Will COVID-19 Change the Global Balance of Power?

Wang Yi, Minister for Foreign Affairs of the People’s Republic of China, addresses the virtual Security Council summit-level debate on “Maintenance of International Peace and Security: Global Governance post Covid-19”. Credit: UN Photo/Loey Felipe. By Daud Khan and Leila Yasmine KhanAMSTERDAM/ROME, Oct 5 2020 (IPS) Lockdowns, social distancing, face-masks and other restrictions on personal and social behaviour have helped slow the progress of the COVID-19 virus. Enough to allow health systems to start catching their breath, for doctors to work out treatment protocols, and for work to start on a vaccine. There is now a need to take stock of the many other impacts the pandemic is likely to have, particularly at the economic and political level. In terms of short to medium term impacts, the developed countries have been the hardest hit in terms of mortality, and their economies are projected by the IMF to shrink by 8% over 2020. More critically, the economic contraction will disproportionately impact the poor in these countries and accentuate the inequality that has been rising over the last 30 years. The US stock market has regained all losses despite the fact that millions are jobless. The tech giants continue to post immense profits. Jeff Bezos, founder and major shareholder of Amazon, is now the richest man on earth with a net worth of over US$200 billion – this means that if he were to live another 40 years, and wanted to use all his money before dying, he would...
Source: IPS Inter Press Service - Health - Category: International Medicine & Public Health Authors: Tags: Economy & Trade Global Global Geopolitics Headlines Health Source Type: news