To state it right away, I say “YES”. At this point, I strongly believe that the Coronavirus pandemic is going to become a global pandemic and that it will hit the global economy very hard.
As we are all so dependent on China to deliver our goods because we practically made them the workbench of the world in this global economy, to me it is just a matter of time until supply won’t be able to meet the market demand and implicitly other ramifications will result from it.
China is a real big player in the global economy with a market share of over 17% and not to forget the strong investment ties China has in the United States, Europe, Africa, and countries at the Arabic sub-continent.
Quarantines that keep the Chinese workforce from working will at one point bring the world economy as well as the financial markets to its knees, on the brink of a recession maybe even for some players to a total collapse.
We shouldn’t think that Corona will spare the Western countries – it will certainly spread to Europe and the US as well and affect those economies on the inside as well.
Because of the global markets key industries like for example the pharmaceutical supply and even basic stuff like protective medical suits and anti-virus masks for hospital staff, who have to take care of sick people, could run out because China can’t deliver anymore. Simply because at one point our society decided that profits are more important than the security of supply chains of basic needs in times of crisis we will all have to pay the price now.
A crisis like this one could reveal this economic system its limitations, but most certainly bring suffering upon the populous during such challenging times. The shelves in stores worldwide will stay empty and people who aren’t self-sufficient will be in real trouble.
Prepare yourself for what’s coming and start building community projects to meet your basic needs. Stay safe guys.