Coping in the age of COVID-19

(Link on Daily Trust site)

Since the outbreak of the ravaging COVID-19 (otherwise known as coronavirus) pandemic, observers have been identifying interesting instances of man’s vulnerability and the inherent limits of his capabilities in the face of overwhelming circumstances. 

Until recently, many people had been apparently under the assumption that with the level of sophistication in scientific discoveries, technological advancement, and economic development that man has achieved, and the rate at which he is still advancing in this regard, there would hardly be any circumstances, at least in the foreseeable future, that could force him to stay home in pursuit of mere survival abandoning the world’s economic engine to practically grind to a halt. 

For instance, no one, including celebrated analysts, scientists and experts in strategic analyses, appeared to have the slightest clue about the looming shutdown of, say, the world’s financial powerhouse of the ever-busy Wall Street in New York in the United States; as no one seemed to have the least suspicion about the impending halt of, say, the machinery of the world’s manufacturing powerhouse of Shanghai in China. 

As, literally, the world’s financial and manufacturing engines respectively, the lockdown of these two cities, in particular, symbolizes the interruption of the world’s economic engine given their sheer influence on the other major financial and manufacturing hubs in Europe, Asia and elsewhere.

Besides, though some financial markets are transacting businesses online, the persistence of the current situation, which by implication means the continued shutdown of the real economy will definitely disrupt what remains of their online operations as well given the inherent interdependence between the real economy and the financial economy. This equally applies to the work-from-home system that many organizations in both public and private sectors around the world have resorted to. 

Likewise, with basically the same COVID-19 preventive and control measures in force across the world, albeit to various extents depending from one country to another, corporate and individual routines and schedules have been disrupted. In many countries only absolutely indispensable service delivery and production sectors operate, yet still, under strict restrictions. Also, school children have since adjusted to taking regular lessons from home through live Internet-based transmission, which, in the UAE and probably many other countries will continue for the rest of the current academic year. 

Also, while the world desperately awaits the availability of the COVID-19 medication and vaccine, thousands are dying as the world literally looks on helplessly. Figures of confirmed cases have already exceeded two million and are still growing in scary proportions. Updates on the vaccine development are so far not encouraging considering the time projected for its availability. 

Besides, the growing systematic evacuations by many countries of their respective citizens based or stranded in other countries including countries with excellent healthcare facilities is a tacit indication that the pandemic may last longer than expected, and that the situation is perhaps actually worse than what governments around the world and relevant international organizations are revealing.   

In any case, everybody, including those enjoying the best living conditions with access to the best healthcare services, is currently living with the nightmare of being infected. Perhaps, only the conspiracy theorists living in denial of the existence of the virus, or who are under the illusion of being somehow immune to it, take their safety for granted. This explains their attitudes towards the recommended preventive measures, which they recklessly ignore and indeed flout with disdain.   

Meanwhile, people the world over are increasingly worried over the long-term impact of the pandemic on their livelihoods. After all, jobs are already being lost right, left, and centre as businesses struggle to survive. Though governments around the world are introducing economic palliatives to mitigate the plight of particularly the most vulnerable among their respective citizens, proactive governments are already preparing to tackle the looming economic crisis, as economic analysts warn of a serious global recession and possibly depression. 

Obviously, poor and poorly managed countries would still remain the worst-hit, for they have always been on the edge and indeed on the receiving end of the dynamics of global economic policies and politics. By the way, this isn’t due to any particular conspiracy against them as some people often insinuate. It’s, instead, the logical consequence of the failure of their respective leaders to live up to their respective responsibilities. 

Nigeria clearly represents a typical instance in this regard. And its already struggling oil-dependent economy has been exposed to further threats by both the COVID-19 pandemic-triggered global economic difficulties and the crash of oil prices in international markets. Though the prices have begun to stabilize following the recent OPEC+Russia agreement, the impending global economic decline as a result of the pandemic would definitely affect the crude oil demand in international markets, which would keep the prices low. 

Yet, the authorities never seem worried enough despite repeated warnings the recent of which is from the International Monetary Fund (IMF), which effectively warns that Nigeria is facing the worst economic recession in thirty years. Instead, the looming economic crisis in the country is overshadowed by the controversy over the existence or otherwise of the COVID-19 virus, the controversy over the mechanisms of sharing economic palliatives, and the corruption allegations surrounding it.  

Now, the lockdown of states to contain the virus in the country also represents a tricky dilemma. Because while on the one hand, it’s the only effective containment measure so far, it’s, on the other hand, simply unviable in Nigeria where the vast majority of people have to struggle daily to secure basic sustenance. Besides, with the disproportionate shortage of decent shelter and extremely insufficient coverage of basic utilities in the country, and also its poor quality where it exists, a total lockdown may not only worsen people’s economic conditions but may also lead to other communal health-related complications, God forbid.  

There is, therefore, a need to consider appropriate considerations in this regard to address the country’s peculiar socio-economic challenges without unwittingly undermining the effectiveness of the recommended preventive measures.