The countries with the most resources at their disposal are the ones best placed to weather the viral storm, writes Ian Bremmer
influence and the domestic focus of the governments of developing states]Compare the world’s response to the coronavirus to the way it tackled the great financial crisis of 2008/2009.
A joint declaration by G7 finance ministers earlier this week — not to mention an emergency rate cut by the US Fed — did nothing to slow the financial panic. Some of that has to do with their general political stability, which gives their leaders the political space needed to take difficult and costly policy decisions. But beyond that, more wealth means better access to healthcare infrastructure and medicines, as well as more financial resources to deal with the economic disruption and fallout that follows — we’ve already seen South Korea and Japan pass supplemental budgets to take into account the costs and mayhem of the coronavirus.
The world’s emerging markets, meanwhile, were struggling to attract foreign investment even before the coronavirus in a slowing global economic environment, and at a time when many of these governments will need more financial resources than ever to fight the spread of the disease, capital drying up will only compound their problems. It’s not outside the realm of possibility that the world will see one or more embattled governments fall as a result of their response to the coronavirus outbreak.
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