Browse

You are looking at 1 - 10 of 18 items for :

  • Diseases: Contagious x
  • New Zealand x
Clear All
International Monetary Fund. Asia and Pacific Dept

New Zealand’s sound management of the COVID-19 crisis has been effective in bringing infection rates quickly under control. Decisive fiscal and monetary policy responses have been instrumental in cushioning the economic impact. Although economic activity was hit hard initially, it has recovered faster than expected. That said, the recovery has been uneven, with some sectors and workers disproportionately affected.

International Monetary Fund. Asia and Pacific Dept
New Zealand’s sound management of the COVID-19 crisis has been effective in bringing infection rates quickly under control. Decisive fiscal and monetary policy responses have been instrumental in cushioning the economic impact. Although economic activity was hit hard initially, it has recovered faster than expected. That said, the recovery has been uneven, with some sectors and workers disproportionately affected.
International Monetary Fund. Asia and Pacific Dept

1. New Zealand’s management of the COVID-19 health crisis has been successful. Following an initial wave in March/April 2020, infection rates were brought under control quickly through strict, managed quarantine requirements; strong focus on testing, contract tracing, and social distancing; a hard lockdown in 2020Q2; and ongoing strict travel restrictions (Box 1). Despite intermittent small regional clusters, the number of cases has stayed exceptionally low, with only 26 deaths to date.

International Monetary Fund. Asia and Pacific Dept

While New Zealand’s economy has begun to recover more rapidly from COVID- 19-related lockdowns than most advanced economies, the pandemic is nonetheless likely to have a long-lasting impact on New Zealand’s potential output. Reduced migration, lower capital accumulation, and reduced productivity growth are expected to take a toll. To minimize scarring effects of the pandemic and lift medium-term growth, New Zealand should embark on reforms to address long-standing weak productivity and the infrastructure gap and accelerate product market reforms.

International Monetary Fund. Asia and Pacific Dept

1. New Zealand’s households and corporates have so far weathered the impact of the COVID-19 shock relatively well. Relative strength of the balance sheets at the outset, strong cash flow support from expansionary fiscal and monetary policies, and loan deferrals from sound and well-capitalized banks have cushioned households and the corporate sector from the initial brunt of adverse impact.

Mr. John C Bluedorn, Francesca G Caselli, Mr. Niels-Jakob H Hansen, Mr. Ippei Shibata, and Ms. Marina Mendes Tavares
Early evidence on the pandemic’s effects pointed to women’s employment falling disproportionately, leading observers to call a “she-cession.” This paper documents the extent and persistence of this phenomenon in a quarterly sample of 38 advanced and emerging market economies. We show that there is a large degree of heterogeneity across countries, with over half to two-thirds exhibiting larger declines in women’s than men’s employment rates. These gender differences in COVID-19’s effects are typically short-lived, lasting only a quarter or two on average. We also show that she-cessions are strongly related to COVID-19’s impacts on gender shares in employment within sectors.
Changyong Rhee and Katsiaryna Svirydzenka
The Asia-Pacific region was the first to be hit by the COVID-19 pandemic; it put a strain on its people and economies, and policymaking became exceptionally difficult. This departmental paper contains the assessment of the key challenges facing Asia at this critical juncture and policy advice to the region both to address the current challenges and to build the foundations for a more sustainable and inclusive future. The paper focuses on (1) adjusting to the COVID-19 shock, (2) using unconventional policies when policy space is limited, (3) dealing with debt, and (4) helping the vulnerable and greening the recovery. The paper first presents the different ways countries are adjusting to the COVID-19 shock.
Ms. Manuela Goretti, Mr. Lamin Y Leigh, Aleksandra Babii, Mr. Serhan Cevik, Stella Kaendera, Mr. Dirk V Muir, Sanaa Nadeem, and Mr. Gonzalo Salinas
This departmental paper analyzes the impact of the COVID-19 pandemic on tourism in the Asia Pacific region, Latin America, and Caribbean countries. Many tourism dependent economies in these regions, including small states in the Pacific and the Caribbean, entered the pandemic with limited fiscal space, inadequate external buffers, and foreign exchange revenues extremely concentrated in tourism. The empirical analysis leverages on an augmented gravity model to draw lessons from past epidemics and finds that the impact of infectious diseases on tourism flows is much greater in developing countries than in advanced economies.