Get ready for a 1930s style depression.

How to prepare for a shrinking economy

Photo by The New York Public Library on Unsplash

We all know about the human cost of the Coronavirus pandemic, but have you realised what lockdown and restrictions mean for our economies and the wealth of our nations over the next few years?

For many, it hasn’t sunk in yet.

It’s both a human and economic catastrophe that’s unfolding

We’ve all witnessed on the news media how the pandemic is being passed from person to person, what it does to our health, and how many people are dying in hospital ICUs. Governments across the world are tackling the problem in different ways with different degrees of success.

No two countries are behaving the same way.

So the human cost is obvious to everyone. But you need to read, listen, and watch the news more carefully to understand the growing economic catastrophe that is slowly unfolding. Call me a pessimist if you like, as many of my friends and family have already done, but I think I am a realist.

In the UK we were in full national lockdown for many months. You cannot shut the entire economy down for a long period and just expect it to start again as if nothing had happened. The casualties have started to appear every week, if not every day. Job losses, businesses closed…