The global economic effect of the Wuhan virus pandemic has already been severe, but the experts and global governments are only predicting more bad news. After President Trump’s declaration March 24 that he hopes to get the U.S. economy up and running again as soon as possible, his goal becomes even more urgent after a quick scan of the sobering amount of damage the Wuhan virus has already done.
Germany, according to its government, is predicted to take in 33.5 billion euros ($35.8 Billion) less in taxes this year due to the Wuhan virus pandemic. It is also planning to pay out 10 billion euros on out-of-work benefits for around 2 million people.
The European Union has already spent 750 billion euros in a bond-buying package to try and boost the crashing economies of Italy, France, and Greece, but the economies of the countries have worsened not improved and the EU is contemplating even more expensive bailouts.
As of March 19, the Norwegian unemployment rate had more than doubled, with 5.8 percent of the population unemployed as 84,000 people were laid off work in just one week.
The “Eurozone” (Europe) has experienced the worst fall in monthly business activity since comparable data has been collected (since July 1998). The only comparable low was in February 2009.
As of March 11, economic growth and production had slowed significantly due to the Wuhan virus pandemic in the U.S., China, Japan, and Europe, and prices on oil from OPEC (the Middle East) and Russia had plummeted. The economic hardship in the above countries is only expected to become worse.
On March 23, Breitbart reported that Federal Reserve Bank of St. Louis President James Bullard has predicted that, unless somehow the U.S. economy is kickstarted again soon, U.S. unemployment rates in the wake of the Wuhan virus could rise up to 30 percent, the highest since the Great Depression.
The most shameful and saddening fact of all is that Taiwan warned the World Health Organization (WHO) in December 2019 of the potential global danger of the Wuhan virus from China, but WHO ignored the findings and did not report on them to other nations. WHO not only refuses to include Taiwan in its organization, due to pressure from Communist China, it refused to take studies on what was even then a potential global threat from Taiwan seriously.
The Wuhan virus might never have become a pandemic in Europe, the U.S., or elsewhere if Taiwan had been heeded and WHO and European governments had been less politically correct and wiser in their handling of this situation. Now thousands of people are dead, the lives of millions of young people are been violently displaced due to fears for the lives of the old, study abroad programs are ended, economies are crashing, people are losing their jobs, and churches and businesses are closed. Meanwhile, Nancy Pelosi and Chuck Schumer were demanding climate change “relief” and extra abortion funding in the Wuhan virus relief package.
“You know then how to discern the face of the sky: and can you not know the signs of the times?” –Matthew 16:3