Economic Measures During COVID19 Pandemic

It is quite obvious that during this time of uncertainty, we read a lot of different theories, ways, or procedures that governments must take, in order to stabilize and help society go through this horrible pandemic and help countries survive the economic consequences that this pandemic is bringing with itself.

It is way easier said than done, and while we do not have the direct responsibility of making government decisions to ease the economic burn that the COVID-19 is producing, I believe each one of us has the right to give our own personal opinion of what should be done.

Some of these economic measures have already being implemented by some countries, others not yet, and I believe it is because every country is experiencing this disaster first hand at different periods of times, even though at the end, every country will end up, or should have implemented most of these important economic measures.

Is it a good idea to close the economy? my personal opinion is that it is not a good idea, most of the countries have fought this pandemic without doing it. I believe the government must contain the sanitary emergency WHILE preserving the productive core. Of course, they must do this always with the people´s health always as their main priority. A closed economy due to this virus will hurt the effects of supply and demand, therefore it will hurt society very badly. This, without any doubt, will put business sustainability and employment in danger.

It is greatly important to assist companies that really need help financially. Governments should do everything in their hands to avoid that big solvent firms go bankrupt and fire people because these are the companies that will also help the country get out of the crisis. The question that arises here is: until what point is this help a reality? And I believe the answer depends on the fiscal budget and how governments get to manage that money.

Also, governments have to make sure that the help they are getting, through central Banks, and important economic institutions, to offer to society, goes to the right people and to the right industries (independent workers, unemployment due to the pandemic, small businesses, families in need, and industries that support the economy of the country)

It is of great importance to avoid a liquidity and solvency crisis in the production world. Companies need to have the opportunity to count on financial help to survive this crisis, this will help companies bear with the problem of keeping their workforce. Companies should not be forbidden from firing people due to lack of business, however, I believe they should be encouraged through incentives, no to leave people without jobs.

By supporting companies (which I believe are the core of our economy) governments will be supporting companies´ workforces as well. It is everybody’s job to help each other get out of this hard time.

We all have to contribute, together, as a society, and with due diligence to help ourselves recover as fast as possible after all this terrible pandemic becomes history. Some can help with ideas, others applying economic measures, and others staying at home. Be responsible.

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