{"id":7233,"date":"2020-05-08T12:00:00","date_gmt":"2020-05-08T02:00:00","guid":{"rendered":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/?p=7233"},"modified":"2023-03-29T14:52:45","modified_gmt":"2023-03-29T04:52:45","slug":"the-great-global-coronavirus-crisis-and-the-pics","status":"publish","type":"post","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/the-great-global-coronavirus-crisis-and-the-pics\/","title":{"rendered":"The great \u2018Global Coronavirus Crisis\u2019 and the PICs"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The COVID-19 <em>pandemic<\/em>\nhas hit the globe very hard, especially given the economies were still recovering\nfrom the recent shocks of Global Financial Crisis (GFC) and European Debt Crisis.\nThe COVID-19 outbreak spread at an astonishing rate, pushing the world into the\nthird crisis in a row\u2014the great Global Coronavirus Crisis (GCC). This is an\nexogenous shock and it caught the world off-guard.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.who.int\/health-topics\/coronavirus\">Coronaviruses<\/a>\nare a large family of viruses that cause illness ranging from common cold to\nmore severe diseases\u2014these are zoonotic, meaning they are transmitted between\nanimals and people. COVID-19 proved to be more contagious, both domestically\nand globally, compared to the Severe Acute Respiratory Syndrome (<em>SARS<\/em>) of the early 2000s.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The GCC, inflicted by COVID-19, is likely to have more\nharmful effects on the socio-economic and financial fabric of the globe than\nthe GFC of 2008-09. Looking retrospectively, the GFC started in the\nbanking\/financial sector and then it turned into an economy-wide and a world-wide\nrecession. The GCC is unprecedented and started from the health sector, adding a\nnew dimension to the prevalent waves of global economic uncertainties, and will\nimpede <em>global<\/em> investment and growth for a long time.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The spread and longevity of lockdown will affect trade, and put\nthe pace of globalisation on hold. Its ripple effects could be serious across many spheres of domestic\nand global economies, particularly for the health, hotel, travel and service sectors.\nThe industries in these sectors are likely to run on break-even or suffer\nlosses. The stock markets plummeted perceptibly, radiating the shock waves\nacross investors. The situation unavoidably came to the state of global\nshut-down.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The usual tools of monetary policy (reduction in interest\nrate) and fiscal policy (stimulus package) were employed to provide\ndemand-driven stimulus to economic growth during the GFC. These tools served\nthe purpose, as the GFC was caused by crises in the banking\/financial sector. By\ncontrast, the GCC unprecedently spurted from the health sectorand the\nspeed of its impact has been faster than that of the GFC.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The short-term macro-management policies (monetary and\nfiscal policies) are useful to provide Keynesian demand-driven solutions. However,\nthe effectiveness of the monetary policy (reduction in interest rate) and\nfiscal policy (stimulus package) prescriptions in healing the global economy\nremains to be seen. Nevertheless, these policies would be useful in terms of\npreventing or reviving the shattered confidence of consumers and investors\u2014they\nwill help keep the sentiments of consumers and investors alive.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Low interest rates will affect the profitability of banks,\ndepending on the degree of their pass-through to consumers. The interest rate\nis already at the Keynesian \u2018rock-bottom\u2019 level, and any downward push is highly\nunlikely to have any material effect on the economy. Low interest rates may\ncontribute to the effectiveness of monetary policy via the exchange rate\nchannel. It will lead to the depreciation of domestic currency which, in turn, will\nboost exports. Such depreciation, however, may not be very significant in\nrelative terms, given that the currencies of most economies depreciate by the\nsame or even higher proportions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The fiscal policy becomes more useful when the economy is\nsituated in the Keynesian \u2018liquidity trap\u2019. However, it is never a free-lunch. The\nKeynesian fiscal solutions\/support will come at the cost of rising budget\ndeficits and higher public debts.