The expert assessed the possible damage to the global economy from COVID-19

The coronavirus pandemic could cause deeper harm to the global economy than many other disasters of the past, Vassily Kashin, senior fellow at the HSE Center for Comprehensive European and International Studies, said Friday.

“COVID-19 can have deeper consequences than other disasters of the past – even those that were accompanied by significantly greater human and material victims,” ​​Kashin said during a webinar organized on the site of the Valdai international discussion club.

According to the expert, such a significant impact of the pandemic on the existing world order is due to the fact that it occurred “in completely different conditions that have never been seen before.”

“If we recall the most famous global pandemic of the 20th century – the Spanish flu pandemic … then here we will see very big differences,” the expert recalled.

According to him, in contrast to the coronavirus, the Spaniard dealt the main blow to the “periphery” of the then existing global economy – then China and India became the most affected countries.

“Now the COVID-19 pandemic is causing the greatest losses to countries that are centers of the modern global economy: the USA and Western Europe. Secondly, if these countries were mobilized and prepared as much as 100 years ago, now they are maximally demobilized,” Kashin said.

The whole logic of the development of the world economy in recent decades, says Kashin, consisted of “improving efficiency by reducing stability and security.”

“COVID-19 put an end to these misconceptions. If one pandemic was possible that caused damage to many countries comparable to a medium-sized war, then it will be repeated again and again,” the expert concluded.

On March 11, the World Health Organization announced an outbreak of a new coronavirus infection with COVID-19 pandemic.

According to the latest WHO data, more than 4.2 million cases of infection have been recorded in the world, over 294 thousand people have died.

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