Professor Josh Cartu: Economic Damage of Coronavirus
There are currently over 4.2 million people infected by the Covid-19 virus across the world, with 286,000 fatalities. Despite global quarantines and over five months of fighting the virus, the infection and mortality rate continues to climb daily.
As such, many countries across the globe have chosen to go on lockdown and limit the contact between citizens. Although this has some medical benefits, it has resulted in the temporary closure of many businesses and even entire trade sectors costing the global economy 25 trillion dollars.
The ILO (International Labor Organization) recently announced the consequence of full or partial quarantine measures has affected over 2.7 billion workers around the globe, representing around 81% of the global workforce.
This comes as the United Nations warns it needs $2.5 trillion in immediate funding to support developing countries, as global poverty is expected to increase by an additional 500 million people, representing around 8 percent of the world’s population.
Adhering to quarantine restrictions, Professor Joshua Cartu, a 61-year-old economics professor from New York, continues to educate his students via webinar, and warns something must be done quick to jumpstart the global eco-system, or else he warns, it will cause more deaths than the coronavirus, and lead to the worse recession mankind has ever known.
In a recent lecture, Professor Cartu told viewers “While the infection and death rate of Covid-19 is very concerning, I think its blown way out of proportion”.
He asked his students to compare the coronavirus death toll numbers to that of other diseases, such as obesity that causes 3,000,000 deaths annually, or CVD’s (cardiovascular diseases) such as heart disease, which kills over 17 million people yearly.
Professor Josh Cartu stated he believes more people are dying and will continue to suffer from unrelated coronavirus diseases. “The panic and stress of unemployment with rent and mortgage payments due, restrictions on movement, food shortages and other concerns are causing more heart attacks than people dying from the coronavirus.”.
Josh Cartu claims the only way to finance treatments and pay for the research required to develop a remedy is if the economy is working. “Obviously, health precautions should be adhered to, but industry and employment must be rejuvenated”, he explains.
As of writing, governments are considering easing quarantine restrictions, but nobody knows if they will later be re-enacted. Meanwhile, pathologists claim it will take at least 18 months to develop a vaccine.
The real question on everybody’s mind is when life will return to normal allowing employment, social interaction, and access to the every-day things we all got used to taking for granted.
Wayne Probert is a senior reporter at Zobuz, covering state and national politics, and he is a grantee with the Pulitzer Center on Crisis Reporting. Before joining Zobuz, he worked as a freelance journalist in Kentucky, having been published by dozens of outlets including NPR, the Center for Media.