The COVID-19 pandemic has hit the global economy with force. Many businesses across the world are struggling to cope with the financial strain – with mounting pressures placed on governments for more information on when society and businesses can return to “normal".
This of course can’t happen overnight and it’s likely to be months before life completely returns to normal due to ongoing safety concerns and the need for continued social distancing.
Newswise recently held a live press event with expert panelists from Stanford Graduate School of Business; University of Maryland's Robert H. Smith School of Business and the John Hopkins Carey Business School debating the pros and cons of re-opening the economy under the COVID-19 pandemic.
Let’s see what the experts had to say.
Hearing from the professionals
Alessandro Rebucci, associate professor at Carey Business School is currently working on the pros and cons of controls on international capital flows, and methods to estimate macroeconomic models of financial crises.
He compared how China’s strict mandatory lockdown during the first week of the epidemic compared to the initial lax restrictions in the US and Europe had evolved.
Rebucci said: “The steepness of the curve has been much higher in these countries than in China.
“This suggests that continuing to go with a fairly liberal approach to reopening is potentially dangerous because we know from history that there is a concrete risk to see a second wave of infection, potentially more virulent than the first one.”
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