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Warren Buffett Says Pandemic Not Over, Adds We Are 'Unprepared'

Warren Buffett claims that the pandemic is not over and another one is on the horizon. (representational image)

Warren Buffett claims that the pandemic is not over and another one is on the horizon. (representational image)

Warren Buffett expressed how unevenly the economy was hit by the pandemic. Big businesses and the automotive industry are doing fine, however.

Warren Buffett, the American Billionaire and business magnate stated in an interview with CNBC that he believed another pandemic was on the horizon. Moreover, he suggested that the next one could be worse than the current COVID-19. It is his belief that though these situations are manageable, the world as a whole is not prepared for mass-scale prevention. In the interview, he was quoted saying, “There’ll be another pandemic. We know that there is a nuclear, chemical, biological and now cyber threat. Each of them has dire possibilities…It doesn’t seem like it’s something that society is fully prepared to deal with.” Said Buffett.

He stated that one of the main takeaways from the pandemic, the lockdown and the overall situation was that the world simply is not prepared for these large-scale emergency situations. He added that society has a hard time preparing for remote situations, which are bound to happen sooner or later as per the businessman.

Buffett voiced his views on the uneven impact of the pandemic and the lockdown on businesses as smaller businesses took the brunt of the blow. The billionaire noted, while this was the case for small businesses, the large industries were doing reasonably well and emphasised on the fact that the pandemic is yet to pass, saying “The economic impact has been this extremely uneven thing where… many hundreds of thousands or millions of small businesses have been hurt in a terrible way, but most of the big companies have overwhelmingly done fine.”

It was of his opinion that the automotive was doing particularly well and that it was a “success that they did not anticipate.” He recalled that this particular industry saw a boost in profits, record-breaking even, during the pandemic.

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With the shutdown of factories and global shortages of semiconductors, the automakers and dealers saw a tremendous surge according to the report by CNBC.

The world-renowned investor made it clear that even he faced financial uncertainty of his own, as no one was sure what was going to happen to his airlines BNSF Railway and NetJets in terms of demand. Despite all the uncertainty and chaos, Buffett was determined to shift the focus to the industry and helping other companies stay afloat so that they did not have to rely on the government for aid.

The new COVID-19 delta variant virus is on the rise to becoming the most dominant strain on the planet as it has been found in almost 100 countries across the globe.

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first published:July 03, 2021, 13:23 IST