Are We in a Messed-up state in the Fight Against COVID-19?

Summary

• COVID-19 has emerged as the most challenging thing for the world that has taken severe charge over global economics as well as society.
• Major economies have felt severe repercussions due to the pandemic with the US GDP tumbling by 32.9% in Q2 FY2020.
• The reporting of COVID-19 cases is also believed to be driven by the political motives of the individual governments and things might be unclear.
• On the brighter side, several countries have managed to reduce the daily cases, and the recovery rate is improving, though the threat of the second wave looms.

A lot has been said, discovered and fought over since the outbreak of COVID-19. Undoubtedly, the world has been through some miserable lows during this time, and the uncertainty remains intact. The speed at which COVID-19 has taken over the world affairs, the pandemic is believed to be a tall order for the world during the current market rout.

Despite all the fuss making COVID-19 a tall order, the world is headed in the direction to somehow manage the staggering losses caused by the infectious disease to the economy and the society. Moreover, researchers and experts across the globe are racing against the clock to develop a breakthrough treatment/vaccine against the coronavirus and finding ways to mitigate its impact on other aspects.

We are already entering the eighth month of 2020 without a definite solution to the problem and there looks like a lot of mess to deal with. No matter how far we get with technology and other advancements, COVID-19 has stood as the real test for the world.

Sadly, the real question remains in place, are we in a messed-up state with our fight against COVID-19?

One of the major crackdowns of COVID-19 has been on the global economy, compelling thousands of businesses to shut and leaving millions of people unemployed due to the economywide shutdowns. Central banks, in conjunction with the Governments, had declared economic stimulus packages to keep businesses in business and its people employed.

Business shutdown and job cuts have resulted in limited spending from the people, and it has its own repercussions on the economic cycle. Likewise, there is a limit to the level of monetary assistance provided by a central bank to businesses as well as individuals.

Growth in the local, as well as the global economy, has plummeted to fresh lows. Moreover, in line with the expectations, the US reported displeasing GDP figures, a worst-ever drop of 32.9% as the economy was brought to a halt for almost the entire month in April. Speculations in the market echoed that the time for the world to realize the depth of the contraction due to COVID-19 has just come up.

Moreover, the daily number of COVID-19 infections in the country is the last thing that anyone would want even after such a strict shutdown. Needless to say, these daily numbers keep fuelling the worries of the public.

So, have the lockdowns across nations failed to keep the people from COVID-19 behind closed doors?

Although several economies managed to flatten the curve with the introduction of lockdowns, yet COVID-19 looks like seeping through the strict restrictions. New Zealand was amongst the first nations to completely wipe out coronavirus from the country, yet the island nation is still in the fight with new cases emerging from people travelling from abroad.

Notably, it has been 91 days since NZ has reported the last case of COVID-19 acquired locally from an unknown source.

More concerning numbers are emerging from few countries in Asia that are yet to witness their peak and have been reporting record numbers daily. For others, the fear of the second wave is real.

In tandem, the number of cases emerging across the country is also said to serve as fodder for the political gristmill and several nations have been said to misreport their number of cases.

It is said that “truth is the first casualty in war”. So, did we go wrong all along the way in tackling the pandemic since its beginning?

With the passage of substantial time and availability of data on coronavirus, various research has emerged with significant findings, bringing more clarity to the scenario.

Lately, a video clip has emerged, claiming that the UN has taken a complete U-Turn regarding the transfer of COVID-19 from an asymptomatic person to another person. Subsequently, the UN explained that there is a lack of data to back it up as scientists are engaged in defining the potency of spread by asymptomatic patients.

On the other hand, pharma companies are working to make a breakthrough and have shifted into high gear mode. American biotechnology company, Moderna Inc (Nasdaq:MRNA) has emerged as one of the fastest players in the race towards discovering the vaccine fit for COVID-19 patients.

Looks like not everything is gloomy in the current picture and a silver lining might stem on the economic front as the economies continue to open with precautionary measures. Moreover, the recovery rate in the Asian countries where COVID-19 cases are growing has improved, and the Governments have gained significant insights over the period to continue to take the lead in the fight against the disease.

Bottomline

In a nutshell, the battle against SARS-CoV-2, at least in a few countries, might look like nip and tuck, with enhanced preparedness of the authorities, including improved recovery rate and declining cases. Yet the world needs thick and fast advancements in vaccine development process. One thing is for sure; it shall be a pyrrhic victory for the world as and when we come out of the war against COVID-19 pandemic after paying heavy costs on an economic as well as the social front.