Working Together for a Better Future

by | Aug 4, 2020 | Opinion

If we read the media on the international scene, we may become scared of waves of bankruptcies, risks of financial turmoil, rising unemployment, and inequality of all kinds. It is with this background that we should examine how our country has fared during the last few difficult months of the Covid 19 pandemic and what is being done to mitigate the negative effects and above all prevent further setbacks. In spite of the various threats to our economy, the authorities here have adopted a policy to limit the scarring impact of the pandemic.
Though many sectors of the economy are still fragile we have managed the systemic hazards without creating pains and disruptions to the population. The policy makers have relentlessly pursued socioeconomic measures to limit the fallout and primarily protect the vulnerable groups in a way that many foreign countries have not dared do so. Though we have limited resources, our Government has softened the blow of the pandemic and allowed the population and the businesses to breathe again. It is obvious that things have changed but the authorities have emphasised on safety, resilience,stability first.
Even in the economic arena, we have undertaken a rethink in macroeconomic policies which many here have not dared adopt or thought about. We have looked for something new in the economic management and this is in line with new thinking from renown economists. In a nutshell in such dire conditions we need a reappraisal of conventional wisdom to maintain macroeconomic stability. All this has called for greater courage and this Government clearly has it. Some may wonder where we are heading to, but time will show how our economy will survive, adapt and recover thanks to the rethinking on how to govern and manage that is underway.
Observer

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