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- Title
The COVID-19 pandemic: A multidimensional crisis.
- Authors
Welsch, Friedrich
- Abstract
The COVID-19 pandemic hit nations in all continents hard with the Americas standing out as the world´s hardest-hit region. Government responses have been varying in timeliness, stringency, and results with outcomes being independent of regime type or political system but influenced by early action and the severity of containment strategies. The economic and financial impact of the pandemic has been estimated at a US$ 8,8 trillion decrease of the global GDP, more than the economies of Japan and Germany combined, and threatening the destruction of nearly half the global workforce livelihoods. Governments worldwide have announced unprecedented rescue packages to the tune of around US$ 10 trillion 40 percent of the global GDP. The pandemic hit Venezuela during a generalized humanitarian crisis and the health system in tatters. The real dimension of the pandemic is a mystery due to the opaqueness of the virus-related data published by the government. Due to the shortage of protective gear and disinfectants in run-down public hospitals, the virus-related death toll among medical staff is extremely high. The health authorities miss the minimum testing standards of the WHO. It is unlikely that our post-pandemic lives will return to their pre-pandemic characteristics, especially in the areas of learning, retail, tourism, and other services. The pandemic may be a catalyst for a new normalcy with teleworking heading toward a working-fromhome- economy.
- Subjects
COVID-19 pandemic; GROSS domestic product; ECONOMIC impact; FINANCIAL crises; TELECOMMUTING
- Publication
Gaceta Médica de Caracas, 2020, Vol 128, pS137
- ISSN
0367-4762
- Publication type
Article
- DOI
10.47307/GMC.2020.128.s2.2