'Covid-19 will leave a lasting imprint on the world economy, causing permanent changes and teaching important lessons,' Sergio Rebelo writes for CNNBusiness Perspectives.
This article was originally published in its entirety in the International Monetary Fund's summer 2020 issue of Finance & Development Magazine. Sergio Rebelo is a professor of international finance at the Kellogg School of Management at Northwestern University. The opinions expressed in this commentary are his own.
.leftside-floating-image { width:100%; display:block; margin:0 auto 1.5rem; } @media screen and { .leftside-floating-image { float:left; width:50%; max-width: 200px; display:block; margin:0 1.5rem 1rem 0; } } Virus screening is likely to become part of our life, just like security measures became ubiquitous after 9/11. It is important to invest in the infrastructure necessary to detect future viral outbreaks. This investment protects economies in case immunity to Covid-19 turns out to be temporary.
Many economies adopted versions of Germany's Kurzarbeit subsidy during the pandemic. This policy keeps workers employed at reduced hours and pay, with the government compensating some of the shortfall in wages. By keeping matches between firms and workers intact, the economy is better prepared for a quick recovery. It is important to improve the implementation of these policies and make them a permanent part of our economic recovery tool kit.Remote work is likely to become more common.
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