May 03, 2020

Zombie economies betwixt curve and waves

In this article Shankkar Aiyar discusses the dilemma that governments face as they try to seek a balance between the twin challenges of lives and livelihood. He also discusses how the pandemic has expanded debt and deficit across countries and the obligations of the state. Excerpts: 


"Countries are paying up to keep workers away from work and yet employed. The quest to save lives and  livelihoods has seen countries  unleash over $ 10.6 trillion as stimulus – for those looking for a historical perspective, that is eight times the quantum of the 1948 Marshall Plan set up to rebuild post war Germany and Japan. "


On how the absence of a global concerted action is defying notions of victors and victory:


"Every nation it would seem is on its own. The crux therefore is how well the time under lockdown is used to come out of it. There is no one silver bullet. The virus dares definition. In a battle of finite imagination and infinite possibilities, every cure comes with a price. This war challenges notions of victors and victory."


Read the full article here.

Tags : COVID-19
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