Covid-19 pandemic spark the New World Order
Dr. Rabeea Khalaf Saleh
Business Administration Department
Cihan University - Erbil
After the outbreak of the Coronavirus around the world, the economic repercussions of this outbreak and the accompanying aspects of the global closure have become clear. The Organization for Economic Co-operation and Development (OECD) expected that global economic growth would be decreased to "half", leading the global economy towards its worst crises after the global financial crisis that exploded in the United States of America in September 2008 and then spread throughout the world.
If the crisis persists, the global recession will be inevitable with a worldwide growth rate of the gross domestic product (GDP) of 1.5%, no more, so that the world's losses exceed the numbers of 12 digits (trillions) valued in dollars. The United States alone is facing an economic storm costing a loss of up to $ 2 trillion this year. In addition, the global recession will develop into worse than it, represented by inflationary stagnation (Stagflation). This extremely complex economic situation prevailed in the decades of the seventies and the eighties of the last century that its effects continued for other decades when the depression (represented by unemployment as an aspect of its manifestation) accompanied with inflation at the same time for the first time since the industrial revolution. It seems that western economies have already entered this dark tunnel due to corona.
All countries of the world, especially The Great Nations (the big players) are directly responsible. When American, European, Chinese, and other research centres were competing persistently to manufacture and synthesize viruses instead of fighting to invent anti-viruses. We find them now, within Corona Crisis, have closed themselves and their slogan (my country first) has become unprecedented selfishness instead of cooperation to get out of the crisis safely with the lowest losses.
What has just been mentioned unmask the fragility of the so-called World Order, if there was a world order? We believe that the world order fell before the downfall of the Soviet Union and the emergence of the several unipolar decades before. The system had dropped (or began to fall) since the thunderous fall of the Bretton Woods Agreement in 1971, which shot down the International Monetary System. The rest of the global economic system (trade, customs, and even the environment) has been collapsed after the disintegration of the Soviet Union, so the obsessive quest of the establishment and emergence of the World Trade Organization (1994) was an attempt to rebuild the world order according to the American vision, for influence and control purposes. Even this organization began to decline and gradually fade away after the failure of numerous rounds of negotiations and the growing of customs war between the members of the organization, as well as the economic sanctions imposed by the members on each of them individually, away from the multilateral agreements.
The bottom line is that the world order no longer exists, and world leaders have clearly stated this by saying the following:
Chinese President Xi Jinping: The world after the Corona pandemic is different from the world before it.
US President Donald Trump: The world order that was created after the Second World War, including the Bretton Woods Agreement in 1944, has developed a disability and must be changed.
Macron and the rest of the Western leaders: The world today is without leadership and an agreed world order
These statements are hazardous and may be more dangerous than the Corona pandemic many times. The agreement of all (East and West) to change the world order is an agreement that does not mean global stability as long as each party wants a new world order with harmony to its standards and approaches.
When the big players are enemies, they will not sit down to agree on a new world order according to united will. That will not happen unless all other wills are destroyed, I don't think that there are two who disagree that this will not occur until after humanity sees more woes.
Finally ... Will Corona pandemic be the spark that ignites the global will conflict?
I hope not……