Viewpoint: The Real Impact of COVID-19 on Emerging Markets
By now, many developed markets are seeing an easing of new cases within their borders. Deaths due to the virus are dropping and the focus has perceptibly shifted from the healthcare emergency to the reopening of economies and communities. These are the countries that are heading towards the ‘late accumulation’ and, tentatively, ‘recovery’ phases of one of the most contagious pandemics the world has ever seen. They are the ones that feel the eye of the storm has passed; hence, attention is naturally turning to the aftermath.
Meanwhile, most emerging markets lag behind in the earlier ‘acceleration’ phase. Some of the world’s poorest countries are still to reach the centre of their pandemic when the harshest effects will hit. The challenge for them is that the COVID-19 spotlight is moving on, at a moment when they are in most urgent need of attention and support.
Photo courtesy of Jérémy Stenuit.