Answer to Question #274122 in Macroeconomics for Maika Togavuto

Question

Covid-19 has devasted the world. Discuss how Covid-19 has devastated your economy. What are some of the macroeconomic policy responses to the Covid-19 crisis? 

Answer 1

The negative impact of COVID-19 on the private sector has trickled down to household welfare whereby it has devastated the economy through reduced job opportunities and lower earnings. Unemployment has almost doubled compared to how it was before the pandemic. Wage workers–and especially women–who are still employed face a reduction in working hours and earnings.Considering that many developing countries have insufficient financial, monetary, and social instruments for the necessary immediate and long-term responses to the COVID-19 pandemic. projects have been created to generate evidence to support policymakers, specifically finance ministries, to promote equitable socioeconomic and sustainable environmental policies and interventions in the short and long- term,and support peer learning and capacity building among targeted policymakers and policy think tanks for strong pandemic responses on fiscal and monetary measures, financing and programming options to support vulnerable groups, and rebuilding economies to be climate-resilient, sustainable, and inclusive as a way of response to this pandemic.