Commonwealth Greater Birmingham
Commonwealth Chamber of Commerce Contact: Jamila Davis T: 0845 6036650
The Commonwealth and Covid-19
The UK may have passed the peak in terms of the Covid-19 pandemic, but much remains to be done to get the economy back on its feet. For other countries in the Commonwealth, it’s much the same, but some are faring better than others in dealing with the impact of the virus. Commonwealth president Keith Stokes-Smith (pictured) takes a look at how the various countries are coping.
As we might expect, how Commonwealth countries deal with the Covid-19 and, among other things, its impact upon their economies, will vary from one country to another, vis-a- vis how quickly they react, what actions they take and how effective their actions are. All countries are importers and exporters and
will inevitably be adversely impacted by the virus, to whatever degree, whether they like it or not. Many nations now sell to or buy from China,
which has the second largest economy in the world and one which is four times larger now than it was during the SARs crisis. The Commonwealth Secretariat publishes a
‘Commonwealth Coronavirus Tracker’. Of the 26 Commonwealth countries tracked, 18 have taken monetary and fiscal policy action to help the wellbeing of their population and their economies better cope and recover from the impact of the virus. This has included cutting interest rates, and
more than a third of Commonwealth countries are currently offering cash transfers, wage subsidies and tax deferrals to support the people worst hit by the pandemic. Few of the 26 countries have self-assessed as
having sufficient capacity to deal with public health emergencies. They go on to say: “Assuming the pandemic
recedes in the second half of 2020 and, that the policy response is swift and effective, the
Commonwealth’s real gross domestic product (GDP) is likely to grow by 5.05 per cent in 2021”. Grouping Commonwealth countries by region,
according to the International Monetary Fund (IMF), Asia is likely to grow by circa 6.30 per cent, Caribbean and Americas 5.80 per cent, Europe circa 5.40 per cent, Africa 4.40 per cent and the Pacific, 3.50 per cent.
‘All countries are importers and exporters and will inevitably be adversely impacted by the virus’
Australia, Canada, Malaysia, Pakistan, South
Africa, Ghana and the United Kingdom have introduced the most policy responses. Australia has announced an estimated $116
billion of fiscal support, Canada $97bn, Malaysia $1.5bn, Pakistan $6bn, South Africa $700m, Ghana $100m and the UK $39bn. Four of them, Australia, Canada, South Africa
and the UK, have included specific help for importers and exporters. According to the tracker, as at 11 May, the
outbreak seems to be spreading faster in Canada, India and the UK than in other Commonwealth countries. Yet, as at 8 May the infection rate in India remains low relative to population size.
Commonwealth Chamber Patron
June/July 2020 CHAMBERLINK 33
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