{"id":499,"date":"2020-03-30T15:09:21","date_gmt":"2020-03-30T13:09:21","guid":{"rendered":"http:\/\/webecpol.esade.edu\/?post_type=publicaciones&#038;p=499"},"modified":"2020-11-08T19:28:25","modified_gmt":"2020-11-08T18:28:25","slug":"responding-to-global-systemic-shocks-covid-19","status":"publish","type":"publicaciones","link":"http:\/\/webecpol.esade.edu\/en\/publications\/responding-to-global-systemic-shocks-covid-19\/","title":{"rendered":"Responding to global systemic shocks: applying lessons from previous crises to Covid-19"},"content":{"rendered":"<h2>EsadeEcPol Insight #5<\/h2>\n<h4 class=\"t-title2\">Executive summary<\/h4>\n<ul>\n<li>The world is going through\u00a0<strong>a global crisis that goes beyond health issues\u00a0<\/strong>and\u00a0affects\u00a0livelihoods in many countries nearly simultaneously.<\/li>\n<li>The SARS epidemic of 2003 left the world\u00a0<strong>four clear lessons\u00a0<\/strong>for improved healthcare:\n<ul>\n<li><strong>invest<\/strong>\u00a0in preparedness systems<\/li>\n<li><strong>centralise<\/strong>\u00a0decision making<\/li>\n<li><strong>strengthen<\/strong>\u00a0investment in public health and research<\/li>\n<li><strong>be transparent and timely<\/strong>\u00a0in public communications<\/li>\n<\/ul>\n<\/li>\n<li>However, only a few (mostly Asian) countries immediately learnt\u00a0and implemented these lessons.<\/li>\n<li><strong>Many countries remain unprepared to face a double health-economic shock<\/strong>, but those nations that are better prepared\u00a0have become the first to deal with the double shock once the epidemic unfolded in Western Europe and the US.<\/li>\n<li>The concurrence of the shock, along with the globalised nature of economic and population flows,\u00a0<strong>makes it necessary but nearly impossible to respond to the pandemic\u00a0in a coordinated and supranational manner<\/strong>.<\/li>\n<li><strong>Support from multilateral organisations<\/strong>, and joint global action to keep export markets open, will be crucial for overcoming\u00a0the dilemma.<\/li>\n<li>Based on previous experience, we point to\u00a0<strong>three fields for prioritising\u00a0investment\u00a0<\/strong>when facing\u00a0shock:\n<ul>\n<li>support for\u00a0<strong>containing the pandemic<\/strong>\u00a0(mainly through the health sector)<\/li>\n<li>support for\u00a0<strong>strengthening social safety nets<\/strong><\/li>\n<li>support for\u00a0<strong>measuring\u00a0impacts<\/strong>\u00a0(identifying which\u00a0populations are experiencing the greatest hardships and which firms are failing) so that scarce programme funds can be directed where\u00a0most needed.<\/li>\n<\/ul>\n<\/li>\n<li>These measures must be\u00a0<strong>as precise and cost-effective as possible<\/strong>. The 2014 Ebola outbreak and the current response to the Covid-19 challenge in Peru\u00a0and Colombia show promising ways forward.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The world is going through\u00a0a global crisis that goes beyond health issues\u00a0and\u00a0affects\u00a0livelihoods in many countries nearly simultaneously.<\/p>\n","protected":false},"featured_media":506,"template":"","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Responding to global systemic shocks: applying lessons from previous crises to Covid-19 - Center for Economic Policy - EsadeEcPol<\/title>\n<meta name=\"description\" content=\"The world is going through\u00a0a global crisis that goes beyond health issues\u00a0and\u00a0affects\u00a0livelihoods in many countries nearly simultaneously.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/webecpol.esade.edu\/en\/publications\/responding-to-global-systemic-shocks-covid-19\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Responding to global systemic shocks: applying lessons from previous crises to Covid-19 - 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