Why is nobody talking about the catastrophic effects that the coronavirus is having on the UK economy?
Whilst social media is full of people who are convinced that the 'Corona' impact on jobs, money, housing, and the general economy will be minimal, how can that be the case when the real stats are showing a completely different picture.
What is interesting is that the majority of people I have been speaking to on phone and zoom calls this week are convinced that the financial fallout of the Coronavirus is going to be 'massive' and way bigger than anything else we have ever witnessed in our lifetimes. But none of them feel comfortable about posting their views on social media for fear of being called negative.
So in posting my opinion here, I am at risk of being 'trolled', but the bottom line is I am simply being a realist and I believe that whilst most of us are currently enjoying this 'honeymoon' at home with our loved ones, the hard reality of a very 'depressed' economy will soon be dawning on the nation.
If you simply take a look at the last recession, things will become a lot clearer as facts don't lie.
Having shrunk by more than 6% between the first quarter of 2008 and the second quarter of 2009, the UK economy took five years to get back to the size it was before the recession.
However, the current GDP forecasts for the 'Coronavirus crisis' are negative 35% in the next quarter, which has NEVER HAPPENED IN HISTORY in one quarter!
I personally know of many business owners from Hotels to pubs, Estate Agents to large cleaning companies, who have already been forced to close their companies as a direct result of the lockdown.
My feeling is that we are going to witness an economy that we have never experienced as there are too many factors at play to avoid a huge 'depression'.
I also believe that this 'depression' will end up killing way more people than the Coronavirus ever will.
On the brighter side, if there is one, all us entrepreneurs, opportunists, and risk-takers will have plenty of opportunity to cash-in on the hardships on others. This may seem very harsh and unthinkable to many of you, but my advice is to start preparing yourselves for tougher times ahead, educate yourself on the economy and get ready for the ride of a lifetime