Topic: How do you estimate resilience of economy in your country? (Read 700 times)

The countries are fighting against the COVID 19 pandemics but they cannot make their people believe that being at home in isolation is the best way to deal with the pandemic. Some countries generate income from services and the absence of tourists means that they are not generating revenue. GDP of different countries is calculated differently thanks to the structure and proportion of different industries, the pandemic will affect the economies of these countries differently.

From what I heard a few weeks ago, Nigeria had hotspots but on the whole was fine - not sure if thats still the same.

And yeah I think a 50% drop is still recoverable, countries that took a 20% drop like the UK didn't seem to suffer that much.

Switzerland got added to the fly and self isolate list from the UK also and I think the capital of nz is in lockdown. In defense of Switzerland, they're quite small and close to Germany and France so they've done well managing this far.

It seems smaller countries have a handled the pandemic much better so far - and the UK seem to have split into smaller segments too of at most 5 million people - it'd be nice if we could keep the devolution further even if it is bigger blocks of 5-10 million.

I don't know, that sounds pretty devastating to me--though I'm certainly not an economist and haven't had too much economics education except for some college courses taken years ago.  Hopefully we don't start seeing countries having their GDP fall by that amount, and if we do I'm hoping there's a quick recovery.

Yeah, it seems like Europe is doing OK so far, as is the US and Canada (not sure about Mexico and S. America).  That doesn't surprise me, since those are all well-developed economies and were running strong prior to the COVID-19 outbreak.  The US (where I live) is pretty resilient I think.  Hell, look at the hit we took during the banking/housing crisis in 2009.  Things were looking exceedingly grim back then, but we survived it and the stock market has been in a continuous bull market ever since then.

I'm curious about the third-world countries and how their economies are coping with this pandemic.  I don't hear any news about what's happening anywhere in Africa or parts of Asia--except for China and Hong Kong, and they're developed countries with resilient economies AFAIK.

There's still lockdown though, we still can;t cross from city to another but prices of the daily needs are still the same, the government so far is doing good which I guess if they didn't there would be chaos already in terms of prices and hoarding of products. The government is also providing food supply and stimulus package for every family, there is just the need for every family to also cooperate and not spend on unnecessary things because they only provide enough.

As for my country here, they did not do anything to support the citizens affected by the epidemic, nor did they do anything to improve the economic situation of the country as a result of the epidemic. I think this is the same for most third world countries.
As for the country that I think has done good things to fight the epidemic and improve the country's bad economic situation, I believe that there are countries that have taken a series of successful measures to address the epidemic in a healthy and economic way, such as Denmark and Singapore also, I think that China has done a great job to fight the epidemic as well as improve the economic situation that has deteriorated as a result of the epidemic .

Some countries have tried to save what could be saved from tourism, but although some have managed to achieve fairly good results - the consequences of full opening are only now becoming visible in the number of newly infected cases. Take, for example, Spain, which is the leader in the number of infected in the EU, and the fact that they have 205.5 cases per 100 000 inhabitants. France has 85.1, Croatia 84.4 (which is huge for a country with less than 4 million people), and Malta is counting 101.5 infected per 100 000 (only 519 000 inhabitants).

All these countries are already experiencing a second wave, and the summer is not over yet - while forecasts say that winter this year will come very early, which will only worsen the situation. Tourism yes, but with restrictions and bans on gathering large numbers of people indoors, which is mainly the reason why young people became infected while enjoying nightclubs.

https://www.ecdc.europa.eu/en/cases-2019-ncov-eueea

I believe that one of the most important problems in many countries is not only the coronavirus, but also Corruption. Officials who constantly steal money receive big profits from big business, heavy industry and energy raw materials and resources, and in the current situation in every country this sector of the economy is working properly, which primarily replenishes the pockets of rich people and officials, but not the state treasury and does not work for the welfare of a kind of people. That is why officials do not bother to find any other solutions to solve the problem, because their incomes are not decreasing. In some countries, the second wave of coronavirus has begun, and in some of which the first wave has not yet ended and governments are imposing such restrictions that it destroys small and medium-sized businesses. This applies primarily to the countries of the post-Soviet space.

Some countries are richer, and when you have the money you will solve problems faster, you will buy the equipment you need, you will buy food or any other help, with money you can do almost everything! I don't estimate the resilience of the economy in my country, I don't think I have all the facts. What we have is what official tells us, and I believe they are lying us. If you have all the wrong facts, every time you try to estimate it you will have wrong results. It's better to not have an opinion than to have the wrong opinion.

This thing has been done by the government when the first time covid 19 took a place. Indeed, this problem can't be done quickly, maybe they need more time to make theie economy run normaly.

But I just thinking, as long as this virus still spreading and kill many people the economic will never run normaly. There will be a lot of companies and another sector who will close the activity and this thing that makes the economic situationg getting worst.

This is a awry situation, in one side we need our economic back tor normal and in another side we have another threat which can kill us. So, in my perspective the government should find a vaccine first to make us comfortable to face our daily life. We just need to afraid anymore and this thing will make the economic situation run normaly.

