Economist declared three main consequences of Covid-19 pandemic

Economist Branko Milanovich called the three main consequences of the coronavirus pandemic for the world. About this, the leading researcher at the Stone Center for the Socio-Economic Inequality of the City University of New York told in an interview with RBC.

According to Professor of the London School of Economics, the most obvious consequence of the epidemic is to increase the share of employees working in remote format. The specialist noted that fundamentally new technologies over the past year did not appear, however, people realized how much can be made from home.

Milanovich also explained that during the pandemic, the conflict was aggravated between the United States and China. He added that the political and economic confrontation of the two states will be of great importance both for the global chains of value and for other countries, for example, Vietnam, which can partly take China’s niche. In general, the conflict with Washington can hardly hit Beijing’s ability to create innovations if he loses access to the American market and technologies, summarized the economist.

In addition, the specialist stressed that the development of vaccines from coronavirus greatly influenced the entire medical sector. So, Milanovic believes that it will contribute to the creation of potential for the development of other drugs.

Earlier it was reported that global debt rose in 2020 to a record 281 trillion dollars – this is 3.5 times more than the size of the world economy itself. After a year and a half, the volume of loans can grow to 300 trillion. The debt increased last year by 24 trillion dollars, such rates became record.

/Media reports.