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A Global Strategy to Manage the Long-Term Risks of COVID-19
Author:
Ruchir Agarwal
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,
Ms. Gita Gopinath
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,
Jeremy Farrar
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,
Richard Hatchett
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, and
Peter Sands
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Series:
IMF Working Papers
Volume/Issue:
Volume 2022: Issue 068
Language:
English
Publication Date:
05 Apr 2022
DOI:
https://doi.org/10.5089/9798400205996.001
ISBN:
9798400205996
ISSN:
1018-5941
Pages:
26
Keywords:
COVID-19; pandemics; systemic risks; economic crisis; toolkit approach; policy implication; pandemic financing; omicron scenario; risks of COVID-19; COVID-19; Communicable diseases; Health care; Global
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The pandemic is not over, and the health and economic losses continue to grow. It is now evident that COVID-19 will be with us for the long term, and there are very different scenarios for how it could evolve, from a mild endemic scenario to a dangerous variant scenario. This realization calls for a new strategy that manages both the uncertainty and the long-term risks of COVID-19. There are four key policy implications of such as strategy. First, we need to achieve equitable access beyond vaccines to encompass a comprehensive toolkit. Second, we must monitor the evolving virus and dynamically upgrade the toolkit. Third, we must transition from the acute response to a sustainable strategy toward COVID-19, balanced and integrated with other health and social priorities. Fourth, we need a unified risk-mitigation approach to future infectious disease threats beyond COVID-19. Infectious diseases with pandemic potential are a threat to global economic and health security. The international community should recognize that its pandemic financing addresses a systemic risk to the global economy, not just the development need of a particular country. Accordingly, it should allocate additional funding to fight pandemics and strengthen health systems both domestically and overseas. This will require about $15 billion in grants this year and $10 billion annually after that.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund