Corona Virus: Health Concerns and Financial Stability
Undoubtedly, we need to ensure that there are resources in place to assist both individuals and companies during times of crisis. As people opt for self-isolation or are forced into self-isolation because of health concerns, the economy as a whole will be under enormous pressure.
During previous financial crisis, the State was able to intervene and acting as lender or guarantor could maintain the integrity of financial systems that underpin the economy as a whole.
In the present crisis generated by having to deal with Corona Virus, once again, the State is coming out and investing public monies to support both individuals, public services and companies that are affected by a sudden slowdown. Such intervention by the State can only be temporary. The package of extraordinary measures is not something that be kept going forever. We must be aware of the potential for extremely negative consequences that will involve social and political repercussions.
We are talking about two worlds: the world before Corona Virus and the world after Corona Virus in the same manner that we had a world before 9/11 and a completely different world after 9/11. The way in which we approach the provision of healthcare will have to change. The way in which we approach immigration will have to change.
Most importantly, what we do about healthcare is not a national issue. It is an international issue. Countries will have to accept the fact that illnesses don't respect national borders, that what happens in one country will inevitably affect the rest of the world. Each country with international support will have to improve the provision of healthcare. Healthcare is a priority for all regardless of race, gender, religion, nationality or any other consideration. What happened in Wuhan has now affected more than 150 countries and is spreading in the same manner that AIDs that started in Africa has killed millions across the world.
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