Every country was affected by this Pandemic Covid 19. However there were still countries who considered more to continue operating businesses to support its economic aspects eventhough the cases of infected is rising continuously..well theres nothing we can do if the government implements that aside from being more careful and aware on preventive measures of being infected..Im just wishing that corrupt officials will be eliminated from the position so it will lessen the burden of the community and its sovereignity.

I think it's 50/50. The Government here is more focusing on revenge from political issues. I can see the urge to give aid to people and to restore the economy but Corruption is always here, giving so much hardship to everyone especially the less fortunate people. Opening up slowly the economy brought more health risks that the cases is record higher each day. The Health Frontliners are getting tired about it. So sad to say that we are getting worst as a whole and we are running out of resources.
To answer the last question here, I am happy for New Zealand, Thailand, Japan and Taiwan. Based on the news, they are now Covid-19 free. The Government of this Countries handled this war of the Unknown pretty well for sure.

There are few things to consider here :-

1. Countries like New Zealand where there is less population and the recovery is really fast will handle the situation much better and they have proven that time and again .

2. Countries where the scientists are working towards making the vaccination for the COVID-19 like US, India , UK

3. Countries which are not dependent on other countries for things like food and basic necessities , industrially independent countries like China , India

4. Countries in which the Government is realizing the importance of the situation and distributing , food , masks , sanitizes , making sure people don't have to choose between insulin and groceries ! !

5. Countries providing jobs for the people who became jobless during the pandemic.

It's not dependent on anyone , it's dependent on the leaders .

I believe that first of all it is necessary to take into account the work of the government, and not the country's capabilities when restoring its economy. In many cases, the problems that exist in many countries should be blamed primarily on the country's not professional leadership.

Looking at government policies in my country, it's possible to restore the economy. Although it takes several more months to be seen
the effect. There are some countries that I see that economic security is quite good, such as South Korea raising taxes to several
sectors considered recovering the economy quickly enough, and also China with its government support several businesses to make
the economy China is getting stronger.

In my country, everything is in shambles. Government officials are corrupt and they do not hide it anymore because they are protected by the current regime, they always threat people that there will be violence if they criticize their way of governing which is shitty. Not to mention the law enforcers are the rule breakers and the politicians are crybaby, they can't take the criticism. The other bigger problem is that there are so many blind people that tries to justify the immoral actions of the government. Instead of focusing their efforts on the pandemic at hand, they prioritize the disbandment of a TV network and imposing a law that arrests alleged terrorist without warrants which is shitty because the government have the power to prosecute activists by labeling them as "terrorist". I do not know how they focus their energy in creating this shitty situation but I hope that people will wake up from this injustices commited right in their faces.

This is key, each country is different, a country like Switzerland that depends so much on their banking sector is doing fine and will keep doing fine for the foreseeable future, but countries that depends heavily on tourism are doing horribly as international travel is still heavily restricted due to the pandemic and I will not be surprised if this keeps up for at least another year and those countries have the real possibility face an economic crisis during the short term.

United nations and Germany seem like the most capable countries to fight the economic crisis at the moment. Their economic is already better than the rest of the world. The countries that actually need to worry about the crisis are the third world countries where economy has always been a trending issue. Amidst the global pandemic and all the chaos going around in the world, I think that my country is doing quite better as its attracting business proposals from various countries that previously had their base setup in China. Also google recently announced new proposal for my country and so did Apple.

This is just from my point of view but I don't think our country have done everything to those you've said. If yes, then I don't think it was enough. I think that instead of focusing on how we can slow down and even make the curve go down, our government focuses more on things that won't help the country cope with the situation. Our country has the highest positive cases in South East Asia now. And from what I observe, thousands of new cases are added each day. With that said, I don't think our country is resilient enough. If it is, then this wouldn't be our situation right now.

Resilience could be in the people not just the economy exactly, theres good reaction and behaviour to this unknown quantity of virus and theres been poor handling also.   Just by numbers, a country which has a better trade deficit, ability to produce export and demand goods in exchange should be able to get through this where countries with alot of debt already before this disruption may find resilience is poor.     Ultimatly I do place the wealth of a nation with its people who can change their actions at any point, usually it takes time to develop.
  I believe the Asia economies are far ahead of us on this need to isolate to reduce flu type disease, they seem to get this problem more often previously so its now advantage when its become to lethal.

all countries will certainly do the best way to overcome this pandemic so that people can avoid the difficulties that will be experienced from the pandemic. there are many ways the government can do for each citizen can carry out activities well and can avoid sustainable transmission, and the economy continues to run well.

As the colleague above said that Switzerland is not among the best if you see the rate of death that is quite a lot seen from the total number of its citizens, but it should also be appreciated because the cure rate is quite good. in fact, I agree that New Zealand is very significant because the death rate is very small because the level of confirmed illness is insignificant, this indicates that the New Zealand state is quite responsive in overcoming this corona pandemic.

what about the economies of each country, of course it will still have an impact because this pandemic is not over and the possibility of a subsequent pandemic can occur if it is not vigilant.
with unexpected costs incurred by each country will certainly have an impact on every country that uses its foreign exchange reserves to cope with this corona pandemic.
no one felt that their economy was not interrupted because the world bank alone could predict that the growth of every country affected by the corona pandemic would experience a deficit.