Dangers and lessons of present multiple crises

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Photograph: Geralt/Pixabay

The world has to act in a concerted action to tackle these crises. We are all in the same boat; a leak in one part will sink the boat no matter where the source, Lim Mah Hui and Michael Heng write.

The Covid-19 pandemic, erupting in the background of lethargic global economy, could turn out to be the singular biggest crisis in a century.

First reported in Wuhan, China, the corona virus has reached almost all countries. It has infected close to 1 million persons and caused over 40,000 deaths at time of writing; and the figures keep climbing. It is a health catastrophe which if not checked in its track would be the most serious since the Spanish Flu of 1918 that killed over 50 million people.

The pandemic has triggered a market crash. Stock markets across the world have trended downwards despite various measures by governments to support the economy. The Organization for Economic Co-operation and Development has warned that the economic recovery would take years. According to its secretary general Angel Gurría, the economic shock was already bigger than the financial crisis.

It is a crisis much more serious than the 2007-8 crisis, for three reasons. What started as a health crisis has morphed into an economic and possibly financial crisis. Full article on Inter Press Service website

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