Since 2013, the Venezuelan economy has been in free fall. In just seven years, the country’s gross domestic product has lost nearly 70 percent of its value. This economic collapse represents the largest in the modern history of the western hemisphere.
The pandemic reminds liberals of the difference between limited government and incompetent government, but it should reinforce belief in the superiority of liberal democracy, argues Dr. Tom G. Palmer.
Freedom can only be preserved if it is defended not merely for reasons of recognisable usefulness but as a fundamental principle. (Friedrich A. von Hayek)
As at the time of writing this, there are 22,333 confirmed coronavirus cases in Africa and 1,125 coronavirus deaths.
When compared to cases in other countries, these figures show that the health crisis does not so severely hit Africa nations, yet, the implications on its economy are grave and catastrophic.
For the first time in 25 years, sub-Saharan Africa is about to go into recession, according to World Bank estimates. Following 2.4 percent growth last year, the forecast for 2020 is between -2.1 and -5.1 percent as the economy contracts.