COVID-19 will have a negative impact on economies worldwide, but the recovery could be robust most economists forecast, once COVID-19 epidemic is contained.
Currently, emergency packages worth billions of dollars are launched to cushion socio-economic shock, maintain a level of supply and demand, influence consumption and services simultaneously.
The economic impact will depend on the duration of the pandemic, government policy response and key export markets return to buoyancy. Small and mid-size enterprises (SMEs) are experiencing sharp declines in revenue, tightening their liquidity capacity with increased risk of bankruptcy.
In the Caribbean region, the flow of remittances will drop significantly, resulting from job loss. “This is no longer only a global health crisis, it is also a major labour market and economic crisis that is having a huge impact on people,” said Guy Ryder, ILO’s director-general.
A stunning misery in the travel industry, banking, and industry – a major source of foreign currency for the region has happened. This will compound and already fragile domestic economic situation in most Caribbean countries. Even those with minerals including oil and gas; financial returns witness a sharp decline in recent weeks, is widely expected to prolong.
Public health measures executed to contain COVID-19 and thereafter, healthcare precautions and heighten hygiene practices depends on crisis measures – communication, personal practices and national authorities mitigation models.
To suppress and control epidemics, countries must isolate, test, treat and trace, the World Health Organisation (WHO) caution, “If they don’t, transmission chains can continue at a low level, then resurge once physical distancing measures are lifted. As of March 18, more than 200,000 cases of COVID-19, and more than 8000 people have lost their lives, many countries now face escalating epidemics and are feeling overwhelmed,” said WHO.
A documented model by WHO explained, “ A month ago, the Republic of Korea was faced with accelerating community transmission. It educated, empowered and engaged communities;
- It developed an innovative testing strategy and expanded lab capacity;
- It rationed the use of masks;
- It did exhaustive contact tracing and testing in selected areas;
- And it isolated suspected cases in designated facilities rather than hospitals or at home.
As a result, cases have been declining for weeks. At the peak, there were more than 800 cases. Today the report was only 90 cases and WHO is working in solidarity with other countries with community transmission to apply the lessons learned in Korea and elsewhere, and adapt them to the local context.”
Where every possible, WHO recommends that confirmed mild cases should be isolated in health facilities, where trained professionals can provide good medical care, and prevent clinical progression and onward transmission.
COVID-19 pandemic will change society as we know it – social acceptance, personal and business finance, world economies and food security, among others.
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We hope this information is useful to all of our readers, facing the greatest challenge since world WWII.
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