EXPERIENCE has shown us that health outbreaks such as the coronavirus are economic and multilateral issues as much as they are medical concerns.
We can already determine, for example, that the virus recently named COVID-19 by the World Health Organization (WHO) will weigh down economic growth, at least in the near-term. Its effects further on are yet to be determined.
The Asia-Pacific Economic Cooperation (APEC) experience with severe acute respiratory syndrome (SARS) 18 years ago tells us that the Asia-Pacific has the wherewithal to cope with such events.
The grouping, a collective of 21 economies lining the Pacific which primarily engage each other on economic matters, produced a SARS action plan, to support efforts to deal with the outbreak.
Lessons learnt from that experience led to the establishment of the Health Task Force to help address health-related threats to economies’ trade and security, focusing mainly on emerging infectious diseases.
In 2007, APEC established the Health Working Group (HWG) to have a collective regional preparedness and response to the emergence of health outbreaks, knowing that the impact of SARS, avian influenza, H1N1s and the like falls not only on the health sector but also agriculture, trade, tourism, transportation and business across many borders.
The same group met twice this month in Putrajaya, Malaysia, to address COVID-19.
It was an opportunity for APEC officials to coordinate with the WHO, which sent representatives, and with key infectious disease experts.
It is easy to draw parallels between SARS and this new strain. But it is still early to quantify the impact of the coronavirus’s spread on global economic growth. The world today is a different arena.
China accounts for 21.4 percent of world GDP (in PPP terms, as of end-2018) compared to around 4.5 percent during the SARS outbreak.
The increased interconnectedness of the global economy and the deep integration of international supply chains amplify the impact of the current health shock to an already-fragile global economic recovery.
Looking ahead, a deterioration in consumer and investor sentiments could translate into significant economic and financial risks.
There is already an observed decline in travel and tourism. An associated adverse impact on retail and hospitality receipts as well as transport sales are expected to reverberate around the world.
The coronavirus is a prominent downside risk, adding to ongoing uncertainties on the external front, such as trade tensions, Brexit, and environmental catastrophes on both sides of the Pacific.
Authorities must start thinking about the long term to minimize lasting harm to the economy and society alike.
During this time of heightened uncertainty, monetary and fiscal authorities could consider maintaining accommodative policies to support economic growth.
In the medium to long-term periods, economies could look at structural reforms that ensure immediate action by governments, build stronger healthcare systems, and allocate resources for research and surveillance of infectious diseases.
If past outbreaks have taught us anything it is that the region can bounce back, so long as economies cooperate and put in place the right measures. It is also relatively more prepared.
Many measures have been put in place to contain the outbreak. Efforts in prevention-and-control and monitoring have exceeded WHO requirements.
Scientists were able to correctly identify the disease quicker and share information.
Authorities in affected economies have been judicious in handling public information and announcements on what the public should (wash hands, monitor health, etc.) and should not do (panic) amid a health scare.
As the host of APEC 2020, Malaysia is taking precautionary measures to minimize the risks of the coronavirus and ensure these necessary meetings between delegates from around the region continue with success while minimizing further spread of the virus.
Health ministers and officials will meet in Penang in August to continue to build on this week’s discussions on COVID-19 and examine regional policy approaches to continue addressing the issue.
APEC Secretariat
Mon Feb 17 2020
An associated adverse impact on retail and hospitality receipts as well as transport sales are expected to reverberate around the world. - Foto Astro AWANI / SHAHIR OMAR
Malaysia raih dua emas, Mohamad Aniq lebur rekod kebangsaan di Fiji
Jaguh angkat berat negara Mohamad Aniq Kasdan merangkul pingat emas kategori 61 kilogram (kg) di Kejohanan Angkat Berat Komanwel 2024 di Suva, Fiji hari ini.
Jumlah kumulatif kes MPOX (setakat 4 September 2024)
Untuk rekod, jumlah kumulatif global adalah sebanyak 103,898 kes. Asia dengan 5,403 kes.
Pengurus syarikat rugi lebih RM400,000 terperdaya pelaburan tidak wujud
Seorang pengurus syarikat kerugian RM420,000 selepas terperdaya dengan skim pelaburan tidak wujud.
