Responses to the coronavirus are often presented as a binary choice between lives saved and the economic cost of trying to save those lives – health versus the economy. As with most things to do with the pandemic, it’s not quite that simple.
Until Victoria lost control of the virus the national economy was expected to shrink by slightly less than 4 per cent this calendar year, with a horrific June quarter followed by a significant bounce back as the economy reopened. The economic impacts weren’t as severe as those experienced elsewhere in Europe – Germany’s economy, for instance, shrank 10.1 per cent – but they are very similar to those of its Nordic neighbours and the death rate is about four times that of Germany’s, about 10 times Denmark’s and nearly 25 times Norway’s, countries where the restrictions on activity have been far more stringent.
That suggests that even when the hard lockdown of Victoria ends, there will be an ongoing reduction in economic output and not just in Victoria. As the Victorian experience has also demonstrated, at this point in the life cycle of the virus, infections can be contained but not to the point where they are eradicated.
They advocate strict quarantines for the infected and the most vulnerable groups in the community but a gradual normalisation of activity for those with some level of immunity or at low risk and argue for a granular approach to different industries and activities, depending on their levels of perceived risk.
StephenBartho Conflict is between debt and health. If we had built up a more sustainable economic & settlement structure (environmentally oriented lifestyles, smaller cities) the damage would be lower now. Even if China were forced to pay compensation it would be printed money
Stating the obvious is very goodlyishious
Really? How about focusing on the liberal party trashing the economy for six years straight, leaving us in a perilous position now, the economic version of the elderly patient with pre existing conditions, whereas somewhere like New Zealand that isn't, will fair much better.
Stable nations have the nucleus of a strong family, a spritual moral order and an economic system based on fairness. Presently the US has none of these. Where did it all go wrong? What is needed is not a UBI it is a UMI also known as a 'universal maximum income'.
The best economists right now are epidemiologists on epitwitter - we need to listen to them, and the most active domestic economy in the world is likely to be New Zealand’s. RBNZ raising rates earlier than peers could create huge NZD strength for them if they wanted right now.
No. To achieve holistic health and economic prosperity for all current government's need to be apprehended and disbanded for their intentional crimes against humanity