A balance act: minimizing economic loss while controlling novel coronavirus pneumonia

Abstract

The outbreak of Novel Coronavirus Pneumonia (NCP) has significantly affected China and beyond. How to effectively control such epidemic has gradually become a global issue. This paper reviews the economic impact of major epidemics such as SARS, H1N1, and Ebola at the micro-, sector-, and macro-level. The challenge of effective epidemic control is to achieve a balance between viral transmission reduction and economic cost. This paper then summarizes three main methods to evaluate the effectiveness of several control policies. We also find that the adequacy and authenticity of information disclosure is of great importance to minimize economic loss, as either public panic due to overestimation or lack of public awareness due to underestimation can cause additional negative economic impacts. Accurate and transparent disclosure of information plays a crucial role associated with fighting against the epidemic. Finally, the paper puts forward a number of policy recommendations to minimize economic loss while controlling the spread of COVID-19.

Restarting Manufacturing Industries Post Covid-19

“…As the outbreak of COVID-19 is increasing rapidly, businesses across the globe are facing the challenge to swiftly fine-tune their processes to myriad situations that can affect their business continuity. Health and wellness have been brought to the forefront of corporate priorities, and this development is in line with Gong et al (2020) and Koonin (2020). Viruses and other forms of biological catastrophes are real global threats to operational continuity.…”

“…The overview of challenges posed by COVID-19 in the domains of socioeconomic condition, health and wellness, organizational and human dynamics, supply chain and logistics, financial, demand environment, emergency preparedness, communication, and business model aspects along with the mean score and standard deviation of experts' feedback (scale 0-4) is presented in Table 1. Ayittey et al, 2020;Bénassy et al, 2020;Fadel et al, 2020;Galanakis, 2020;Gong et al, 2020;Gormsen and Koijen, 2020;Kartseva and Kuznetsova, 2020;Koonin, 2020;Kruger et al, 2020;Mendoza, 2020;Nicola et al, 2020;Rowan and Laffey, 2020;Sohrabi et al, Gong et al, 2020;Hafiz et al, 2020;Hudecheck et al, 2020;Kartseva and Kuznetsova, 2020;Kruger et al, 2020;Mendoza, 2020;Nicola et al, 2020 3 Supply chain & logistics 3.65 0.29…”

“…Challenges related to sourcing of raw materials, processing, just-intime manufacturing, inventory, packaging, storage, supply chain visibility, import/export, and port restrictions, distribution while managing the unpredictability and disruptions posed by COVID-19 Ayittey et al, 2020;Bénassy et al, 2020;Dun & Bradstreet, 2020;Galanakis, 2020;Gong et al, 2020;Gormsen andKoijen, 2020 al., 2020;Hafiz et al, 2020;Hudecheck et al, 2020;Ivanov, 2020;Mendoza, 2020;Nicola et al, 2020;Rowan and Laffey, 2020;Sohrabi et al, 2020;Shao, 2020;Wuest et al, 2020) 4 Financial 3.59 0.18 Challenges related to the management of the cash flow, working capital, budget, capital expenditures, payments, unforeseen expenses, lack of fiscal and monetary capacity, and low revenues during COVID-19 pandemic Ayittey et al, 2020;Bénassy et al, 2020;Gong et al, 2020;Hafiz et al, 2020;Ivanov, 2020;Kruger et al, 2020;Kartseva and Kuznetsova, 2020;Mendoza, 2020;Nicola et al, 2020;Rowan and Laffey, 2020;Sohrabi et al, 2020;Shao, 2020 Fadel et al, 2020;Galanakis, 2020;Gong et al, 2020;Gormsen and Koijen, 2020;Hafiz et al, 2020;Mendoza, 2020;Qing et al, 2020;…”

“…Country administrations are imposing national quarantines on their people in different forms, which has created worldwide economic chaos (Kruger et al, 2020). The COVID-19 pandemic is taking a substantial toll on the worldwide economy (Gong et al, 2020;Ivanov, 2020;Nicola et al, 2020). The International Monetary Fund (IMF) has projected the global growth to drop considerably in the year 2020, calling it the worst year since the Great Depression (Ayittey et al, 2020;Gormsen and Koijen, 2020;Mendoza, 2020).…”

A district-level susceptibility and vulnerability assessment of the COVID-19 pandemic's footprint in India

“…Yet, despite such restrictions being imposed, many countries, India included, have experience sharp jumps in cases due to existing gaps in their healthcare systems and vulnerabilities in their socioeconomic and political-administrative setups ( McAleer 2020 ), which exacerbate contamination risk and dampen recovery rates. Furthermore, the closure of offices and factories has already cast a lasting effect on the global economic landscape ( Ajami 2020 ; Gong et al 2020 ; McKibbin and Fernando 2020 ). Large numbers of low-income migrant workers, who mostly live on-site at their workplaces or are heavily dependent on daily incomes/wages for sustenance, have perforce been uprooted.…”