Very often we sometimes fail to realise how our small island economy with scarce resources have been steering its way forward amidst the rough economic sea. Covid-19 has been a defining moment for us. Let us take the time to reflect on the shockwaves that we have endured this year. Unlike other economies, we have responded positively though we have encountered severe contractions in domestic and foreign demand for our goods and services. The whole global economy has witnessed a sharp contraction in exports, less capital, shrinking capital remittance inflows and dwindling tourism revenue. Needless to say, that a whole set of other countries has failed to cope with the same dire context, and they have reached a complete standstill, which are having deep scars on their growth and development prospects.
We sometimes do not fully think of the multiple threats and vulnerabilities which our economy constantly faces. It is true that the authorities and the people have been resilient, and we have to date contained the spread of the shocks. The toll would have been much severe, and devastating had the authorities not limited support mechanisms to keep our economic fabric in good shape. We should here mention that the targeted measures and policy support have so far helped to limit a long-term fallout. In simpler terms, we should be glad to note that our population have in spite of all odds been guaranteed of essential health supplies including medical care and other necessities and have also benefited from the critical supply chains for food and medicines.
What should be remembered is that the country has already embarked on a long term social, economic program for greater sustainable recovery. We are living in a new world where our lives have been turned upside down, punctuated by fear of the future, facemasks. What is most vital in dealing with such systematic fragility requires a national resilience based upon our ability and willingness as a nation to absorb and adapt to the difficult situation. We need social cohesion and solidarity to manage our lives and our economy.
The bottom line is that the course of the global health crisis and the fate of the global economy are intertwined, and we have to stay alert to fight the pandemic so that our economy can (will) rebound.
Mondialement connu pour s’être rendu coupable de la plus grande escroquerie de l’histoire, le financier Bernard Madoff est décédé en prison à l’âge de 82 ans ce mercredi 14...