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moneypedia
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Posted by moneypedia > 2020-03-16 16:14 | Report Abuse
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Covid-19 pandemic worse than 1997 financial crisis, says Dr M
Bloomberg -March 16, 2020 2:30 PM
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Former prime minister Dr Mahathir Mohamad.
KUALA LUMPUR: Dr Mahathir Mohamad, the former prime minister who steered Malaysia’s recovery from the 1997 Asian financial crisis, expects the Covid-19 pandemic to hit the global economy even harder.
“This is worse than the financial crisis,” he said in a Bloomberg Television interview. “This is really a terrible blow to the economies of the whole world.”
Mahathir joins other world leaders in warning that the virus impact may be worse than past periods of upheaval. European Central Bank president Christine Lagarde this month warned the economic fallout could be similar to the 2008 global financial crisis, while Singapore Prime Minister Lee Hsien Loong said it might be worse.
The 1997 crisis led to widespread financial and political upheaval across Asia. Millions of people fell below the poverty line as economies contracted and currencies plunged, while governments fell across the region. Malaysia emerged relatively better off, with economic growth rebounding in just a year.