part of this foresight driven analysis, the group conducted a systems analysis that identified four main dimensions of uncertainty that are developing as a consequence of the unknowns surrounding the length and degree of the lockdowns due to the Coronavirus pandemic. They are: (i) the economic stability of states, (ii) governance of states, (iii) development of global governance, and (iv) stability of the global financial system. It is obvious that the structure of the global economy will change, however, in what ways and to what extent?