VOL. 2 - The Economic Impact of COVID-19 Countermeasures _____________________________________________

Using the data that has been accumulated to date, we verified a number of key factors that have had the greatest relevance.2 (It should be noted that it is difficult to make comparisons between different countries as the definitions of number of deaths and the number of infected people vary. [...] The period in which the 1918 pandemic occurred was a time of labor-intensive industrial structures, and the deaths of many people led to a drop in the global working population, while a drop in supply volume led to inflation, thereby leading to economic decline. [...] In fact, there is no trade-off between infection control and the economy, and this suggests the possibility that in a situation of rising case numbers, the economy cannot work without controlling infection (infections are upstream and the economy downstream). [...] For example, when we look at the cost-benefit of COVID-19 vaccines, it is impossible to calculate that with any real accuracy unless we look not only at the efficacy in terms of disease prevention and the prevention of serious illness but also calculate the macroeconomic impacts in such areas as the movement of people and trade. [...] In developed countries in particular, medical expenses have been seen as a cost, but given that infectious diseases, such as the current pandemic, are expected to occur frequently in the future, there is a need to view infectious disease–related healthcare and public health as an investment from the perspective of economic measures and national defense, and consider how best to implement public po.