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    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
    Show allCollapse
    Citable URI
    http://hdl.handle.net/11540/12367
    Metadata
    Show full item record
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    WoundedWorld_web_print_200820.pdf (1.086Mb)
    Author
    Edwards, John
    Theme
    Health
    Economics

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    Copyright 2016-2020 Asian Development Bank Institute, except as explicitly marked otherwise