Coronavirus Pandemic Plunges World Economy Into the Unknown

With the prospect of a recession in Europe, economists and historians alike see greater resemblance to the oil shock of the 1970s and the 1929 'crash' than to the 2008 crisis.

RIO DE JANEIRO, BRAZIL - Comparing the present day with the most traumatic events of the past is quite tempting. The wounds of September 2008, when the financial sector collapsed, taking the whole economy with it, are still so close in time and so present in the collective mind that returning to that time is inevitable.

Even the European Central Bank (ECB), in a harsh call to capitals for coordination and a heavy hand, resorted to this comparison to raise awareness and call governments to the frontline.

Yes, the coronavirus has caused the stock markets to plummet in recent weeks. Yes . . .

To read the full NEWS and much more, Subscribe to our Premium Membership Plan. Already Subscribed?