Economic impact from Coronavirus: Some preliminary estimates
According to the OECD “Interim Economic Assessment” from 2nd of March 2020, the coronavirus (Covid-19) outbreak has already brought considerable human suffering and major economic disruption and it will have an impact in the economic growth outlook worldwide.
Governments need to act swiftly and forcefully to overcome the coronavirus and its economic impact:
- Ensure effective and well-resourced public health measures to prevent infection and contagion, and implement well-targeted policies to support health care systems and workers, and protect the incomes of vulnerable social groups and businesses during the virus outbreak.
- Supportive macroeconomic policies can help to restore confidence and aid the recovery of demand as virus outbreaks ease, but cannot offset the immediate disruptions that result from enforced shutdowns and travel restrictions.
- If downside risks materialize, and growth appears set to be much weaker for an extended period, coordinated multilateral actions to ensure effective health policies, containment and mitigation measures, support low-income economies, and jointly raise fiscal spending