Preventive steps to prevent infection may produce an economic crisis that risks exacerbating poverty, hunger, and health issues.
At the rate it is spreading across the world, COVID-19 has become a global nightmare.
Economic Contagion
Recent research on the pandemic’s effects on the global economy by the Asian Development Bank traced the impact to several main channels, including the decline in domestic consumption in disease-affected countries, the chilling effect on tourism and business travel, disruptions in trade and production lines, and the effects on health due to disease and mortality risks.
Policy Coherence
Uncalibrated policy responses could cause further damage if many industries slow down and tens of thousands of small firms are scuppered. And this could destroy income streams for millions of workers and their families — all during a time when they might need funds the most.
This article was written by Manuel M. Dayrit and Ronald U. Mendoza
To read the full article, please click on the following link: https://thediplomat.com/2020/03/covid-19-countering-the-economic-contagion/
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