In response to the novel and deadly coronavirus, many governments deployed draconian tactics never used in modern times: severe and broad restrictions on daily activity that helped send the world into its deepest peacetime slump since the Great Depression.
The equivalent of 400 million jobs have been lost world-wide, 13 million in the U.S. alone.
Global output is on track to fall 5% this year, far worse than during the financial crisis, according to the International Monetary Fund. Despite this steep price, few policy makers felt they had a choice, seeing the economic crisis as a side effect of the health crisis.
They ordered nonessential businesses closed and told people to stay home, all without the extensive analysis of benefits and risks that usually precedes a new medical treatment.
There wasn’t time to gather that sort of evidence: Faced with a poorly understood and rapidly spreading pathogen, they prioritized saving lives.
Five months later, the evidence suggests lockdowns were an overly blunt and economically costly tool. They are politically difficult to keep in place for long enough to stamp out the virus.
The evidence also points to alternative strategies that could slow the spread of the epidemic at much less cost. As cases flare up throughout the U.S., some experts are urging policy makers to pursue these more targeted restrictions and interventions rather than another crippling round of lockdowns.
Can the lottery be an answer to old-age poverty?
As Thailand rapidly ages, one of its challenges is how to encourage the poor to save for old-age security. The country’s passion for the lottery may offer some answers.
How the “four M’s” underpin a bright Asian future
The four Ms represent a convergence of positive factors that will shape the Asian century. First, let’s look at the millennials. There are 800 million of them in Asia, compared with 66 million in the US (and 60 million in the EU).
Subscribe via Email
Thailand’s Consumer Confidence Hits new Record Low in May
The University of the Thai Chamber of Commerce (UTCC) has reported that Thailand's Consumer Confidence Index (CCI) for May fell...
The future of rail travel in Thailand
Hua Lamphong is, for many people, a beloved representation of rail travel in Thailand. However, there is a significant upgrade...
Thailand Calls for Lifting of Intellectual Property Protection on COVID-19 Vaccines
Thailand will push for COVID-19 vaccines to be removed from intellectual property protection lists, as per the Trade-Related Aspects of...
China’s new three-child policy highlights risks of aging across emerging Asia
Thailand's (Baa1 stable) total dependency ratio is set to jump nine percentage points to 51% by 2030 – a faster...
Thailand gains 1.2bn baht revenue from international film productions
During the four-month period, 31 production crews came to Thailand to shoot films, generating 1.212 billion baht revenue for Thailand....