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Macroscope
Opinion
David Brown

The world economy could recover from coronavirus sooner than expected. Don’t stop believing

  • The strong performance of supermarkets and surging demand at online retailers are proof that consumer demand is far from down and out
  • In manufacturing powerhouses like China and Germany, the first green shoots of recovery will emerge

Reading Time:3 minutes
Why you can trust SCMP
A migrant worker wearing a face mask walks around the central business district of Beijing. Photo: EPA-EFE
It was Franklin D. Roosevelt who said that “the only thing we have to fear is … fear itself – nameless, unreasoning, unjustified terror which paralyses needed efforts to convert retreat into advance”. The coronavirus has certainly gripped the world with fear, paralysing our economies and pushing us into deep retreat.
With over 240,000 lives lost to the pandemic so far, it is no wonder the world is on lockdown, not just physically but in mind and spirit as well. Economic confidence is at such a low ebb that we can only wonder what sort of damage is being done to output, jobs and global prosperity.

Remember though, this is no model for the future, as things will get better and the world will transcend the crisis. All we need to know is how and when we can turn retreat into recovery. We will spring back from this and hopefully emerge into a much better place.

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Place a stone over a seed and, given the right conditions, any plant will eventually find a way to grow around it and thrive. It is the indomitable spirit of life and we have seen it at work often enough throughout the history of the world. Mankind has an uncanny knack of bouncing back after the worst pitfalls.

Even through past wars, pandemics and financial crashes, human ingenuity has prevailed and the world economy eventually emerges stronger and fitter. Often it takes a helping hand from governments and world leaders, but we all have the power within us to hasten recovery.

Health professionals, carers, medical researchers and key workers are already on the front line of the recovery and there is no shortage of potential global demand building up. It’s just waiting to be tapped and we all have our parts to play.

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