“The coronavirus crisis will wreak “lasting damage” on people’s living standards across the world and taxes on the rich and on companies may have to rise to address this economic harm, the IMF has warned. The pandemic will leave significant scars on the global economy in the form of job losses and bankruptcies and whole sectors of the economy will be left unviable, according to the fund’s first medium-term forecasts since the onset of the virus.”
The title, “Pandemic will cause ‘lasting damage’ to living standards, IMF warns” is from an article in the FT.
SARS was a massive problem but appears no longer the case. No one really knows how it disappeared, (either temporarily or permanently, who knows). It may happen to Covid. It may not. There is no doubt that the economy will suffer. It’s how long will it suffer, how deep will be the problem and when might it become better, for all? In the words of Donald Rumsfeld, there are a lot of “unknown unknowns.” If you look to the future, how will allocate your capital with so much uncertainty? If you can take an interest, ask questions, critique answers, you’ll be in a better place to make better decisions. Delegating to wealth managers or stockbrokers or similar, without ‘poking them in the eye’ will mean their focus will be more on their business and less on you. Don’t let wealth managers cause you ‘lasting damage’