A Global Strategy to Manage the Long-Term Risks of COVID-19
IMF Working Papers, April 5, 2022
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- A Global Strategy to Manage the Long-Term Risks of COVID-19
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Bibliographic details
- Authors: Ruchir Agarwal, Gita Gopinath, Jeremy Farrar, Richard Hatchett, Peter Sands
- Published: April 5, 2022
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9798400205996.001
Pandemic outlook and core premise
- The pandemic is not over, and the health and economic losses continue to grow.
- COVID-19 will be with us for the long term, with very different possible evolutions: from a mild endemic scenario to a dangerous variant scenario.
- This uncertainty necessitates a strategy that manages both uncertainty and long-term risks.
Four key policy implications
- Achieve equitable access beyond vaccines to encompass a comprehensive toolkit.
- Monitor the evolving virus and dynamically upgrade the toolkit.
- Transition from the acute response to a sustainable strategy toward COVID-19, balanced and integrated with other health and social priorities.
- Adopt a unified risk-mitigation approach to future infectious disease threats beyond COVID-19.
Rationale for global collective action and financing
- Infectious diseases with pandemic potential are a threat to global economic and health security.
- Pandemic financing should be recognized as addressing a systemic risk to the global economy, not just the development need of a particular country.
- The international community should allocate additional funding to fight pandemics and strengthen health systems both domestically and overseas.
- Funding needs identified: about $15 billion in grants this year and $10 billion annually after that.
Policy emphasis and strategic priorities
- Expand equitable access to a comprehensive toolkit (not limited to vaccines).
- Strengthen global surveillance to monitor viral evolution and enable dynamic toolkit upgrades.
- Rebalance policy from acute emergency measures toward sustainable, integrated health and social priorities.
- Build a unified global framework for risk mitigation that applies to COVID-19 and future infectious disease threats.
Publication and bibliographic facts (as presented)
- Authors: Ruchir Agarwal, Gita Gopinath, Jeremy Farrar, Richard Hatchett, Peter Sands
- Date: April 5, 2022
- Series: IMF Working Papers; Working Paper No. 2022/068
- Pages: 26
- DOI: https://doi.org/10.5089/9798400205996.001
- ISBN: 9798400205996
- ISSN: 1018-5941
- Subjects/Keywords: Communicable diseases; COVID-19; Economic sectors; Financial crises; Health; Health care; Population and demographics; Communicable diseases; COVID-19; COVID-19; economic crisis; Global; Health care; omicron scenario; pandemic financing; pandemics; policy implication; risks of COVID-19; systemic risks; toolkit approach
Source: IMF Working Paper "A Global Strategy to Manage the Long-Term Risks of COVID-19" by Ruchir Agarwal, Gita Gopinath, Jeremy Farrar, Richard Hatchett, and Peter Sands, April 5, 2022.
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