Last week we saw a resumption of economic activities in China, and hoped our speakers’ business would be up to steam before the summer, including a few months for event organizers to get their act together. But recent developments show that the coronavirus crisis might only be starting in the rest of the world, as European countries and the US have started to lockdown their economic activities to stop the spread of the virus. Together with gloomy assessments of the lackluster way those countries deal with the crisis, our first analysis might have been too optimistic.
Super investor Jim Rogers discusses the monetarian measures by Western central banks, while in China their colleagues have not lowered interest rates to fight the effects of the coronavirus. In Europe and the US they have not even started to fight the virus and we have to see how that works out, he tells at CGTN.
2019 was a good year for most of China’s industries, the corona virus black-lash might be rough for some industries, says leading economist Arthur Kroeber in the Financial Times. Substantial double-digit declines in many production-side economic indicators might be expected over the first three months of the year,” he added.
China and South Korea might be starting to resume their economies, the rest of the world is getting further into lock-down mode. After Italy, the rest of Europe and the United States are only at the beginning of the corona virus pandemic. And for sure nobody in those countries is in de mood to prepare for a life after the current crisis.
At the China Speakers Bureau, we do start to look ahead, also as more events are cancelled and international flights still seem in a unstoppable free fall. But one thing is sure: even when timing is unclear, this crisis will be disappearing in the months to come, even when experts already predict a second wave of patients after the summer. In our line of business the average lead time between inquiries for speaker’ assignments and execution is on average three months, and we do not want to start for resumption of our business until the pandemic has officially stopped.
China, with the exception of Hubei province, might be getting back to normal, the rest of the world is still bracing for a further outbreak of the coronavirus. Northern Italy shows remarkable similarities with the early weeks of the crisis in Wuhan: cramped medical facilities, expanding quarantine measure to stop the spread of the virus, and much uncertainty in countries and regions that still try to control the crisis. In China numbers of new patients are dropping, so – unless you might distrust those figures – its heavy-handed approach seems to be working at this list. But global stress on international economic relations seem far from over.
With all the justified criticism on the way China dealt the with coronavirus in the early weeks, the country did make some right choices later in the crisis as containment of the health issues was more important than keeping up the economy. More surprising it is that countries with a more developed health care system like Italy seem utterly unprepared for a major outbreak of the virus. Even a very solid country like Switzerland sees the number of coronavirus patients going up fast.
The China government is trying to push positive news in the way it handles the coronavirus crisis, but the economic fallout is only shaping up as the panic moves to other parts of the world. Airlines, shipping lines and other logistics and hospitality providers are maintaining the reduction on services, as demand is not yet picking up. Some logistic providers contemplate resuming services only in June, although they do not wish to confirm that less-favorable scenario.
Europe has become the latest victim of the coronavirus panic, and the number of patients rises, while numbers in the Americas are still low, but expected to go up too.