Global powers failed to learn a lesson from pandemic
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The neoliberal economic system proved a house of cards
Short-term gains still preferred over longterm benefits
FPCCI Central Standing Committee on Insurance on Saturday said the global economic power have not learned a lesson from the pandemic which inflicted losses to the tune of trillions of dollars to the world.
The neoliberal economic system failed to tackle virus-related losses pushing the world into chaos resulting in heavy material and social losses, it said.
The situation is now improving but it can take an ugly turn anytime and the world is not prepared for it, said Dr. Murtaza Mughal, Convenor of the FPCCI Central Standing Committee on Insurance.
He said that the faulty and fragile global economic system proved to be a house of cards amid pandemic but the majority of economic powerhouses are reluctant to take steps enabling economies and people to withstand shocks.
