We are likely underestimating the impact of COVID-19

Johannes Ernst


The Atlantic says COVID-19 is Stretching the International Order to Its Breaking Point.

Reuters writes that IMF (International Monetary Fund) sees coronavirus-induced global downturn ‘way worse" than financial crisis.

Foreign policy magazine thinks The Coronavirus Is the Biggest Emerging Markets Crisis Ever.

The last time we had a pandemic, in 1918, the empires of Russia, Austria-Hungary and Germany ended (of course, there was also World War I, but it’s still an interesting coincidence).

The biggest pandemic in European history, the Black Death in the 14th century, is credited with ending feudalism.

We are thinking too small in terms of impact.