As you all know, on March 11th, 2020, the World Health Organization declared Coronavirus (COVID-19) to be a global pandemic. As of March 23rd, nearly 378,000 cases have been detected globally and more than 16,000 are dead. Besides taking a toll on human life, the spread of a virus can have a profound and serious impact on global, national or regional economies. For instance, global markets continue to tumble since the outbreak. Businesses are being closed, and sporting events and other private gatherings are being cancelled to prevent the spread of the disease. The evidence from the SARS coronavirus outbreak nearly 20 years ago shows that Chinas economic growth slowed from 11% in the first quarter of 2003 to 9% in the following three months.

As a student of a health economics class, explain how this pandemic will have an impact on the Canadian economy, especially the health care sector, in the short term and long term? Clearly highlight in your arguments its impact on the cost to the health care system, allocation of health care resources, health insurance companies, GDP growth rate and fiscal implications.

I encourage you to read the following articles that will help broaden your understanding. Another great resource will be the national news which can provide tangible statistics and information on the economic impact.

1. Coronavirus and Spanish flu: economic lessons to learn from the last truly global pandemic

Available at: http://theconversation.com/coronavirus-and-spanish-flu-economic-lessons-to-learn-from-the-last-truly-global-pandemic-133176

2. Throughout history, pandemic have had profound economic effects

https://www.economist.com/finance-and-economics/2020/03/12/throughout-history-pandemics-have-had-profound-economic-effects

3. COVID-19 and the US economy: FAQ on the economic impact & policy response

https://www.brookings.edu/blog/up-front/2020/03/23/covid-19-and-the-u-s-economy-faq-on-the-economic-impact-policy-response/

4. Pandemic Risks: How large are the expected losses. Available at: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5791779/