Turkey’s economy is booming — officially, at least. Skyscrapers are sprouting up and exports are strong. But high inflation means that many in Turkey are feeling the pinch.
The economic impact of the coronavirus is similar to the situation during both world wars. It could even match the despair of the Great Depression. Still Germany is well prepared, says Albrecht Ritschl in a DW interview.
Africans who own stores and hairdressers or produce music in Germany also make for a vibrant subculture. As the country now faces the COVID-19, the outlook is bleak for the Afro-German business community.
The Asian Development Bank has warned that if the "worst pandemic in a century" lasts for more than six months, economic losses could be higher. It predicted that growth in China will be two-thirds lower than last year.
The virus has yet to arrive at full strength in developing countries, but poor health care facilities and weak finances point to grim times ahead. For most, the pandemic already rivals the 2008 global financial crisis.
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