REUTERS
The current situation requires extraordinary solutions, he added.
Managing Partner at the Capital Times investment company Erik Nayman says quarantine in Ukraine over the novel COVID-19 coronavirus may be lifted no earlier than in May.
"Now everything that's happening is similar to [the crisis of] 1929-1933, the years of the Great Depression. The scale is major. For example, today it was announced that there are more than 3 million unemployed in the United States in just one day, and 1 million in Canada. Such a scale hasn't been observed probably over the past hundred years," he told at the Pravo Na Vladu ("Right to Power") TV panel show on March 26, TSN reports.
The expert added that the current situation requires extraordinary solutions. He believes Ukraine will not be able to overcome the coronavirus epidemic within April.
"In Ukraine, nobody knows for sure. In my understanding, quarantine will be lifted in May, at best. We realize that there will indeed be a shortage of goods before May, as logistics have been disrupted. I don't even mention the budget," he said, adding that the authorities would have to make many nonstandard decisions.
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"Fortunately, the IMF has announced it will help with a trillion dollars. Americans have injected more than US$6 trillion through fiscal measures," the expert said. "China 'sneezed' very hard, but they [Chinese] have already got back to work. Now Europe and the U.S. have problems."
Nayman says the countries of Latin America, as well as India will be the next to suffer the crises. "This will drag on until summer. I see nothing terrible since fiscal support measures are very large in the West," Nayman summed up.