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A BRINK interview with

国际货币基金组织的最新经济数据表明,冠状病毒和随后的封锁将导致全球GDP萎缩188bet投注网站至少3%this year. To get some insight into whether we might expect a quick or long recovery from that, BRINK turned to Moisés Naím, distinguished fellow at the卡内基国际和平基金会,并担任该杂志的首席国际专栏作家厄尔巴ís,西班牙最大的报纸。


NAÍM: Of course, this is new, but it’s also early days. We don’t know how it will evolve. If we have a vaccine in six months or so, that’s one outcome. But if it takes a couple of years, or if it becomes a chronic thing in which it becomes seasonal, it’s a completely different ball game.


The second common factor in the big crises of the last half century is an overestimation of their consequences. If you look at the media coverage, opinion columns, TV political discourse and even scholarly seminars and papers during these crises, you find that the common wisdom was that the event was a world-altering game-changer, and that nothing would remain the same. In reality, what happened is that while some important changes did indeed occur and affected parts of the world, none changed the entire world.


And the third commonality is that this crisis generates situations in which what we thought was permanent — institutions, ideologies, political and economic arrangements, business models, habits — ended up being transitional. And what we thought was temporary became permanent.



NAÍM: What no one could anticipate was that the drop in demand for oil was going to be as significant as it was. It was a result of the measures taken by governments to deal with the coronavirus that essentially stopped the economies in their tracks in unprecedented ways.

The conversation and the debates about oil used to be centered on production levels and prices. Now the conversation has shifted to competition for markets, clients and storage facilities. We are far from the days when producers called the shots.


This is going to be part of what is going to stay with us, oil for low for long. I’m not suggesting that we’re going to have oil permanently at $25 a barrel; it may go up, may go down, but it’s not going to be near $80 or $90 levels that we have seen. There were even brief moments in which oil prices reached three digits. I don’t see that ever coming back.


卡弗:How long do you think it’s going to be possible for governments to continue to support and pay the wages of workers who have lost their jobs and may not have jobs to come back to?





And yet very few people believe that such a massive monetary expansion in public spending will spur inflation. In the past, that would have been the case. It hasn’t happened. And the second is devaluation of the dollar. Again, we have not seen that.



NAÍM: We have a very large number of countries that, in one way or another, are doling out cash to their populations in different forms. But there’s a lot we still don’t know about this crisis.

We don’t know how fiscally sustainable this is, and there’s plenty that we don’t know about the long-term effect of these instruments. But it’s already happening. It’s happening in many European countries and in emerging markets.





So there are some economists predicting that this could be year one of a lost decade for the emerging markets. In the eighties, you may recall, as a result of the debt crisis, there was a lost decade, at least for Latin America, in which economies were stagnating and social policies had to be curtailed. It created a lot of human suffering and political repercussions.

Let’s hope we can avoid it this time, but surely the signals are not good.

卡弗:That’s a depressing thought. With all the years of experience you have, do you feel optimistic or fundamentally pessimistic about what is going to happen over the next few years, both economically and politically?



Fellow at the Carnegie Endowment for International Peace @潮湿

莫伊斯é不适用ím是一位杰出的学者卡内基国际和平基金会和an internationally syndicated columnist. He was the editor in chief of Foreign Policy magazine from 1996 to 2010 and the author of bestsellers like非法的权力的终结. 他在Twitter上的@moisesnaim。

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