An expert has warned the world could be plunged into a new Great Depression under a coronavirus worst case scenario.<\/p>\n
Peter Schwartz believes the 'cascading crises' currently gripping the world could result in an almost decade-long disaster.<\/p>\n
He said these crises include the social turmoil from the Black Lives Matter movement and leadership problems in some countries.<\/p>\n
The futurist has warned if scientists fail to find a vaccine, the world could face a Great Depression-style ordeal for years on end.<\/p>\n
He added: \"We don't have vaccines for a lot of these viruses. So it's entirely plausible we won't for this (coronavirus) either.<\/p>\n
\"And that means, in turn, that we're not going to get back to 100% of where we were before for years.<\/p>\n
\"It's like 1929-1937 that sort of timeframe. We are in the Great Depression and so we're below the economic potential for quite a long time.<\/p>\n
\"Maybe someday we'll get a vaccine but you kind of learn to live in a pandemic world.<\/p>\n
\"And that is a plausible scenario of depressed economic activity and a persistent pandemic where Covid is the new normal.\"<\/p>\n
Mr Schwartz said the world is currently suffering from four crises - health, economic, social and leadership.<\/p>\n
He has described how the situation developed from a health crisis into an economic one.<\/p>\n
The expert added: \"We had somewhat of an economic crisis going in, a trade war that has now been amplified.<\/p>\n
\"We have a social crisis now created by the Black Lives Movement worldwide and the response to the George Floyd killing,<\/p>\n
\"And then finally we have a leadership crisis in some countries. So this is the scenario where essentially the virus really persists.\"<\/p>\n
Mr Schwartz, head of strategic planning at tech company Salesforce, told the World Economic Forum no 'new normal' would arrive without a vaccine.<\/p>\n
The expert wrote: \"Instead, a 'Covid normal' emerges, with continuing waves of the virus, persistent economic uncertainty and deep societal unrest.\"<\/p>\n
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Futurist says coronavirus could last for years 'like the Great Depression' - Mirror Online<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" An expert has warned the world could be plunged into a new Great Depression under a coronavirus worst case scenario. Continue reading