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">COVID-19 sends important signals to the health industry in\nthat it foreshadows the need for a even stronger health care infrastructure\naround the globe\u2014the number of hospitals, doctors, nurses, and the accommodative\ncapacity of the existing hospitals. It also underlines the need for continual\nresearch in the pharmaceutical\nindustry in innovating new pharmaceutical products.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">PICs\u2014yester year, now and beyond<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">The Pacific Island Countries (PICs) are heavily dependent on\ntheir tourism sectors. This sector contributes significantly to their GDP and\nemployment (see Figures 1 and 2). The World Bank projections made earlier\nbefore the outbreak of COVID-19 suggest that in 2040, transformational tourism\nopportunities could bring an additional <a href=\"http:\/\/pubdocs.worldbank.org\/en\/95491462763645997\/WB-PP-Tourism.pdf\">US$1.7\nbillion in revenue and 116,000 jobs<\/a> to Pacific Island Countries.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Figure 1: The direct contribution of travel and tourism\nto GDP has increased in most PICs<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"482\" src=\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/05\/figure-1-1024x482.jpg\" alt=\"\" class=\"wp-image-7234\" srcset=\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/05\/figure-1-1024x482.jpg 1024w, https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/05\/figure-1-300x141.jpg 300w, https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/05\/figure-1.jpg 1372w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption> <em>Source: <a href=\"http:\/\/pubdocs.worldbank.org\/en\/95491462763645997\/WB-PP-Tourism.pdf\">World Travel and Tourism Council<\/a> (WTTC)<\/em> <\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Figure 2: Long-term tourism growth has been positive, but performance varies between PICs<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"382\" src=\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/05\/figure-2-1024x382.jpg\" alt=\"\" class=\"wp-image-7235\" srcset=\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/05\/figure-2-1024x382.jpg 1024w, https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/05\/figure-2-300x112.jpg 300w, https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/05\/figure-2.jpg 1371w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption> <em>Source: <a href=\"http:\/\/pubdocs.worldbank.org\/en\/95491462763645997\/WB-PP-Tourism.pdf\">World Tourism Organization<\/a> (UNWTO) and the World Bank <\/em> <\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The tourism sector bears the significant brunt, and this ripples through to the rest of the economy in terms of its effects on economic growth and employment. The export of tourism services suffers a significant decline. The COVID-19 shock superimposes on the shock of natural disasters, which PICs remain vulnerable to. The tourism sector, which previously served as a steppingstone to progress has turned out to be a stumbling block now, given the heavy reliance on this sector. The stimulus packages provided by the governments will be useful to provide short-term solutions, but at the cost of higher budget deficits and public debt. In fact, the PICs do not have much fiscal space, given that they already have high levels of public debt. Further increase in public debt will exacerbate the vulnerability of their banking sector, which invests in so-called \u2018risk-free\u2019 sovereign securities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">COVID-19 leaves a legacy of important lessons for the PICs in\nthat they need to reorient their long-term development strategy. Heavy reliance\non one sector\u2014tourism\u2014amounts to putting all their eggs in one basket. The\ndiversification of the development goals is essentially inevitable to\nstrengthen the resilience of PICs to the shocks which could erupt from anywhere.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Debt relief and financial support from the multilateral\norganisations\u2014International Monetary Fund, the World Bank, the Asian\nDevelopment Bank\u2014are inevitably essential to enable PICs to strengthen their\npolicy-based research to identify the key areas of strategic importance and\nchalk out well-grounded long-term development strategies.