COVID-19 cases in Guyana, other territories relatively small but curve not flattening - IDB

COVID-19 cases in Guyana, other territories relatively small but curve not flattening – IDB

May 07, 2020 News

The Inter-American Development Bank (IDB) has noted in its latest quarterly bulletin that the number of COVID-19 cases in the Caribbean is relatively small when compared to other territories but the institution, it appears, is concerned that the curve is not flattening.
As of April 12, last, the Bank said that 350 cases had been reported in six Caribbean countries examined in its report. These countries are Guyana, Suriname, the Bahamas, Barbados, Jamaica, Trinidad and Tobago. The Bank noted that the domestic economic impact directly related to the disease is very difficult to predict, while noting that obviously, it depends on the direct measures under way in each country to combat the spread.
The financial institution stated in its analysis that face-to-face service sectors are experiencing a sharp decline as businesses are ordered closed and consumers are required to stay at home. It said, too, that both supply and demand are effectively shut down. In tourism-dependent economies, the bank said that this exacerbates the decline in tourism arrivals, while in commodity-dependent economies like Guyana, this amplifies the impact of the decline of commodity prices on government revenues.
The IDB said that creative solutions through technology can help, ranging from safely prepared food delivery to virtual legal advice, online education, and a host of other possibilities. But still, the short-term impact is severe, the bank said.
Further to this, it said, “Social distancing measures are obviously necessary to save lives, which are the most important priority for governments all around the world. From an economic perspective, people represent a valuable economic asset. If these economies can emerge from the immediate crisis with their human capital stock intact, then long-term economic growth will still be viable. This human capital stock has an economic value that is multiples of the value of annual Gross Domestic Product (GDP).”
That said, the Bank noted that the region is still in the early stages of the virus, and the numbers are still small, even relative to the small populations of the Caribbean countries. But the troubling fact it alluded to was that the curve is not flattening yet. On this note, the IDB categorically stated that the key to saving lives and the associated human capital they bring to economies is to “flatten the curve” in terms of avoiding an exponential infection rate, which could overwhelm national health systems.

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