The unexpected exogenous shocks inflicted by the COVID-19 pandemic on the global economy have resulted in varying global, regional, and national policy responses. To contain the spread of the virus and mitigate its widespread impacts, countries have adopted unprecedented policy measures based on their capacities. These measures are largely two-pronged. The first set
– short term – focuses on immediate response strategies to flatten the disease curve through therapeutic and non-therapeutic prevention and containment measures – notably personal
hygiene, social distancing, border closures, and lockdown of economic activity to various degrees. The second set takes the form of eased monetary and fiscal policies as well as social safety nets targeted at helping citizens, businesses, and public institutions to cope in the short and medium term.