<\/p>\n\n\n\n<p class=\"author label wp-block-paragraph\">AUTHOR<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Associate Professor Tarlok Singh<\/strong>, Department of Accounting, Finance and Economics and member of the <a href=\"https:\/\/www.griffith.edu.au\/asia-institute\">Griffith Asia Institute<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The COVID-19 pandemic has hit the globe very hard, especially given the economies were still recovering from the recent shocks of Global Financial Crisis (GFC) and European Debt Crisis. The COVID-19 outbreak spread at an astonishing rate, pushing the world into the third crisis in a row\u2014the great Global Coronavirus Crisis (GCC). This is an [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":7236,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1105,1427,1755,1021,248,1055,1057],"tags":[981,1052,1087,779,789,891],"class_list":["post-7233","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coronavirus-in-the-pacific","category-pacific-forum","category-governance-democracy","category-pacific-outlook","category-png-and-the-pacific","category-economies-and-development","category-security","tag-associate-professor-tarlok-singh","tag-coronavirus","tag-covid-19","tag-economic-growth","tag-south-pacific-centre-for-central-banking","tag-spccb"],"acf":[],"modified_by":"Jill Moriarty","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The great \u2018Global Coronavirus Crisis\u2019 and the PICs | Griffith Asia Insights<\/title>\n<meta name=\"description\" content=\"The COVID-19 pandemic has hit the globe very hard, especially given the economies were still recovering from the recent shocks of Global Financial Crisis\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/the-great-global-coronavirus-crisis-and-the-pics\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The great \u2018Global Coronavirus Crisis\u2019 and the PICs | Griffith Asia Insights\" \/>\n<meta property=\"og:description\" content=\"The COVID-19 pandemic has hit the globe very hard, especially given the economies were still recovering from the recent shocks of Global Financial Crisis\" \/>\n<meta property=\"og:url\" content=\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/the-great-global-coronavirus-crisis-and-the-pics\/\" \/>\n<meta property=\"og:site_name\" content=\"Griffith Asia Insights\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/griffithasiainstitute\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-08T02:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-29T04:52:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/blogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/05\/pacific-coronavirus-900x500-1.jpg?fit=900%2C500&ssl=1\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Griffith Asia Institute\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@GAIGriffith\" \/>\n<meta name=\"twitter:site\" content=\"@GAIGriffith\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Griffith Asia Institute\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/the-great-global-coronavirus-crisis-and-the-pics\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/the-great-global-coronavirus-crisis-and-the-pics\\\/\"},\"author\":{\"name\":\"Griffith Asia Institute\",\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/#\\\/schema\\\/person\\\/8121b8aa336749474cbaca380c03029a\"},\"headline\":\"The great \u2018Global Coronavirus Crisis\u2019 and the PICs\",\"datePublished\":\"2020-05-08T02:00:00+00:00\",\"dateModified\":\"2023-03-29T04:52:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/the-great-global-coronavirus-crisis-and-the-pics\\\/\"},\"wordCount\":979,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/the-great-global-coronavirus-crisis-and-the-pics\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2020\\\/05\\\/pacific-coronavirus-900x500-1.jpg\",\"keywords\":[\"Associate Professor Tarlok Singh\",\"Coronavirus\",\"Covid-19\",\"economic growth\",\"South Pacific Centre for Central Banking\",\"SPCCB\"],\"articleSection\":[\"Coronavirus in the Pacific\",\"Pacific Forum\",\"Pillar 1: Governance and democracy\",\"Region | Papua New Guinea and the Pacific\",\"Region-PNG and the Pacific\",\"Topic-Economies and development\",\"Topic-Security\"],\"inLanguage\":\"en-AU\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/the-great-global-coronavirus-crisis-and-the-pics\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/the-great-global-coronavirus-crisis-and-the-pics\\\/\",\"url\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/the-great-global-coronavirus-crisis-and-the-pics\\\/\",\"name\":\"The great \u2018Global Coronavirus Crisis\u2019 and the PICs | Griffith Asia Insights\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/the-great-global-coronavirus-crisis-and-the-pics\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/the-great-global-coronavirus-crisis-and-the-pics\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2020\\\/05\\\/pacific-coronavirus-900x500-1.jpg\",\"datePublished\":\"2020-05-08T02:00:00+00:00\",\"dateModified\":\"2023-03-29T04:52:45+00:00\",\"description\":\"The