The coronavirus outbreak is first and foremost a human tragedy that will have a profound impact on the global economy.
The potential scale can already be seen in the extraordinary increase in US unemployment claims, which will potentially dampen any bounceback of previous consumption patterns. That will then cause many economic dislocations to finally break and for a plethora of bubbles to burst.
The impact on the traditional retail and consumer industry will be extreme as the initial supply chain miseries morph into a consumer demand-driven crisis.
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