Striking a policy balance between containing the Covid-19 pandemic and the cost to the economy due to restrictions is undoubtedly the most concerning global challenge today. Uncertainty – the biggest curse of this pandemic – is still the largest problem, as it was almost a year ago. The debate on the logistics of distribution and administration of the vaccines indicates that the problem is far from over. This draws us back to the initial question: What types of measures can truly control the spread of the virus within a given degree of economic activities?
While we do not have a formula as yet, the global pendulum of Covid-19 measures has now swung too far in the direction of protecting the economy. Intermittently, when the pendulum gained momentum and returned with a stronger force, health and safety measures were once again translated into strict movement restrictions. For policymakers in the government and private sectors, the swing towards either end is the biggest hurdle for meaningful and effective planning. Volatility rules. By this analogy, the key here is to keep the swing moderate and predictable. How to do this is a huge enigma globally. Malaysia is no exception.
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