Every time an economy receives a shock, there is a legacy which is left. The deadly coronavirus is going to be no different. Great depression has spurred the waste not want not kind of attitude which defined the patterns of consumers for many decades. Hyperinflation which happened in the Weimar Republic is still something that haunts the policy of Germans.
The financial crisis of Asia had left this region hoarding the biggest collection of the world for foreign exchange. A lot more recently, the financial crisis of 2008 had driven a wedge in the mature democracies which are reverberating still with the workers who are suffering the measly pay gains in the decade after that.
In this time, this is the public health emergency which is shaking the world economy up. This is only going to be a matter of a few weeks, the people in the affected areas are becoming accustomed to the wearing of masks, stocking the essentials up and canceling the business and social gatherings and also scrapping of the travel plans as they work from home. The countries with lesser cases are taking many precautions. The traces of these habits are going to endure for very long after the ease in the virus lockdowns as they act being a brake on this demand. In terms of supply, the international manufacturers have been forced to be rethinking where they are going to be buying and producing the goods.
They accelerate the shift post the trade war had exposed risks of the reliance on a source for the components. For the white collar world, the workplaces have been amplifying options for the teleworking and the staggered the shifts as they usher a new era in.
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