The economic downturn associated with the coronavirus pandemic will not be as severe as the global crisis of 2008, but countries will still have to recover from it for quite long time.

“Compared to the decade after the 2008 financial crisis, the pandemic will be an event of two to three years. The recession will be short-term, and the scars will be less deep,” he estimated, adding that the financial burden of the national debt would be very weak.

According to the expert, the concern is more likely to be caused by the long-term effects on some areas, in particular, medicine, education, traveling. Lane noted that the pandemic has affected office staff and travel companies much more than, for example, IT professionals who can continue to work remotely.