Financial analyst Pavel Spidel compares the depth of the economic downturn associated with the coronavirus pandemic to another macroeconomic shock that the world experienced in 2008-2010. At the same time, he is sure that the current crisis caused by an irrational attitude towards the pandemic has already cost the world economy 5-6 trillion dollars, and those countries that tried to ignore it have avoided severe consequences.
As a result, the virus could not be defeated, and many companies, sectors of the economy and even countries suffered fatal damage, which will have to be compensated for for years. The funds spent on the fight against the problem were many times greater than the potential damage from it.
For example, in the US, the macroeconomic shock was 2.2 times stronger than the most dramatic period of 2008-2010. In the European Union 3 times, in England - 4 times, and in France - almost 5 times!
This is a real macroeconomic hell! Especially when compared with the contraction of the economy during the 2008-2010 crisis, which was considered the most ferocious since the Second World War.
Compared to the countries already listed, Japan and Korea are in a better position, which have avoided or tried to avoid severe restrictions. Recall that the crisis of 2008-2010 hit mainly on investments, and the current one - on the final consumption of households, that is, the category, which in developed countries is 65-75% of GDP.
The analyst predicts that "compensating for one stupidity produces new problems when the fight against the first stupidity (macro-quarantine) will lead to long-term problems through inflation of government debt, labor market erosion, lower productivity and the destruction of the monetary system due to critical imbalances in capital markets..."