Can we compare the COVID-19 and 2008 crises?
Corona Virus is not one of its kind since similar events of worldwide epidemics have occurred. The relation between Covid-19 and the 2008 global depression is quite identical. The latter occurred abruptly and spread to affect many nations of the world. The factors that influenced it were known to very few individuals. The daily collapse of big institutions that were financially secure caught the world by surprise. This event is the same case with Covid-19. There’s so much uncertainty of the damage it will cause to the economy and other sectors, and the time it will take to curb it. As scientists and economists estimate the impact it will have in the ordinary lives of people, the masses are left to guess and hope.
2 comments:
I do believe that it can be compared to both the Great Depression and the 2008 financial crisis, due to this one being based on a tangible illness, I do not think these past issues can be used to make predictions about our current predicament. Things may get better, or the virus could mutate and things could stay worse for a longer period it is hard to tell.
I think it can be compared for sure. Although every financial crisis is different in its own ways. This fragile time in our economy has to be treated in ways that our county has never had to deal with before alongside a pandemic that still has very little optimism for the end. Even though the United States has gone through financial crises and pandemics in the past, this must be treated like something new because every situation is new, especially because we don't yet know how bad it is going to be.
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