The Costs of Covid: Australia’s Economic Prospects in a Wounded World
Edwards, John | August 2020
Abstract
After infecting more than 23 000 Australians and killing over 420, the coronavirus pandemic in Australia is fading sooner and with less economic damage than expected. While the secondary wave of infection in Victoria is a big setback and there may yet be other regional or local outbreaks, the economic recovery already evident is set to continue. Reckoning total COVID-19 fatalities compared to population at less than one thirtieth of the US or the UK rate, the handling of the crisis by Australian governments, hospitals, health care workers, and public officials has been more successful than in some comparable countries. So too, the economic response has been swift, well targeted, and substantial.
Australia must now continue to recover in a global economy markedly less congenial than it was before the pandemic. Australia’s economic policy choices are constrained by the economic policy choices of larger powers, its economic growth trajectory constrained by their degraded growth trajectory, and its international engagement constrained by the increasingly combative relationship between the two biggest national economies — the United States and China. Like many other open economies, Australia has benefited from decades of increasingly liberal global trade and investment. The emerging post-COVID world will likely be less open and less liberal, permitting Australia fewer options and requiring choices that are more difficult.
Citation
Edwards, John. 2020. The Costs of Covid: Australia’s Economic Prospects in a Wounded World. © Lowy Institute For International Policy. http://hdl.handle.net/11540/12367.Keywords
Aged Health
Quality of Health Care
Public Health
Partnerships in Health Reform
Health Systems
Development projects
Physical infrastructure
Soft infrastructure
Infrastructure finance
Infrastructure bonds
Pandemic
Vaccination
World Health Organization
Quality of Health Care
Partnerships in Health Reform
Health
Health Standards
Health Care Cost Control
Health Care Access
Health Risk
Health Issues
Environmental Health Hazards
Education, Health and Social Protection
Urbanization
Urban Services
Urban Planning
Urban Conditions
Sanitary facilities
Health facilities
Hygiene
Waste disposal
Health hazards
Public health
Social Aspects Of Poverty
Private Healthcare
Macroeconomic
Macroeconomic Analysis
Macroeconomic Framework
Macroeconomic Models
Macroeconomic Performance
Macroeconomic Planning
Macroeconomic Policies
Macroeconomic Reform
Macroeconomic Stabilization
Financial crisis
Medical Economics
Disease Control
Occupational Hygiene
Medical Services
Health Costs
Sanitation
Diseases
Water Quality
Respiratory Diseases
Health Indicators
Disadvantaged Groups
Social condition
Health Care Services
Health Standards
Health Service Management
Health Costs
Medical Statistics
Lockdown
Urban Population
Traditional Medicine
Medical Statistics
Drug Policy
Preventive Medicine
Medical Economics
Disease Control
Sanitation
Health Hazards
Disadvantaged Groups
Social condition
Economic dependence
Economic assistance
Recession
International monetary relations
International monetary relations
International trade
National accounting
Market
Travel restriction
Migration
Stay at home
Bailout
Interest rate
Tourism
Hospices
Delivery of health care
Prevention of disease
Health status indicators
Sanitation services
Cost of medical care
Health status indicators
Sanitation services
Sickness
Illness
Prevention of disease
Health status indicators
Cost and standard of living
disabilities
Nutrition and state
Food policy
Nutrition policy
Covid
Health status indicators
Medical and health care industry
Vaccination
Delivery of medical care
Cost and standard of living
Economic conditions
Exchange
Comparative economics
Index number
Monetary policy
Value analysis
Adjustment cost
Transaction cost
Conditionality
International relations
Social change
Social accounting
Inequality of income
Mass society
Social policy
Social stability
Population|SMEs
Unemployment
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