Coronavirus crisis

THE ESCALATION of the Government’s response to the Covid-19 virus was inevitable given the alarming signs that a global pandemic is imminent. But though the widening of travel restrictions and the suspension of official travel are significant responses, more extreme measures down the road cannot be ruled out. All hands must be on deck.

Over the Carnival weekend, the death toll outside of the virus epicentre, which is believed to be China, spiked. As we feted, Carnival in Venice was cancelled, La Scala in Milan silenced its operas, Six Nations rugby matches were put off. Then Saudi Arabia banned the entry of foreign pilgrims to Mecca and Japan announced the closure of all primary and secondary schools. The world has taken drastic measures.

The response of the US stock market, which had its largest single-day decline in history, reflects the gravity of the situation. It is not just that this virus has proven difficult to contain, but there is also the implications for global trade which depends on open trade routes. Every industry is affected. For instance, goods sold in the west but manufactured in China are now in limbo given the prospect of shutdowns and restrictions on workers.

For these reasons, TT’s own exposure is not just limited to the performance of its Heritage and Stabilisation Fund on the US stock market. It also relates to the fact that the prospect of another 2008-style global recession, which was already in the air before Covid-19, is now becoming an increasing likelihood.

Confirmation of a case in Brazil on Thursday brings this matter squarely on our doorstep. Brazil’s proximity to Venezuela, whose healthcare system has been ravaged by economic malaise, means this could become a severe problem for Latin America as a whole. The illicit flow of Venezuelans to Trinidad could well increase as a result. And the fate of the Venezuelans who are already here – registered or not – becomes even more uncertain. Humanitarian reasons could well clash with the public health concerns that have prompted the partial closure of the border.

The Government is right to take strong action on this matter. Notwithstanding the mixed signals sent by US leadership on this matter (Donald Trump seemed optimistic, even as the markets crashed), we must collaborate with our international partners when it comes to obtaining the relevant testing kits and learning from protocols developed based on their understanding of the disease.

The spirit of collaboration must also result in a non-partisan approach to what is now squarely a health emergency. The priority must be public education and reducing panic. Either way, we cannot be nonchalant. Nor complacent. A massive public education drive must be undertaken. Because this disease is often asymptotic, it may well be that it is already upon us. Even more reason for us to be prepared.

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"Coronavirus crisis"

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