Survive the economic fallout of COVID 19

Dominique Grubisa
Dominique Grubisa

Published 5:58 am 17 Apr 2020

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Worldwide efforts are helping to slow the spread of the coronavirus, but there’s no stopping the massive economic downturn that COVID 19 is causing. Now is the time for those with significant assets to move to protect them, writes DG Institute Founder and CEO Dominique Grubisa.

Up until now, much of the media attention around the coronavirus pandemic has been on the terrible human costs. Around the globe the number of cases has risen to nearly two million, with more than 100,000 people losing their lives to the virus.

But the focus is slowly shifting to the frightening long-term damage COVID-19 is doing to the world economy. Far beyond the immediate job losses and business shutdowns, the pandemic is creating a set of financial circumstances from which the world may well take decades to fully recover.

You can read about the short-term damage in any newspaper. The global shut down of business caused by the coronavirus has led to extreme stock market volatility, with the US Dow Jones going through a series of plunges and minor recoveries. Countless businesses worldwide have gone belly-up, putting tens of millions out of work. The number of lost jobs globally is likely to hit 200 million and, in Australia, conservative Treasury forecasts put the likely unemployment rate at 11 percent.

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The Coronavirus ripple effect

But more is to come over the next six to twelve months as the effects of the shut-down ripple out to the wider business world. As more and more businesses close, rental vacancies will skyrocket, with estimates predicting a massive 20 percent of commercial properties may be vacant. Property values will fall, placing strain on high-net-worth individuals, investors and landlords dependent on rental income. Many businesses outside those sectors initially worst hit – retail, tourism and aviation – will start to crumble, putting even greater numbers of people out of work and even greater stress on the economy. 

It’s no wonder that forecasters across the planet are now predicting either a global recession or a depression, with the UN warning that in a worst-case scenario the world economy could contract 0.9 percent this year

Increasing government debt

While government stimulus packages worldwide may take away some of the short-term grief, they are setting the scene for decades of debt and economic hardship. Trillions are being spent across the globe, with measures in Australia alone expected to leave the country $1 trillion in debt. That’s a sum likely to cripple government spending on other key areas for the foreseeable future.

There’s also the risk that, like during the GFC, world governments may dip into the savings of ordinary citizens to keep institutions and corporations afloat. In such cases, investors have no defence against their assets being plundered.

Risky times

For people with considerable assets, the coming months and years carry the added threat of court disputes, litigation and divorce. As businesses and partnerships crumble, there will be legal wrangles over profits, intellectual property and shareholdings. The divorce rate is likely to climb as couples, cooped up with each other due to social isolation, seek to end their marriages. Many acrimonious court battles will follow.

All in all, it’s a risky time for you and the wealth you have created.

Look for solutions

While some may panic in the face of such challenges, smart investors and property owners will be looking for solutions to protect their wealth and ensure it survives the COVID downturn. They will be investigating the range of options available and finding the solution that best serves their needs.

DG Institute’s Master Wealth Control service provides high-net-worth individuals with a means to lock their assets away against certain creditors. Relying on the so-called ‘man-of-straw’ strategy famously employed by Britain’s Vestey family, it provides an iron-clad vault to protect assets, be they held as property, shares or in other forms.

The strategy provides a way to protect your assets not only while you are alive, but once you die, helping your heirs and their families to enjoy on-going prosperity. That way you and your family will be in the best possible position to bounce back and thrive once the worst of the coronavirus fall-out is over and the world is entering a new economic era.

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DOMINIQUE GRUBISA
Lawyer, Asset Protection Specialist and Property Educator

Dominique Grubisa is a practising legal practitioner with over 22 years of legal and commercial experience. She is a property investor and developer, an entrepreneur with businesses in Australia and Southeast Asia, a speaker, educator, writer and published author. You may contact Dominique at info@dginstitute.com.au


This column has been written for general information purposes only. It is not intended as legal, financial or investment advice and should not be construed or relied on as such.

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