F&D Weekend Read: The Global Economic Impact of COVID-19

Dear Colleague,

I hope this note reaches you in good health.

Yesterday, IMF Managing Director Kristalina Georgieva and WHO Director-General Dr. Tedros Adhanom Ghebreyesus wrote an op-ed about how best to tackle the pandemic—reframing the false dilemma of having to choose between saving lives and saving livelihoods.

“Getting the virus under control is, if anything, a prerequisite to saving livelihoods,” they wrote. “Paying salaries to doctors and nurses, supporting hospitals and emergency rooms, establishing make-shift field clinics, buying protective gear and essential medical equipment, and carrying out public awareness campaigns about simple measures like hand washing are critical investments to protect people against the pandemic.”

More broadly, this past week our partner IMF Blog published a number of pieces detailing our most recent analytical work and research on how the novel coronavirus is impacting the global economy:

• Economic Policies for the COVID-19 War by Giovanni Dell’Ariccia (Research), Paolo Mauro (Fiscal Affairs), Antonio Spilimbergo (Research), and Jeromin Zettelmeyer (Strategy, Policy and Review)
• In It Together: Protecting the Health of Africa’s People and their Economies by Karen Ongley and Abebe Aemro Selassie of the African Department
• Europe’s COVID-19 Crisis and the Fund’s Response by Poul M. Thomsen of the European Department

In addition, we just published a new World Pandemic Uncertainty Index for 143 countries, which shows that the level of uncertainty related to the coronavirus is unprecedented. As of March 31, it is three times the size of the uncertainty during the 2002–03 SARS epidemic and about 20 times the size during the Ebola outbreak. As the virus spreads, more coordinated action will be critical to boosting confidence and providing stability to the global economy.

We are also regularly updating our global policy tracker to help our member countries be more aware of the experiences of others in combating COVID-19. The tracker now covers 193 economies and focuses on discretionary actions that supplement existing social safety nets and insurance mechanisms, and summarizes key economic responses governments are taking to limit the impact of the pandemic. Since launching just over a week ago, more than 100,000 people have explored this comprehensive database of policy insight.

Next week, our partner IMF Blog will discuss the economic impact of COVID-19 on emerging markets and spotlight five charts demonstrating the impact of the virus on the global economy.

Finally, we are just a few days away from launching a new Virtual Spring Meetings newsletter that will only run from April 8-17—kicking off with IMF Managing Director Kristalina Georgieva’s Curtain Raiser speech on Thursday, April 9. Sign up here to receive this special daily update. After entering your email address, add “Virtual Spring Meetings 2020” to your list of subscriptions and be sure to fill out your profile to receive the most relevant content.

Thank you again for your interest in F&D. I sincerely hope you find these roundup notes from our partner insightful and action-oriented. If you have any questions, comments or ideas for future stories, please feel free to write to me directly. I would love to hear from you.

Stay safe,