COVID-19 pandemic has hit the globe very hard, especially given the economies were still recovering from the recent shocks of Global Financial Crisis\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/the-great-global-coronavirus-crisis-and-the-pics\\\/#breadcrumb\"},\"inLanguage\":\"en-AU\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/the-great-global-coronavirus-crisis-and-the-pics\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-AU\",\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/the-great-global-coronavirus-crisis-and-the-pics\\\/#primaryimage\",\"url\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2020\\\/05\\\/pacific-coronavirus-900x500-1.jpg\",\"contentUrl\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2020\\\/05\\\/pacific-coronavirus-900x500-1.jpg\",\"width\":900,\"height\":500},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/the-great-global-coronavirus-crisis-and-the-pics\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The great \u2018Global Coronavirus Crisis\u2019 and the PICs\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/#website\",\"url\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/\",\"name\":\"Griffith Asia Insights\",\"description\":\"Asia Insights is published by the Griffith Asia Institute. It offers latest commentary on Asia-Pacific affairs and aims to inform and foster academic scholarship, public awareness and considered and responsive policy making.\",\"publisher\":{\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-AU\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/#organization\",\"name\":\"Griffith Asia Institute\",\"url\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-AU\",\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/blogs.griffith.edu.au\\\/asiainsights\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2023\\\/10\\\/GU_Griffith-Asia-Institute_rgb_red_horizontal.png?fit=2930%2C308&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/blogs.griffith.edu.au\\\/asiainsights\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2023\\\/10\\\/GU_Griffith-Asia-Institute_rgb_red_horizontal.png?fit=2930%2C308&ssl=1\",\"width\":2930,\"height\":308,\"caption\":\"Griffith Asia Institute\"},\"image\":{\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/griffithasiainstitute\\\/\",\"https:\\\/\\\/x.com\\\/GAIGriffith\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/#\\\/schema\\\/person\\\/8121b8aa336749474cbaca380c03029a\",\"name\":\"Griffith Asia Institute\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-AU\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/f133de65681da3b20ddbc1917f066f458d355d7dfa1f214b10ff4bd135d5ab6c?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/f133de65681da3b20ddbc1917f066f458d355d7dfa1f214b10ff4bd135d5ab6c?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/f133de65681da3b20ddbc1917f066f458d355d7dfa1f214b10ff4bd135d5ab6c?s=96&d=mm&r=g\",\"caption\":\"Griffith Asia Institute\"},\"url\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/author\\\/gaigriffith-edu-au\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The great \u2018Global Coronavirus Crisis\u2019 and the PICs | Griffith Asia Insights","description":"The COVID-19 pandemic has hit the globe very hard, especially given the economies were still recovering from the recent shocks of Global Financial Crisis","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/the-great-global-coronavirus-crisis-and-the-pics\/","og_locale":"en_US","og_type":"article","og_title":"The great \u2018Global Coronavirus Crisis\u2019 and the PICs | Griffith Asia Insights","og_description":"The COVID-19 pandemic has hit the globe very hard, especially given the economies were still recovering from the recent shocks of Global Financial Crisis","og_url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/the-great-global-coronavirus-crisis-and-the-pics\/","og_site_name":"Griffith Asia Insights","article_publisher":"https:\/\/www.facebook.com\/griffithasiainstitute\/","article_published_time":"2020-05-08T02:00:00+00:00","article_modified_time":"2023-03-29T04:52:45+00:00","og_image":[{"width":900,"height":500,"url":"https:\/\/i0.wp.com\/blogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/05\/pacific-coronavirus-900x500-1.jpg?fit=900%2C500&ssl=1","type":"image\/jpeg"}],"author":"Griffith Asia Institute","twitter_card":"summary_large_image","twitter_creator":"@GAIGriffith","twitter_site":"@GAIGriffith","twitter_misc":{"Written by":"Griffith Asia Institute","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/the-great-global-coronavirus-crisis-and-the-pics\/#article","isPartOf":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/the-great-global-coronavirus-crisis-and-the-pics\/"},"author":{"name":"Griffith