The Global Economic Crisis

Fernando de la Iglesia Viguiristi SJ

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Since last December, a new coronavirus, Covid-19, has been putting our lives at risk. At the same time, it has paralyzed most of our productive systems, whose survival is now under threat. This unprecedented health emergency has triggered a very serious economic crisis, the depth of which will be determined by the duration of the pandemic.

A deep and rapid recession

Given the non-negotiable priority of human life, it is undeniable that defeating the pandemic comes first. The challenge we all share is to prevent the collapse of the healthcare system, but it is also true that we are suffering economic damage due to the epidemic, damage that continues to intensify. What started with the closure of the Chinese province of Wuhan in January has led to a recession unique in history, the most intense and rapid ever known. The dynamic that it triggered can push us back to levels similar to those recorded following the recession following the severe financial crisis on Wall Street in 2008. In the space of a few weeks we have plunged into an economic outlook no less bleak than the memorable one of the 1930s.

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