Social Problems in the Age of COVID-19 Vol 2: Volume 2: Global Perspectives

The COVID-19 pandemic is having far-reaching political and social consequences across the globe. Published in collaboration with the Society for the Study of Social Problems (SSSP), this book addresses the greatest social challenges facing the world as a result of the pandemic. The authors propose public policy solutions to help refugees, migrant workers, victims of human trafficking, indigenous populations and the invisible poor of the Global South.|The COVID-19 pandemic is having far-reaching political and social consequences across the globe. Published in collaboration with the Society for the Study of Social Problems (SSSP), this book addresses the greatest social challenges facing the world as a result of the pandemic. The authors propose public policy solutions to help refugees, migrant workers, victims of human trafficking, indigenous populations and the invisible poor of the Global South. Growth in the developing East Asia and Pacific region slowed sharply in 2020 Q1 because of the negative impact of the Covid-19 on economic activity. The decline has been broad-based reflecting the interconnectedness of the EAP economies and reverberations from the global economy as the virus turned into a pandemic. The COVID-19 outbreak followed an extended period of subdued growth in the region amid multiple external headwinds and heightened trade policy uncertainty. China and other regional economies have implemented monetary and fiscal policy measures to mitigate the negative impact of the outbreak. Growth in the East Asia and Pacific (EAP) region is projected to slow from 5.8 percent in 2019 to lower-than-expected [5.2 percent in 2020], reflecting the expected negative effects of the COVID-19. In this baseline scenario, which is subject to significant uncertainty, growth in the region is expected to recover to [5.6 percent in 2021], as the impact of Covid-19 gradually dissipates. In the medium-term regional growth is expected to continue its downward trend reflecting multiple structural headwinds. Policymakers should focus on designing economically efficient transmission control policies that consider both the marginal costs and the marginal benefits of preventive measures. Such policies would ideally be based on countries' preparedness and exposure as well as economic circumstances. Targeted fiscal and monetary polices can help reduce the economic disruption caused by COVID-19 in the short term. In the medium-term, there is need to restore depleted buffers, address sources of financial instability, and invest in preventing and coping with infectious disease. Given the growing interdependence between EAP countries, coordinated policies and investments could increase resilience to shocks The COVID-19 virus that triggered a supply shock in China has now caused a global shock. Developing economies in East Asia and the Pacific (EAP), recovering from a trade war and struggling with a viral disease, now face the prospect of a global financial shock and recession. Significant economic pain seems unavoidable in all countries and the risk of financial instability is high, especially in countries with excessive private indebtedness. Several economies are expected to contract in 2020, which will lead to an increase in the poverty rate. Households linked to affected sectors will suffer more. To deal with this crisis, countries need to act fast and decisively to contain the spread of infection, while expanding capacity both to treat people and to test and trace infections. Fiscal measures should provide social protection to cushion against shocks, especially for the most economically vulnerable. Firms will need liquidity injections to help them stay in business and maintain beneficial links to Global Value Chains. The optimal economic policy response will change over time and depend on the precise nature and evolution of the shock. Given the unprecedented nature of the economic shock to each country, and the fact that it is also affecting all other countries in the region and beyond, an exceptional policy response is needed

The COVID-19 pandemic is having far-reaching political and social consequences across the globe. Published in collaboration with the Society for the Study of Social Problems (SSSP), this book addresses the greatest social challenges facing the world as a result of the pandemic. The authors propose public policy solutions to help refugees, migrant workers, victims of human trafficking, indigenous populations and the invisible poor of the Global South.