It’s time to consider a new economic model

Waqf solution: We need to revive institutions that encourage mutual help and generosities to people in need in the post Covid-19 society.

FATALITY figures from the Covid-19 pandemic are increasing every day around the globe. At the time of writing, almost 150 thousand lives have been lost with the number of infections already more than 2,000,000. There is no news yet on the availability of any vaccine and, therefore, the above numbers are likely to increase in the coming months.

The economic impact of Covid-19 will likely be worse than the Great Depression of the 1930s. Statistics coming out from the United States, the most important player in the global economy, paint a very grim picture. Over a period of just three weeks up to early April, a staggering 16.8 million Americans lost their jobs, which is worse than even at the peak of the global financial crisis of 2009. One report predicted that 47 million jobs could be lost in America resulting in a 32% unemployment rate.