Friday, May 15, 2020

Covid-19 Crisis Not Unprecedented


Nope. As the chart shows our GDP contracted by 10% in 1980 after cyclone Claudette visited us in the dying days of 1979. The contraction estimated by the Ministry of Finance for this year is between 7% and 11% so it’s going to be roughly the same. What’s going to be different is that since 2005 government has been working for the 1% while 41 years ago important components were being added to our welfare state helping tens of thousands of us have more meaningful lives. 

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