ISMAIL LAGARDIEN: Interventions needed to help poor countries rebuild after pandemic 🔒
Health workers in Alexandra test people for Covid-19. Picture: THULANI MBELE
Fast forward seven decades, and the 1997 East Asian crisis cut a swathe of social devastation from Bangkok across the region, its effect felt most severely in places such as Indonesia. The following passage, from a report by the Asian Development Bank on the social effect of the crisis, was especially poignant:
A decade later Federal Reserve chair Ben Bernanke, Federal Reserve Bank of New York president Timothy Geithner, and US treasury secretary Henry Paulson explained the 2008 crisis as “a conflagration that choked off global credit, ravaged global finance and plunged the American economy into the most damaging recessions since the breadlines and shantytowns of the 1930s”.
“The global financial system is resilient enough to withstand the impact of the coronavirus crisis but policymakers must act quickly to deliver a return to economic growth and avoid widespread financial distress,” IMF MD Kristalina Georgieva said last week.
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