08 JUN,2020 | MEDC
In much of the world, Covid-19 is causing an unprecedented economic upheaval. On the health front, there was remarkable convergence of global policy – more than 80 countries imposed lockdowns between March 9 and April 2. Lockdowns were essentially imposed to buy time for other national priorities – notably, strengthening domestic healthcare infrastructure and educating citizens on the need to follow some common (and not so common) precautions. Many countries that imposed lockdowns are now facing dilemmas – they cannot reopen their economies safely, but they also cannot sustain lockdowns financially for much longer. Every country has its own socioeconomic compulsions and needs to accept the fact that the post-lockdown period won’t be one of strong recovery, because commercial activity will remain severely constrained by the need to maintain social distancing. The global economy is certainly too big to fail, and this crisis will require every country to undertake a thorough restructuring of its financial, technological, and regulatory infrastructure once normalcy resumes.
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