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By APD writer Imdad Hussain
The whole world is witnessing fast changing developments as the Covid-19 has exposed the apparent sense of stability one country after the other, highlighting contradictions of capitalism.
Hundred and thousands of people have lost their lives while millions have become affected by the deadly virus and the number is increasing day by day with no immediate hope of any anti-corona treatment in the near future though urgency to this effect is quite obvious in several countries.
It is, in fact, beginning of a new era and the worst crisis since the second world war. Every country is experiencing unrest and it may badly affect social, economic, diplomatic and military balance in the world.
So far, most of the countries lack an effective plan to counter the spread of virus and at the same time many are not observing the World Health Organization guidelines while their health systems have been exposed.
Nobody knows how events would unfold in the coming days but one thing is for sure that more testing times lie ahead as there is danger of second and third wave of the corona virus with more devastating effect.
Every segment of society is feeling the heat of the pandemic; economic downturn, job insecurity, rising unemployment and hunger and food insecurity as well as economic inactivity reflect bleak picture in the coming days.
With projections of bigger recession than the “Great Depression” of 1930s, it is feared that the overall growth rate in the world would decline to one per cent as compared to 2.6 per cent last year as the world’s second largest economy China is facing negative growth in the coming quarter, first time since Mao’s social revolution and uncertainty of supply and demand situation may linger on for an indefinite period.
Europe is the worst affected region and it has exposed the EU platform, raising questions about its future as every country is worried about its own wellbeing during the fight against corona virus rather than dealing with the pandemic collectively which may lead to erecting walls rather than erstwhile concept of decimating boundaries.
Besides economic crisis, the coronavirus threat may draw Russia and Saudi Arabia into extensive warfare on oil as its prices have fallen to decades low while this feeling is gaining ground that the evolving situation may plunge the leading world economies into bankruptcy.
Racialism and protectionist policies may have overwhelming effect in the face of economic crisis being dubbed as much bigger than that of 1930s depression as it may persist for a long time and leave a lasting impact on world economy.
The large-scale unemployment is also likely to pose greater threat as the huge number of jobless people has such potential in their respective countries as in services sector most of the jobs have been of temporary nature.
This unclear situation demands that we must come together rather than growing apart, collaborate rather than creating confusion and be better prepared rather than getting panicked and work for new globalization based on fairness, equality and humanity in the changed scenario.
Only by overcoming the shortcomings exposed by corona virus recently in health and social sectors and economic imbalance by cutting tariffs, removing barriers, and facilitating the free flow of trade and by adopting a collective approach we would be better placed to future challenges.
(ASIA PACIFIC DAILY)