“Without responsibility, it is impossible to restore economic progress and get out of the coronary crisis,” Nicholas Tymoshchuk

Mutual trust in developed countries has been able to prevent what could become the longest-running economic crisis since the Great Depression. According to the latest IMF report, developed economies will lose less than 1% of growth compared to forecasts before the coronavirus epidemic, while developing economies will fall by an average of 4% compared to pre-crisis forecasts.

In his column for NV, Nicholas Tymoshchuk, CEO of UFuture, explains why some countries will catch up with the expected level of economic growth by 2024, while others will significantly slow down the pace of economic development.

• At the beginning of the corona crisis, the central banks of the United States, the European Union, Japan, and other developed countries provided unprecedented financial support to their countries by repurchasing government and private sector bonds and lending additional business. In parallel, several developed countries have increased the reserves of commercial banks, and some countries have begun to provide targeted financial subsidies to industry-forming companies and small and medium-sized businesses and citizens of these countries through direct payments.
• A cardinal distinction of developed countries was the responsible observance of quarantine measures by the population and their effective control by states. This has helped many walks of life avoid harsh, protracted lockouts and at least partially operate in a global pandemic.
• Two-thirds of any success is to vaccinate the majority of the population quickly and successfully. Developed countries managed to convince the population of the expediency of vaccination, which had a cumulative effect and weakened lockdowns.
• As practice shows, without trust, there will be no money or health. Therefore, to break contracts, throw away investors, not adhere to quarantine, and spit in doctors and scientists’ face is unreasonable and (much) more expensive.

Read more about why trust is the good and value of more and more countries via the link.