Addressing the social and economic impact of the COVID-19 Pandemic

Abstract

Coronavirus Disease (2019) COVID-19 now poses a more serious downside risk to the global economy. The World Health Organization (WHO) declared the COVID-19 outbreak a pandemic on March 11 to signify its severity and global coverage and urged countries to take ‘urgent and aggressive action.’ On March 13, Europe was declared the new epicenter of the virus, as its confirmed cases and deaths surpassed those of the rest of the world (except China). New cases in Europe even surpassed those of China at its peak. As of March 19, globally confirmed cases reached 218,823 and 8,810 deaths. In the Philippines, there are now 217 total confirmed cases, 17 deaths, and 8 recoveries. As a result, several countries have taken a variety of measures from mass testing, travel/border restrictions, to lockdowns in a bid to contain the virus. Governments and central banks have likewise been adjusting the monetary and fiscal policy to mitigate the economic impact. This means that we are now in the second chapter of the crisis where the pandemic has translated into an economic crisis. In a way, the second chapter is inevitable since part of the response to address the pandemic is to slow down economic activity. If we are unsuccessful in navigating through this pandemic-induced economic crisis, then we enter the third chapter: social and political crisis.