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UNDERSTANDING THE ECONOMIC SHOCK OF CORONAVIRUS
by Philipp Carlsson-Szlezak, Martin Reeves, and Paul Swartz
As the coronavirus continues its march around the world, governments have turned to proven public health measures, such as social distancing, to physically disrupt the contagion. Yet doing so has severed the flow of goods and people, has stalled economies, and is in the process of delivering a global recession. Economic contagion has spread as fast as the disease itself.
This didn’t look plausible even in early March. As the virus began to spread, politicians, policy makers, and markets, informed by the pattern of historical outbreaks, looked on while the early (and thus more effective and less costly) window for social distancing ...
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