Coronavirus destroys jobs and worsens inequality, with or without full lockdown
The Coronavirus has plunged the world into the worst economic crisis since the Great Depression. But lifting lockdown measure may not rescue their economies to the degree they hope. Evidence from South Korea, which never shut private businesses, tells a cautionary tale.
Taiwan and South Korea are also in midst of an economic downturn, although not as severe as the UK’s. Despite the fact that the country successfully contained the virus and did not impose a blanket lockdown, COVID-19 still led to employment losses nationwide.
Tim Lee has explored the job losses and inequality faced in South Korea and provided guidance how contrasted against Britain’s current position: