DNA

KARACHI, AUG 15 – 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.

The economic powers are still focusing on short-term gains by paying attention to banks, stock exchanges, currency which has little to do with providing jobs or support people.

The burning issues like climate change, inequality, health, education, and sanitation are taking a back seat.

The COVID-19 pandemic  response is still awaiting a well-funded healthcare system, high levels of testing, information campaigns, proper lockdowns and a proper welfare support in many countries.

Poor countries are still forced to plant flowers on millions of acres of land while most pharmaceutical companies are still more interested in creams and lotions than vaccines.

The economic powers must accept that the neoliberal economic model has failed and it has the potential to inflict further harm to humanity.