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TWN Info Service on Health Issues (Mar20/12)
27 March 2020
Third World Network  

Dear friends and colleagues,

We are happy to share two articles related to the economic impact of COVID-19 and possible actions.

With best wishes,

Third World Network

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How to Manage the Economic Fallout of the Coronavirus

By Kavaljit Singh
Madhyam Briefing Paper # 33 | March 19, 2020
https://www.madhyam.org.in/how-to-manage-the-economic-fallout-of-the-coronavirus/

The world is facing a triple crisis a combination of a health crisis, an economic crisis affecting both production and consumption, and, increasingly, a financial crisis.

The policy tools used by the monetary authorities during the 2008 global financial crisis are impotent to tackle the ongoing triple crisis because the spread of coronavirus has led to a shutdown of economic activities and which, in turn, has triggered a corporate credit crunch. Unlike the 2008 crisis, leveraged banks and exotic financial instruments are not the problems this time. There is no playbook to deal with the potent economic threats posed by the coronavirus. Instead of isolated measures, immediate and coordinated actions by health authorities, market regulators, fiscal authorities, and central banks are needed to prevent the spread of the virus and to manage the emerging financial risks.

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Coronavirus: A Seven-Point Action Plan for G20

By Kavaljit Singh
Madhyam Briefing Paper # 34 | March 25, 2020
https://www.madhyam.org.in/coronavirus-a-seven-point-action-plan-for-g20/

Prior to the G-20 virtual summit on 26 March, this Briefing Paper challenges the leaders of the G-20 countries on seven issues for action.

More than bland statements, the world urgently needs is coordinated action plans (with concrete steps, resources required, deadlines, and accountabilities) to address the triple crisis a health crisis, a real economy crisis, and a looming financial crisis triggered by unprecedented capital outflows and credit stress.

The following are seven key issues for action that G20 could collectively undertake to address the public health crisis and the corresponding economic fallout of the coronavirus pandemic:

  1. Enhance Medical Aid and Collaborations
  2. Financial Mobilization and Coordination
  3. Extend US Dollar Swap Lines
  4. Coordinate Macroeconomic Policies
  5. Regulate Volatile Capital Flows
  6. Grant Substantial Debt Relief
  7. Resolve Bilateral Disputes

 


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