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COVID-19 requires bold economic measures

15 0 2

By Troy Stangarone

The situation that the world faces today is grave. Borders are being shut and economies are coming to a standstill. French President Emanuel Macron put it simply, "We are at war."

While the crisis being fought today is not a war in the sense of troops in battle, lives are at stake and the tactics used to preserve them will have significant economic consequences.

The first priority must remain dealing with the public health emergency from the coronavirus. Despite steps to shut borders and isolate countries, the coronavirus can most efficiently be tackled through cooperation.

Here South Korea can help the international community. Its rapid expansion of testing, transparency, and use of technology have helped to flatten the curve of COVID-19's spread.

But an important secondary consideration is how nations handle the economic consequences of containing the spread of the coronavirus.

As the world's major economies resort to social isolation policies to stop the spread of COVID-19, economic activity is increasingly becoming constrained.

Four former chief economists at the International Monetary Fund believe that the global economy has already entered a recession, meaning global growth is expected to slow to less than 2.5 percent.

Others, such as Bloomberg Intelligence think the damage could be deeper. It........

© The Korea Times