Coronavirus or COVID-19 has taken a toll on almost the entire world. Today, for the second consecutive day, no new cases of the virus have been reported in the city of Wuhan, China where the first case of the virus was confirmed, but, the rest of the world is still paying for its share of the coronavirus outbreak.
India is currently in stage two of the coronavirus outbreak and fears of transiting in stage three of the outbreak is hovering over the nation.
Anand Mahindra, Chairman of Mahindra Group, tweeted yesterday, “The virus will eventually be conquered, but it will have left behind a global recession. The costs of that are incalculably high at this time. The most fearsome toll will be on small businesses, the self-employed & those whose lives depend on meagre daily wages. (1/4)”
He also added, “Apart from the toll on lives, the legacy of COVID-19 may well be deaths due to stress, loss of livelhoods, a rise in homelessness & in extreme situations, civil unrest. The only global experience that has lessons for us in the current situation is the last world war. (2/4)”
“In the aftermath of WW2, the U.S came up with the Marshall plan to revive Europe, effectively a giant fiscal pump-priming. In the U.S, the govt. dramatically dismantled regulations & opened up the economy to trade. These actions led to a boom-cycle that stretched to 1975, (3/4)” he tweeted.
“This time, there will be no victors, only the vanquished. So every country will have to create its own Post ‘VirusWar” Marshall plan & take care of those in society who are hit the hardest. Perhaps we too can build the foundations of a sustained global growth cycle, (4/4)” Mahindra tweeted.