Basseterre,St.Kitts April 10 2020 (SKNVIBES)
This moment is like no other.
We have to go back more than 100 years to the 1918 Spanish flu to begin to comprehend the scale and scope of the COVID-19 pandemic. Thankfully, there will be far fewer fatalities, on this occasion. However, unlike 1918, our world is far more interconnected. For this reason, this is the first time in human history that all inhabitants of our planet (7.7 billion and counting) are at risk to the same disease; it is truly a global pandemic. Indeed, the shutdowns or lockdowns, now in force across our world, are without precedent. Needless to say, the pandemic has now morphed into a global economic downturn and an almost certain recession – a perfect storm. Even at this relatively early stage, it is already clear that our world has been changed forever. The COVID-19 pandemic will eventually be in our rearview mirror but its scars and lessons will linger long.
The Economic Impact and ECCB’s Response
At this juncture, the International Monetary Fund (IMF) is projecting that the global economy will contract in 2020 on a magnitude same as or larger than the Global Financial Crisis. The extent of the economic impact depends on the length and severity of the pandemic and those are still unknowns at this time.