Asia Institute","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#\/schema\/person\/8121b8aa336749474cbaca380c03029a"},"headline":"The great \u2018Global Coronavirus Crisis\u2019 and the PICs","datePublished":"2020-05-08T02:00:00+00:00","dateModified":"2023-03-29T04:52:45+00:00","mainEntityOfPage":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/the-great-global-coronavirus-crisis-and-the-pics\/"},"wordCount":979,"commentCount":0,"publisher":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#organization"},"image":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/the-great-global-coronavirus-crisis-and-the-pics\/#primaryimage"},"thumbnailUrl":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/05\/pacific-coronavirus-900x500-1.jpg","keywords":["Associate Professor Tarlok Singh","Coronavirus","Covid-19","economic growth","South Pacific Centre for Central Banking","SPCCB"],"articleSection":["Coronavirus in the Pacific","Pacific Forum","Pillar 1: Governance and democracy","Region | Papua New Guinea and the Pacific","Region-PNG and the Pacific","Topic-Economies and development","Topic-Security"],"inLanguage":"en-AU","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/testblogs.griffith.edu.au\/asiainsights\/the-great-global-coronavirus-crisis-and-the-pics\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/the-great-global-coronavirus-crisis-and-the-pics\/","url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/the-great-global-coronavirus-crisis-and-the-pics\/","name":"The great \u2018Global Coronavirus Crisis\u2019 and the PICs | Griffith Asia Insights","isPartOf":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#website"},"primaryImageOfPage":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/the-great-global-coronavirus-crisis-and-the-pics\/#primaryimage"},"image":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/the-great-global-coronavirus-crisis-and-the-pics\/#primaryimage"},"thumbnailUrl":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/05\/pacific-coronavirus-900x500-1.jpg","datePublished":"2020-05-08T02:00:00+00:00","dateModified":"2023-03-29T04:52:45+00:00","description":"The COVID-19 pandemic has hit the globe very hard, especially given the economies were still recovering from the recent shocks of Global Financial Crisis","breadcrumb":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/the-great-global-coronavirus-crisis-and-the-pics\/#breadcrumb"},"inLanguage":"en-AU","potentialAction":[{"@type":"ReadAction","target":["https:\/\/testblogs.griffith.edu.au\/asiainsights\/the-great-global-coronavirus-crisis-and-the-pics\/"]}]},{"@type":"ImageObject","inLanguage":"en-AU","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/the-great-global-coronavirus-crisis-and-the-pics\/#primaryimage","url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/05\/pacific-coronavirus-900x500-1.jpg","contentUrl":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/05\/pacific-coronavirus-900x500-1.jpg","width":900,"height":500},{"@type":"BreadcrumbList","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/the-great-global-coronavirus-crisis-and-the-pics\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/"},{"@type":"ListItem","position":2,"name":"The great \u2018Global Coronavirus Crisis\u2019 and the PICs"}]},{"@type":"WebSite","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#website","url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/","name":"Griffith Asia Insights","description":"Asia Insights is published by the Griffith Asia Institute. It offers latest commentary on Asia-Pacific affairs and aims to inform and foster academic scholarship, public awareness and considered and responsive policy making.","publisher":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-AU"},{"@type":"Organization","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#organization","name":"Griffith Asia Institute","url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/","logo":{"@type":"ImageObject","inLanguage":"en-AU","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#\/schema\/logo\/image\/","url":"https:\/\/i0.wp.com\/blogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2023\/10\/GU_Griffith-Asia-Institute_rgb_red_horizontal.png?fit=2930%2C308&ssl=1","contentUrl":"https:\/\/i0.wp.com\/blogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2023\/10\/GU_Griffith-Asia-Institute_rgb_red_horizontal.png?fit=2930%2C308&ssl=1","width":2930,"height":308,"caption":"Griffith Asia Institute"},"image":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/griffithasiainstitute\/","https:\/\/x.com\/GAIGriffith"]},{"@type":"Person","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#\/schema\/person\/8121b8aa336749474cbaca380c03029a","name":"Griffith Asia Institute","image":{"@type":"ImageObject","inLanguage":"en-AU","@id":"https:\/\/secure.gravatar.com\/avatar\/f133de65681da3b20ddbc1917f066f458d355d7dfa1f214b10ff4bd135d5ab6c?