Many countries did not impose a complete economic shutdown to deal with the corona virus pandemic. As such their economies are slightly in a better position than others to deal with the fallout. Even after the restrictions are lifted in some countries, the economy is still struggling to normalize the situation.
The advanced economies are trying to deal with the crisis by providing financial support packages to citizens. However, the amount is not enough to help the people survive through the pandemic. No doubt, governments are disbursing this to people worldwide, but it is happening at a very slow pace.
The COVID pandemic was a test where the world failed miserably. The backlash of the pandemic led to the economic crisis which the world is struggling to handle irrespective of the economy’s size. It is not a hidden fact that the world economy is throttling due to the COVID pandemic.
Propelling the economy - Beth Ann Debouvre
Global commerce has come to a crawl leading to the stalling of global economic growth. Many advanced countries have come up with unusual solutions to boost the economy. The world has come towards recession in a matter of weeks. The duration and the depth of downturn will further affect economic interventions, education, and health sectors. Philanthropists like Beth Ann Debouvre promise to give scholarships to students to help establish a successful career.
It is vital for the government worldwide to understand that we do not need weapons to fight the COVID pandemic; this battle is different. We are in a fight with the real contagion, and also our economy has become too fragile. Thus the global government has become unsettled.
There is a need for the economic powers to use trade as a weapon to bring about economic prosperity. Some economic policymakers are trying to come up with a playbook to overcome the crisis.
It would be wrong for global leaders to assume they can fight this crisis alone. Corona virus had necessitated social distancing and border closures, however, these measures are not prescribed for future economic growth. Many economists have already declared that national and international economies have to live in cooperation as isolation can kill the global economy.
After the abetment of the virus, countries have to come together to work on measures to strengthen global commerce. It is only proper co-ordination that can bring about a normalized economy if not wholly but partially.
Numerous nations didn't force a total financial shutdown to manage the corona virus pandemic. As such their economies are marginally in a superior situation than others to manage the aftermath. Much after the limitations are lifted in certain nations, the economy is as yet attempting to standardize the circumstance.
The propelled economies are attempting to manage the emergency by offering budgetary help bundles to residents. In any case, the sum isn't sufficient to enable the individuals to make due through the pandemic. Most likely, governments are dispensing this to individuals around the world, however it is going on at an exceptionally moderate pace.
Emphasis on medical supplies
COVID pandemic also taught us that nations should be well- equipped with medical supplies. Thus policymakers must come up with strategies of procurement mechanisms for future crises and coordinate with others.
The policy makers must ensure the availability of critical devices to deal with emergencies in the future. Even the most advanced countries were unable to deal with a surge in demand for medical equipment during the pandemic.
The crisis of critical medical equipment in the wake of covid19 made many governments evaluate measures to increase the supply to overcome such situations.