Pencapaian Malaysia membanggakan, tapi jangan berpuas hati
Kerajaan tidak boleh berpuas hati walaupun kedudukan Malaysia dalam pelaksanaan matlamat pembangunan mampan (SDG) agak baik berdasarkan 248 indikator yang digariskan.
Tingkatkan siap siaga hadapi segala kemungkinan
Ibu bapa pantau keadaan anak sepanjang cuti persekolahan, terutama melarang bermain air ketika banjir.
200 rumah di Nibong Tebal hampir tenggelam
Lebih 200 rumah di lima kampung di Nibong Tebal, Pulau Pinang dinaiki air susulan hujan lebat.
Cuti anggota dan pegawai bomba Kedah dibekukan
Jabatan Bomba dan Penyelamat Malaysia Kedah membekukan cuti anggota dan pegawai susulan situasi banjir dan fenomena air pasang besar.
Sukan wushu, karate sah dipertanding di Sukan SEA Thailand - Kim Fatt
Dua sukan tempur yang merupakan lubuk emas negara, wushu dan karate sah akan dipertandingkan di Sukan SEA Thailand 2025, kata Presiden Persekutuan Wushu Malaysia (PWM) Datuk Chong Kim Fatt.
Muktamar Pas: "Biarlah dia cari dosa kering" - Ahmad Zahid
Beliau mengulas tindakan Pas didakwa menjadikan Muktamar Tahunan Ke-70 parti itu sebagai pentas memfitnah dan memaki hamun lawan mereka.
Ringgit terus positif, naik 7.86 peratus sehingga kini berbanding dolar AS
Pada 6 petang, mata wang tempatan itu meningkat kepada 4.2535/2645 berbanding dolar AS daripada 4.2975/3050 ketika ditutup pada Jumaat lepas.
Panduan Dasar APEC akan sediakan rangka kerja untuk negara anggota
Usaha itu bukan sahaja akan menyokong matlamat setiap negara tetapi juga menyumbang secara signifikan kepada agenda penyahkarbonan global.
Gyeongju, Korea Selatan dipilih sebagai tuan rumah Sidang Kemuncak APEC 2025
Jawatankuasa Persediaan untuk Sidang Kemuncak APEC memilih Gyeongju sebagai lokasi untuk sidang kemuncak yang dijadualkan pada November.
Pertumbuhan ekonomi rantau APEC dijangka cecah 3.4 peratus pada 2024 - Laporan
Pertumbuhan ekonomi di negara-negara Kerjasama Ekonomi Asia Pasifik (APEC) dijangka mencecah 3.4 peratus pada 2024 dan perlahan kepada 2.9 peratus pada 2025-2026.
APEC harus tetapkan gaji minimum - MITI
Kerjasama Ekonomi Asia Pasifik (APEC) harus secara kolektif mewujudkan penetapan gaji standard untuk mencegah kadar gaji tidak sesuai yang memberi kesan kepada golongan wanita.
APEC 2024: Mesyuarat pertama ABAC tumpu keresahan akibat pemecahan ekonomi global
Mesyuarat pertama ABAC 2024 beri tumpuan kepada keresahan yang mendalam berkenaan tekanan daripada pemecahan ekonomi global.
APEC tidak boleh goyah dalam menyokong kerjasama ekonomi - Tengku Zafrul
Katanya, platform tersebut mesti meningkatkan manfaat perjanjian perdagangan pelbagai hala.
Dunia perlu agenda perubahan, capai kejayaan bersama - MITI
Dunia memerlukan agenda perdagangan baharu yang tidak terikat dengan klise lama.
APEC 2024: Mesyuarat pertama ABAC tumpu reda tekanan ekonomi serantau
Mesyuarat tiga hari bermula semalam menjadi platform dialog kepada usaha untuk meredakan tekanan ekonomi yang melanda rantau ini.
Anwar kutuk Israel depan Joe Biden
Anwar menggunakan setiap ruang yang ada pada pertemuan tersebut untuk membangkitkan isu penindasan berterusan terhadap rakyat Gaza.
PM Anwar laung seruan selamatkan penduduk Gaza, wakili ekonomi pesat membangun di APEC 2023
Mesej PM di setiap platform mudah dan jelas - pembunuhan dan kekejaman di Gaza perlu dihentikan dan tidak ada pilihan lain lagi.