Possible impact of the novel coronavirus

The outbreak has become a challenge for the world political regimes

"Our world used to pay a lot of attention to various insignificant things. But now everything has changed. During the pandemic, it became clear that there is no difference between people's gender, social status, race, religious, and national identity," RISS expert Anna Vilovatykh said. She mentioned the main possible negative effects of the coronavirus epidemic and the ways to combat them.

First of all, Vilovatykh drew attention to the economic slowdown caused by the broken crucial links in the supply chains and restrictions on the movement of people due to the lockdown period. "Despite the fact that the subjects of economic relations have demonstrated their intention to resist the market panic, in contrast to the previous financial crisis, the Western Central Banks’ support is unlikely to significantly reduce the degree of the current pre-crisis financial shock," she believes. "The core matter is whether the world community will be able to overcome the looming economic crisis caused by the coronavirus outbreak just with the help of existing monetary policy tools," she underscored.

RISS expert also noted the negative impact of the social distancing during the lockdown. "Now people exist in a digital reality, which largely shapes their activities, needs, habits, and lifestyle. The novelty of the situation is that the mass media and the Internet are too saturated with fake news, which leads to the emergence of a new socio-political phenomenon like a distorted information space," she pointed out.

According to the expert, the outbreak has become a challenge for the world political regimes. "Against the backdrop of the coronavirus spread, protectionism, populism, and extremism will be further strengthened in the countries that are most significantly affected by the epidemic," Vilovatykh said. "Facing difficult times, both believers and atheists begin to appreciate traditional values like love, care, parenting, patience, and mercy," the analyst concluded.

coronavirus economics