Unprecedented Isolation: El País

Covid-19 confounds humans with its exponential growth and cases doubling in increasingly shorter periods of time, resulting in steep curve. The United States responded swiftly on the economic front, approving more than $2 trillion in stimulus spending. Still, the largest economic stimulus package in history won’t prevent economic recession, job losses, bankruptcies and evictions. All countries can expect economic contraction with low consumer demand. “This impact will be even worse in countries with large populations, precarious economies, and weak healthcare systems, which means that nations such as India, Nigeria, Pakistan, Brazil, South Africa, Bangladesh and Mexico can expect to be particularly hard hit,” explains Moisés Naím for El País. International coordination on social distancing and stay-at-home orders would slow the virus and minimize the impacts. “In other words, the world must strive to act locally at the smallest possible scale and multilaterally at the most global level possible.” He concludes that isolation saves live at the individual level, but coordination among countries reduces overall costs. – YaleGlobal

Unprecedented Isolation: El País

Individual isolation saves lives during the Covid-19 crisis, but between countries, isolation carries higher costs – both human and economic
Moisés Naím
Wednesday, May 6, 2020

Read the article from El País about the need for individual isolation to protect from Covid-19 and international coordination to reduce the economic costs.

Moisés Naím is an internationally-syndicated columnist and best-selling author of influential books including The End of Power, a startling examination of how power is changing across all sectors of society, and Illicit, a detailed expose on modern criminal networks. Dr. Naím’s columns and media commentary have a worldwide audience. He is the chief international columnist and “Global Observer” for El País and La Repubblica, the largest daily newspapers in Spain and Italy.

Also read “Dealing With Our Systematic Misjudgment of COVID-19 Exponential Growth” From Medium.

South Korea's President Moon attends virtual G20 summit on Covid-19
South Korea's President Moon Jae-in attends G-20 summit to discuss Covid-19 (Source: South Korea Presidential Blue House and Yonhap News Agency)

GDP Share of World Economy: Government and Consumer as Share, Selected Nations 		 	GDP as share of world total	Consumer spending as % of nation's GDP (ppp) China  19% 53% US	15% 82% India 8%	71% Japan 4% 75% Germany 3%	72% Russia 3%	67% Indonesia 3%	66% Brazil 3%	84% UK	2%	84% France 2%	77% Italy	2%	79%
Double-edged sword: Social distancing and isolation save lives, but also reduce consumer spending, which fuels economic growth (Source: World share of GDP, Visual Capitalist; consumer spending, World Bank)

© EDICIONES EL PAÍS S.L.

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