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/f133de65681da3b20ddbc1917f066f458d355d7dfa1f214b10ff4bd135d5ab6c?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f133de65681da3b20ddbc1917f066f458d355d7dfa1f214b10ff4bd135d5ab6c?s=96&d=mm&r=g","caption":"Griffith Asia Institute"},"url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/author\/gaigriffith-edu-au\/"}]}},"jetpack_featured_media_url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/05\/pacific-coronavirus-900x500-1.jpg","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":7611,"url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/covid-19-has-disrupted-data-collection-as-well\/","url_meta":{"origin":7233,"position":0},"title":"COVID-19 has disrupted data collection as well\u2026","author":"Griffith Asia Institute","date":"14 July 2020","format":false,"excerpt":"ANGELINE ROHOIA | Prior to COVID-19, gathering and compiling economic data was burdensome in the Solomon Islands. Coupled with the lack of political commitment to adequately resource national institutions responsible for collection and dissemination of economic data, the outbreak of COVID-19 and the scale down of the government\u2019s workforce to\u2026","rel":"","context":"In &quot;Commentary&quot;","block_context":{"text":"Commentary","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/category\/publication\/commentary\/"},"img":{"alt_text":"Office empty due to COVID-19","src":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/07\/pacific-covid-data-disruption-900x500-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/07\/pacific-covid-data-disruption-900x500-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/07\/pacific-covid-data-disruption-900x500-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/07\/pacific-covid-data-disruption-900x500-1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":7460,"url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/information-sharing-among-pacific-central-banks-some-thoughts\/","url_meta":{"origin":7233,"position":1},"title":"Information sharing among Pacific central banks","author":"Griffith Asia Institute","date":"12 June 2020","format":false,"excerpt":"RAYNOLD MICAH MOVENI\u00a0 |\u00a0\u00a0 In a previous article on the Pacific Forum, I raised the prospect of information sharing among the people of the South Pacific\u2014particularly those in rural areas. In this article, I offer some thoughts on \u2018information sharing\u2019 among central banks in the region. Building on Governor Luke\u2026","rel":"","context":"In &quot;Commentary&quot;","block_context":{"text":"Commentary","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/category\/publication\/commentary\/"},"img":{"alt_text":"Group of South Pacific Bank representatives in a round table meeting.","src":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/06\/information-sharing.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/06\/information-sharing.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/06\/information-sharing.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/06\/information-sharing.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":9973,"url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/finding-a-place-for-youth-leadership-in-australias-new-international-development-policy\/","url_meta":{"origin":7233,"position":2},"title":"Finding a place for youth leadership in Australia\u2019s new International Development Policy","author":"Griffith Asia Institute","date":"14 September 2023","format":false,"excerpt":"HELEN BERENTS\u00a0AND KATRINA LEE-KOO |\u00a0 Asia and the Pacific are the most youthful regions of the world, with 25 per cent of their populations aged between 15 and 29. Combined, the two regions are home to 60 per cent of the world\u2019s youth. Yet, in Australia\u2019s new International Development Policy,\u2026","rel":"","context":"In &quot;Region | Australia&quot;","block_context":{"text":"Region | Australia","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/category\/australia\/"},"img":{"alt_text":"Asian youth in back of protest demonstration holding a poster We need a change. Student activist","src":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2023\/09\/youth-protester.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2023\/09\/youth-protester.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2023\/09\/youth-protester.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2023\/09\/youth-protester.