An empty shopping centre in Beijing. No amount of monetary easing will spur consumption beyond basic necessities when serious threats to the economy and jobs remain. Photo: Simon Song
Opinion
Opinion
Macroscope
The coronavirus is bringing a painful but much-needed end to an era of economic excess
- The global economy and its credit-fuelled markets have a long way to fall and things will not return to normal after the epidemic; consumption will not ride to the rescue
- The hope is that governments, forced to spend to boost the economy, will invest sustainably in welfare, education and other sectors that target inequality
An empty shopping centre in Beijing. No amount of monetary easing will spur consumption beyond basic necessities when serious threats to the economy and jobs remain. Photo: Simon Song