Covid's Morbid Bite On Economy

Uncertainties Looming Large in Every Sphere of Business Activities

- Amlan Home Chowdhury

Stealthy entering into the busy body of global economy about four months ago, the Covid-19 wrought havoc in it proving invisible virus can inflict most visible damages of gigantic proportion almost completely locking down trade and commerce.

The pandemic’s toxic kiss was felt in and every aspect of human life. As far as economy is concerned, it made everything go haywire reminding us the Sub-Prime Crisis hitting in 2008-09 and the traumatic Great Depression of 1929.

This is for the first time in the history of mankind that the globe saw complete lockdown of all trade routes across the world: road, air and water. The result was almost total collapse of exports and imports.

Washout of monetary savings and massive unemployment that followed the attack of Corona Virus came as bonus, of course. If we look at Sub-Prime Crisis and Great Depression, we would further get depressed as their effects continued for well over four to five years.

Vacant look in the eyes of the iconic Great Depression-era photograph styled justifiably as Migrant Mother taken by Dorothea Lange may shudder us but millions of Mothers across the world including India have already started offering similar looks.

Causes of Sub-Prime Crisis and Great Depression were not for viruses but they proved the fragility of global economy. What is our main cause of alarm is that during these two economic disasters, the uncertainties reflected in each and every sphere of business activities.