As the year 2020 draws to a close, many hopes rest on a vaccine for COVID-19. While this may be justified when it comes to addressing the immediate health challenges, it is impossible to vaccinate economies and democracies around the world. This “crisis like no other” (the IMF) has led to an enormous shrinking of Western economies in particular. Nevertheless, Europe might still be lulling itself into a false sense of security that in the end things will not be so bad. This sense may well turn out to be wrong. IP SPECIAL: COVID-19 assesses the global impacts of the crisis in their geopolitical, economic, societal, and global health dimensions.
The sharp economic downturn caused by the COVID-19 pandemic has created “a crisis like no other.” Advanced economies now need to over- come national reflexes and help developing countries.
The economic historian and commentator ADAM TOOZE talks with IP SPECIAL about what went wrong in China, the EU, and the United States during the first phase of the COVID-19 pandemic and who (so far) has won the fight against the virus.
With the EU member states agreeing to borrow together to combat the impact of the COVID-19 pandemic, the issue of sovereign debt has reared its ugly head once again―and with it the unresolved tensions between the eurozone and the EU.
The pandemic has given rise to even louder calls demanding a “decoupling” from China. The diversification of global value chains, however, will likely lead to intensified trade in the Asia-Pacific.
At first glance, it may seem that the coronavirus has dealt populist governments a blow. Yet a closer look reveals how many have managed to capitalize on the pandemic. And the causes of populism will if anything be further exacerbated by the crisis.
An effective government policy countering the COVID-19 pandemic relies on scientific advice. Still, there is a fine line to be tread to make the relationship between politics and science work well. Transparency is one key factor.
The pandemic has been accompanied by an “infodemic” of misinformation and propaganda, underminindg public health responses around the world. Building resilience will require a joint effort from social media platforms, governments, and civil society.
The world in 2036: There was an outbreak of a new, deadly type of virus. But after a few months it was contained globally. This was only possible because the lessons of 2020 had been heeded.
The COVID-19 pandemic has demonstrated the need to revisit the holistic global health concept. This process should be inspired by a new conceptualization of global health, methodically combining strands that so far have been looked at in isolation.