The only thing I do know for certain, however, from my experience working in the healthcare field is the following. Given that I am no expert on the COVID-19 Virus or pandemics in general, I will however refrain from going too much into the details of the virus itself. In his amazing books, he explores how humans tend to be blinded by these rare events as we tend to naturally underestimate extreme events, which have low probabilities. It will in the aftermath be inappropriately rationalized with the benefit of Hindsight: To be seen. He describes a Black Swan event as having three key characteristics. The term was popularized by Nassim Taleb‘s book “Fooled by Randomness” in 2001 and later expanded upon in “The Black Swan” in 2007. In my mind, Corona is the perfect example of a Black Swan event. Regardless of the outcome, we can already be certain that this is an event for the history books. While I am hopeful that within the next few months things will start going back to normal, I also believe that the knock on effects may be felt for a long time after the virus is gone. This pandemic is unlike anything I have ever seen in my life, although to be fair I am not particularly old. We are talking about whole countries under quarantine, a borderless continent closing its borders, and the public trading toilet paper like it is a rare commodity. Now it refers to a virus that within only a few months managed to change the way we live. He will give you an insight into his take on what has been happening, and how it already has affected the watch market, and what it might mean for our industry as a whole.Ī word from our editor: the impact of coronavirus on horology Corona, a word with a new-found meaning it used to be the name of a Mexican brew that a German would refuse to call beer. Together, we have been following the events of the Covid 19 virus extensively in many late night ‘WhatsApp’ chats and calls. Having talked about coronavirus in general, as well as, how it has affected us in Gibraltar, I now want to pass on the word to Simon, our Editor from Germany. And because there’s still so much we don’t know about the virus, it makes the potential economic fallout so uncertain. Sure, the stock market isn’t the economy, but it’s a signal that investors are concerned about the economic outlook for the coming year. Markets in Europe and Asia also reacted, in one of the worst weeks for stocks since the 2008 financial crisis. The Dow Jones fell more than 2,000 points the previous Monday, over growing fears about the outbreak, as well as, rock bottom oil prices. And our neighbours in Spain have been put on national lockdown, declaring a state of emergency on Friday 13th March. The outbreak has dramatically reduced the number of shoppers across cities and forced companies to close their stores. I am sure that also we at ‘Watch & Bullion’ will be seeing a big hit. Our Government has provided full transparency throughout this crisis in the form of daily message updates and press conferences round the clock.Ĭoronavirus is having ripple effects beyond its upending of daily life.
It is in times like these that I can see the true spirit of what makes up our identity.
It is directed by a progressive government and is a place where the new and old-world meet, creating a contrast that compliments and enriches the DNA of every Gibraltarian. Our Rock has survived 17 sieges and remains to be one of the most disputed pieces of land in the world due to its strategic position.
We are a place that relies on a substantial workforce that crosses the border on a daily basis to serve our economy, playing pivotal roles in key local areas such as finance, gaming, hospitality and the health industry. It is a boiling pot of cultural goodness with a spice added from the 11 million visitors that travel to see the famous Rock every year. For those of you that don’t know where Gibraltar falls on the map, it is the last frontier in Europe located between Spain and Morocco. The coronavirus however changed this suddenly we are participants in the live televised global thriller called COVID-19. Gibraltar has always been a place that has found itself as a spectator to global events. CORONAVIRUS, Gibraltar and the impact on Horology and the impact of coronavirus in Gibraltar
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