Deepening inequalities because of covid-19 could prompt a fairer social contract. Or they may end up feeding protectionism and xenophobia on a scale not seen in decades
90% is just fine; in an economy it is miserable, and China shows why. The country started to end its lockdown in February. Factories are busy and the streets are no longer empty. The result is the 90% economy. It is better than a severe lockdown, but it is far from normal. The missing bits include large chunks of everyday life. Rides on the metro and on domestic flights are down by a third.
For a start, leaving lockdown is a process, not an event. Even when the worst is over, cases ebb slowly. A month after Italy’s deaths peaked at about 900 a day, the toll is still over 300. With the virus still present, some social distancing is bound to stay. The economy will also suffer from scarring. Firms that adapt to covid-19 by cutting costs and finding new ways of working may increase productivity. But if people mix less after lockdowns lift or if they are idle for months on end, they will become detached from professional networks and may lose skills. America’s unemployed could face a lost decade . Government schemes will save businesses in the short term, which is welcome.
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