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Coronavirus: Economic impact and beyond

Updated: Sep 12, 2021

One month into Coronavirus being declared as a pandemic by the WHO, the death toll due to the disease has surged from 4,300 to whooping 103,000. The subject is such that it has brought the entire world to a standstill, cutting down movement so much, that it has brought changes in the way the entire Earth moves!

In this situation, it is imperative that everyone looks for solutions. On these lines, even in this time of lock-down and social distancing, Colloquy 2020 organised an online conference on 4th April 2020 to discuss the issue at hand and find solutions by a diplomatic debate between the delegates of different affected countries. Targeted at a discussion on the issue and its impact on population, economy, and the lives of the people, overall the conference was fruitful indeed.

There was a wholesome debate on the IHR (International Health Regulations), 2005. It was argued that China has violated international law by delaying its reporting to the WHO by more than one month on any view (perhaps even by nearly two months) where the IHR requires a report within 24 hours of events that may constitute a public health emergency. China knew that there was a problem with a SARS-like disease in December 2019, but was only made known on 21st January 2020.

Economic issues related to the problem and management of economy to effectively counter the outbreak. Suggestions were made that the IMF should organize a special fund to counter the issue and that there should be an equilateral and just distribution of resources. The world must come together to face the pandemic. Indeed, unity proved to be the only solution. It has also been alleged by the delegates that China has reopened its wet market where proper hygiene is still not ensured and that the People's Republic of China must take responsibility for the damage caused to the world. Meanwhile, the delegate of the latter wasn't present in the committee. Discussion on the economic issues brought forth various problems being faced by the people. Suggestions included taking steps to prevent hoarding and black marketing and the formation of a special reconstruction task force. The best way to protect the economy is to fight the problem as efficiently as possible. Further, the countries must focus on using money effectively more than the protection of the economy. The debate continued to include how to manage resources, which proves to be a more important topic. Countries like Belgium asked for assistance for controlling the outbreak. Delegates like those of India discussed how resources and facilities can be organised for the best execution and implementation of facilities and services organised by the government. A little more focus should have been put on how resources can be organised internally.

Overall, the conference proved to give insight into what the situation is in the respective countries and what measures have been taken by them. The discussion proved to be an opportunity for all the delegates to push forth and find creative solutions to this problem, to express their views and opinions effectively.

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