Published on: 05-Jul-2020
The Sunday Times, page A12-A13 and online
Until a viable, readily available vaccine is developed, countries must guard against virus. Lockdowns cannot go on indefinitely. And the results of such lockdowns have not been uniformly successful. Prof Euston Quah, director of NTU's Economic Growth Centre, said: "From an economics point of view, it is inevitable that we have to consider reopening the economy, as each day we continue to close the economy costs us billions of forgone opportunities and business lost. This in turn means jobs threatened and some lost. The multiplier effect will further make it worse from reduced spending and hence affecting the retail and consumption sector as well." A responsible government has to consider seriously the trade-off between increased infections and potential fatalities in opening up the economy, and the significant losses in jobs and incomes, he said.
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