Pandemics and other macro crises

Abstract

A pandemic, as a crisis event that exemplifies many challenges of a wide set of “macro shocks”, has multi-dimensional implications for social protection systems. These begin with the responsibilities to meet urgent needs for benefit provision, but extend much further, into considerations such as immediate and sustainable long-term financing. Meeting the needs of individuals for provisions, not only for health care, but also for livelihood support is challenging, especially as regards those with specific vulnerabilities. Capacities to do so vary widely between countries at different stages of development. The various instruments of social protection have specific values; the availability of sickness benefits is important, but the general lack of universal basic income (UBI) may be regretted. Systems of not only health care, but of long-term care for the elderly, have been “stress-tested”, with weaknesses exposed across both developed and developing countries, together with poor levels of cooperation and coordination.