82 trillion dollars. That's how much the COVID-19 pandemic could cost the global economy.
Saying the crisis and shutdown has been devastating is an understatement. The University of Cambridge in England is estimating an 82 trillion dollar potential loss to the global economy over the next five years. Kevin Roberts, the Executive Director of the Texas Public Policy Foundation, says the final tab could be higher.
“And when you start thinking about the consequences of all of the individuals whose lives make up that aggregate figure, I get really worked about the social and cultural consequences of the pandemic as well,” Roberts said.
Some economists think, globally, we could see more protectionism, new supply chains, and working from home. Still, Roberts says Texans’ experience may provide a reason to feel optimistic. He says the Lone Star State has been successful in its phased re-opening. Many businesses have starting back up, but the state has not seen a huge spike in COVID-19 cases.