Carney says that the prospect is that the virus will cause disruption, not destruction to the economy
- We are beyond the containment phase for the virus, now on to the delay phase
- Financial system is more resilient than that in 2008
- Virus impact should be less persistent than 2008 shock
Personally, I don't think you can quite compare the nature of the disruption and economic fallout of the current situation to what happened back in 2008-09.
This no doubt will have a short-lived impact with not much long-term repercussions - once the world can find a cure/vaccine for the virus that is - but for now, the potential ramifications could be far greater if it continues to cause heavier supply-side shocks.
