Q12(ii) ASSERTION= The economic
oppertunities are severly affected by
COVID-19. REASON=covid-19 has
created a new style of working i.e.,
work from home.
O
both A and R are true and Ris
correct explanation of the assertion
both A and Rare true but Ris not
o the correct explanation of the
assertion
O A is true but Ris false
O A is false but Ris true
Answers
Answer:
By Prabir De
The world is facing humanity’s biggest crisis since World War II. Almost every country has been affected by the devastating Coronavirus disease (COVID-19). An outbreak from China has gone everywhere. In the last few months, Corona’s epicentre has been shifted from China to Europe to the United States. Till date, over 1.5 million people had been affected by COVID-19 and about 80,000 people had died worldwide. Indirectly, billions of people have been suffering from the impact of the global pandemic of COVID-19. What is alarming is that the numbers likely stem from under-reporting, and may probably rise alarmingly in the weeks ahead if we factor in asymptomatic patients and rapid tests. Given that pandemic-driven crisis is constantly changing, countries are desperate to flattening the curve for COVID-19.
Undoubtedly, this Coronavirus has put the world economy at a major risk. Coronavirus ravages the economic foundations of world trade. Commentators have identified this outbreak as an outcome of hyper-globalisation or starting of de-globalisation. However, the world is going to face recession; and the global losses, according to some commentators, may exceed the World Wars I and II combined. At the same time, the falling world price of crude oil has added further anxieties. Several estimates are now available on the economic loss and post-COVID-19 growth path, and most of the estimates show that the world is already in an economic crisis.
South and Southeast Asian countries are no exception. They are heavily affected, health or otherwise. Countries are under full or partial lockdown for the last few weeks. It is a global challenge and a global response is called for. Flattening the COVID-19 curve together helps everyone in an inclusive manner. Unlike the 2007-08 Global Financial Crisis, it is primarily a health crisis, which has given birth to an economic shock.
Meanwhile, the world order has been changing fast. Several theories are being postulated. Anti-globalisation rhetoric venom is now unfurled. In such unfolding “New Normal” of the world order, the consensus is that countries need to save the earth from the epidemic if we need to live together.
Stimulus Packages Announced
Country Amount (US$ billion)
India 24
Bangladesh 8
Thailand 58
USA 2000
Malaysia 84
Singapore 4
Japan 990
Indonesia 26
*As on 8 April 2020
Source: Author’s own based on several secondary sources
India has successfully controlled the transmission of COVID-19 till date, thanks to our well-coordinated steps to tackle the Corona epidemic. India’s prowess in pharmaceuticals and health science; mass public awareness with the help of digital systems; and a central political command; among others, indeed helped in containing the spread so far.
South and Southeast Asian countries have been following a similar approach in containing the COVID-19. All of them have introduced stimulus packages, particularly to support the heavily affected people, MSMEs, agriculture, exports, health, rural community, informal sector, etc. For example, Bangladesh has introduced over US$ 8 billion stimulus package, India US$ 24 billion, Thailand US$ 58 billion; to mention a few (see the table).
While each of the South Asian countries has undertaken drastic measures to save its nation from COVID-19-driven pandemic, regional cooperation is felt important to effectively handle the common challenge. For example, a full house of SAARC leaders met through video conference on 15 March 2020 to discuss the scope and possibility of a joint action. Among other decisions, South Asian leaders have decided to launch a regional fund to deal with the crisis. An electronic platform with health experts has been launched, and a follow-up video-conference of senior health officials was organised thereafter, where countries have discussed several important issues ranging from specific protocols dealing with the screening of goods and people at entry points and contact tracing to online training capsules for emergency response teams. Steps are also proposed to foster technical cooperation, training and capacity building, among others. While the need to fight the pandemic is vast, this regional effort is a good beginning not only to share the responsibilities but also to reactive the SAARC process. Few days later, the leaders of G20 countries had an online summit and pledged to infuse over US$ 5 trillion into the global economy to minimise the economic and social impact of the COVID-19. India also had a teleconference with some of the Indo-Pacific countries on issues related to countering COVID-19. Indian diplomacy has responded brilliantly. However, the same initiative is yet to occur in case of BIMSTEC or between India and ASEAN.