Covid-19: Light At The End Of The Tunnel

A couple of months ago, in the March issue, I had written about COVID-19, even as it was in the early stages, highlighting the need for a coordinated global response. That was when total worldwide cases stood below 100,000 whereas it stands at over 3.8 million now, after having caused over 265,000 deaths. The disease has moved from China to Iran, Italy, South Korea, Spain, France, US and so on, to almost every inhabited part of the world. The worldwide lockdowns necessitated by the need to contain its spread have brought trade and travel to a grinding halt.

- VP Nandakumar

The economic costs have been enormous and may well exceed the havoc wrought by the global financial crisis of 2008-09. One of the benchmarks for crude oil prices, West Texas Intermediate or WTI, slipped briefly into negative territory (implying that sellers would pay buyers!) something unimaginable in normal times. Gold prices are rising almost every day and look set to surpass the previous peak set in 2011. Unemployment and Job losses have spared no sector and geography and things have never looked gloomier than this.

But then, it is said that the night is darkest before the dawn and there is reason for hope as well. Hospitals in Wuhan are not reporting new cases anymore and the city reopened on 8 April after a 76-day lockdown. Children in Spain were recently allowed outside for the first time in six weeks. In India, which went into a nationwide lockdown on March 24, most parts are limping back to normal, even as the red zones stay largely closed.

At the time of announcing the lockdown, the Prime Minister had said, “jaan hai to jahan hai” (there is a world because there is life). By realising the gravity of the problem and taking harsh measures early on to contain the spread of the disease, India has successfully achieved its target of flattening the curve. Of course, it is too early to celebrate, but there is no denying that we are beginning to see the light at the end of the tunnel.

The next battle