COVID-19 Monitor

Last Updated:October 15, 2020

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After the disease, the debt (The Economist) Published on: April 23, 2020 | Category: Economic Impact

To cope with the expensive legacy of the pandemic, governments will have to find the right path between stimulus and restraint
Public borrowing in the rich world is set to soar to levels last seen amid the rubble and smoke of 1945.
Across the rich world, the IMF says gross government debt will rise by $6trn, to $66trn at the end of this year, or from 105% of gdp to 122%—a greater increase than was seen in any year during the global financial crisis.

AP-NORC poll: Few Americans support easing virus protections (AP) Published on: April 23, 2020 | Category: Global Response

Only 12% of Americans say the measures where they live go too far.
About twice as many people, 26%, believe the limits don’t go far enough.
The majority of Americans — 61% — feel the steps taken by government officials to prevent infections of COVID-19 in their area are about right.
Just 36% of Republicans now say they strongly favor requiring Americans to stay home during the outbreak, compared with 51% who said so in late March.

Federal committee working on criteria to ease COVID-19 restrictions, says Canada’s top doctor (CityNews) Published on: April 22, 2020 | Category: Canadian Business

Canada’s public health officer says a special advisory committee on COVID-19 is working on setting criteria on when physical distancing restrictions can be eased.
The special advisory committee will look at benchmarks, such as the rate of hospitalizations, daily reports of new cases.
Premier Rob Ford suggested this week that Ontario could reopen its economy around the May long weekend.

Coronavirus: Doug Ford says he’s getting lobbied hard to reopen various sectors of economy (Global News) Published on: April 22, 2020 | Category: Canadian Business

Ford said his government’s framework for how and when to reduce and remove various restrictions should be released in the next few days.
He would not give specifics, except to say that one of the first areas may be outdoor activities.
Ford’s comments come a day after new provincial modelling suggested the community spread in Ontario is peaking – though cases in long-term care homes are rising.

How the Coronavirus Crisis Is Redefining Jobs (HBR) Published on: April 22, 2020 | Category: Leadership

By breaking out of rigid job constraints, the right talent and work can be matched to solve evolving business challenges in real time.
Many organizations, such as Allianz Global Investors and Cisco, have already set up internal project marketplaces that break down work into tasks and projects that can be matched with people from anywhere in the organization with relevant skills and availability.
For example, supermarket Kroger is temporarily borrowing furloughed employees for 30 days from Sysco Corporation, a wholesale food distributor to restaurants that has been hit hard by the coronavirus.

The socioeconomics of pandemics policy (Brookings) Published on: April 22, 2020 | Category: Economic Impact

Expansive macroeconomic policy can stimulate aggregate demand, but when social distancing is enforced, it will not stimulate production and consumption whenever this demand is satisfied through physically interactive activities.
Once the pandemic is over, a more profound rethinking of decisionmaking—in public policy, business, and civil society—is called for.
First, decisionmakers will need to supplement the current focus on economic efficiency with greater emphasis on economic resilience.

Sysco Canada Debuts Online Grocery Platform (Digital Magazine) Published on: April 22, 2020 | Category: Canadian Business

Sysco Canada has launched an online store to sell direct to consumers for the first time ever.
With the click-and-collect program, shoppers can place their grocery order online and drive to the nearest location to pick it up.
Demand for online grocery options is skyrocketing as businesses across the world pivot to offer more access to produce, meant, and other staples.

US Congress strikes $484bn deal to fund small business (FT) Published on: April 21, 2020 | Category: Economic Impact, Global Response

The White House and congressional leaders have reached a deal on a $484bn stimulus package that includes more than $300bn to replenish the depleted small business rescue fund.
In addition to $320bn for replenishing the Paycheck Protection Program — the loan programme to help US small businesses during the crisis — the bill will also include $75bn for hospitals and $25bn for expanded coronavirus testing.
Of the new funds to replenish PPP, $60bn will be allocated to small lenders and community-based financial institutions — a key demand from Democrats.

Several States Move to Reopen Economy as Disruptions From Coronavirus Rise (WSJ) Published on: April 21, 2020 | Category: Economic Impact

Attorney General William Barr says Justice Department would consider backing those who claim states’ coronavirus policies violate their rights
Some South Carolina retailers were open for business Tuesday, with social-distancing measures, after Republican Gov. Henry McMaster loosened restrictions put in place earlier this month.
In Alabama, Republican Gov. Kay Ivey said the state would have to increase testing capacity before reopening its economy.

Covid-19 will only increase automation anxiety (FT) Published on: April 21, 2020 | Category: Economic Impact

Furthermore, with jobless claims rising at record rates and the world economy shrinking, automation anxiety looks set to witness a revival — and with good reason. Coronavirus is likely to accelerate automation.
An influential study by Nir Jaimovich and Henry Siu showed that routine jobs that can easily be automated vanished with the 2008 financial crisis and didn’t come back, contributing to a jobless recovery.
Consumers also tend to “trade down” during a recession, opting for cheaper and less labour-intensive goods and services. For example, if US consumers switch from Whole Foods (which employs six workers per $1m of sales) to Sam’s Club (which employs two workers per $1m of sales), they increase the level of automation in the economy.

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