25 C
Lagos, South Africa and New York
Thursday, June 4, 2020

Debt Relief Is the Most Effective Pandemic Aid

GORDON BROWN, LAWRENCE H. SUMMERS Just as the pandemic can be contained most effectively and least expensively with aggressive early action, the lesson from the past is that global recessions and their human costs are best addressed quickly and boldly. A two-year debt-payment moratorium for...

Multilateral Medicine

This year’s annual IMF/World Bank spring meetings may be taking place virtually, but the challenges facing the world’s finance ministers and central-bank governors are frighteningly real. In particular, will multilateral efforts succeed in preventing the coronavirus from causing a humanitarian and economic catastrophe in Africa...

A Global COVID-19 Exit Strategy

NGAIRE WOODS , RAJAIE BATNIJI The COVID-19 pandemic poses an unprecedented threat to both public health and the global economy. Only by ditching nationalist rhetoric and policies, and embracing stronger international cooperation, can governments protect the people they claim to represent. OXFORD – The world that...

Mapping the COVID-19 Recession

KENNETH ROGOFF Until there is a better sense of when and how the COVID-19 public-health crisis will be resolved, economists cannot even begin to predict the end of the recession that is now underway. Still, there is every reason to anticipate that this downturn will be far deeper and longer than that of 2008.

Flattening the COVID-19 Curve in Developing Countries

The more contained you want the novel coronavirus to be, the more you will need to lock down your country – and the more fiscal space you will require to mitigate the deeper recession that will result. The problem for most of the Global South is that policymakers lack fiscal space even in the best of times.

How COVID-19 Is Transforming Manufacturing

DALIA MARIN As the COVID-19 pandemic escalates, the advanced economies seem to be geared up for a manufacturing renaissance. But while this may reduce risks for large firms, it probably will not benefit very many advanced-economy workers, let alone the developing countries from which production is being shifted.

Witnessing Wuhan

China's success in "flattening the curve" of the COVID-19 epidemic has been held up as a model for the rest of the world to emulate. But what the world really needs to understand is that China's "victory" required massive sacrifices by doctors, nurses, and other health workers whose names we will never know.

Capitalism’s Triple Crisis

After the 2008 financial crisis, we learned the hard way what happens when governments flood the economy with unconditional liquidity, rather than laying the foundation for a sustainable and inclusive recovery. Now that an even more severe crisis is underway, we must not repeat the same mistake.

Coronavirus economy: Recession or depression?

by Patricia Sabga More economists are warning of a recession in the United States, Europe and globally as coronavirus containment measures bring entire sectors of the world's economy to a halt. Many have also compared the swiftness and severity of the coronavirus slowdown with the Great Depression...

The burden of a virus

For a president long caught up in the exuberance of a rising stock market and a strong economy, the coronavirus-induced plunge must be a nightmare. Godwin Nnanna For many Americans, life as they know it, is on pause. Covid-19 is proving to be a health and...