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":7271,"url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/weekly-pacific-bulletin-21\/","url_meta":{"origin":7233,"position":3},"title":"Weekly Pacific Bulletin","author":"Griffith Asia Institute","date":"13 May 2020","format":false,"excerpt":"TESS NEWTON CAIN\u00a0 |\u00a0 \u00a0 Tensions in Port Moresby Tensions in Port Moresby rose after a senior police officer was killed by off duty members of the PNG Defence Force. Senior Inspector Andrew Tovere was attacked by drunk off duty soldiers whilst seeking to enforce a ban on sale of\u2026","rel":"","context":"In &quot;Coronavirus in the Pacific&quot;","block_context":{"text":"Coronavirus in the Pacific","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/category\/publication\/feature-series\/coronavirus-in-the-pacific\/"},"img":{"alt_text":"Pacific Outlook","src":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2019\/11\/pacific-outlook-map-banner-900x500.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2019\/11\/pacific-outlook-map-banner-900x500.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2019\/11\/pacific-outlook-map-banner-900x500.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2019\/11\/pacific-outlook-map-banner-900x500.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":9269,"url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/smiles-in-suva-the-51st-pacific-islands-forum-leaders-meeting\/","url_meta":{"origin":7233,"position":4},"title":"Smiles in Suva: The 51st Pacific Islands Forum leaders\u2019 meeting","author":"Griffith Asia Institute","date":"19 July 2022","format":false,"excerpt":"TESS NEWTON CAIN\u00a0AND STEFAN ARMBRUSTER | Last week\u2019s meeting of the leaders of the Pacific Islands Forum (PIF) was keenly anticipated and came at a critical juncture for the region. It was the first in-person meeting since\u00a0Tuvalu in 2019. Since then, a lot has happened. The impacts of COVID-19 have\u2026","rel":"","context":"In &quot;Pillar 3: Geopolitics and diplomacy&quot;","block_context":{"text":"Pillar 3: Geopolitics and diplomacy","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/category\/publication\/feature-series\/pacific-outlook-feature-series\/geopolitics-diplomacy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2022\/07\/Pacific-Island-Forum-2022.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2022\/07\/Pacific-Island-Forum-2022.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2022\/07\/Pacific-Island-Forum-2022.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2022\/07\/Pacific-Island-Forum-2022.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":8944,"url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/covid-19-is-changing-financial-inclusion-can-policymakers-keep-up\/","url_meta":{"origin":7233,"position":5},"title":"COVID-19 is changing financial inclusion: Can policymakers keep up?","author":"Griffith Asia Institute","date":"21 February 2022","format":false,"excerpt":"SHAWN HUNTER AND PETER ROSENKRANZ | The COVID-19 pandemic has increased the importance of ensuring that the poorest and most vulnerable people have access to formal financial services, given their role in supporting inclusive economic recovery and resilience. With demand for digital services skyrocketing during the pandemic, the Asia-Pacific region\u2026","rel":"","context":"In &quot;Feature series&quot;","block_context":{"text":"Feature series","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/category\/publication\/feature-series\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2022\/02\/financial-inclusion-900x500-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2022\/02\/financial-inclusion-900x500-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2022\/02\/financial-inclusion-900x500-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2022\/02\/financial-inclusion-900x500-1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"jetpack_likes_enabled":true,"featured_image_thumbnail_url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2020\/05\/pacific-coronavirus-900x500-1.jpg","_links":{"self":[{"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/posts\/7233","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/comments?post=7233"}],"version-history":[{"count":0,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/posts\/7233\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/media\/7236"}],"wp:attachment":[{"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/media?parent=7233"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/categories?post=7233"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/tags?post=7233"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}