Economic Costs Associated to the Coronavirus Pandemic for Vietnam
The short-term impact of coronavirus outbreak (i.e., 2019-nCov) on Vietnam’s economy could be significant, as high 6-10 percent of monthly output, but short-lived if the outbreak is rapidly contained. While the recent measures by the Government to...
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| Format: | Policy Note |
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World Bank, Washington, DC
2020
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| Online Access: | http://documents.worldbank.org/curated/en/649871589877237199/Economic-Costs-Associated-to-the-Coronavirus-Pandemic-for-Vietnam http://hdl.handle.net/10986/33777 |
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okr-10986-337772021-05-25T09:38:32Z Economic Costs Associated to the Coronavirus Pandemic for Vietnam Morisset, Jacques CORONAVIRUS COVID-19 PANDEMIC RESPONSE ECONOMIC CRISIS TRADE TOURISM SPILLOVER EFFECT MOBILITY TRANSPORT CORRIDOR ELECTRONICS TRADE TEXTILES AND APPAREL FOREIGN DIRECT INVESTMENT FDI FLOWS FINANCIAL MARKET CONTAGION The short-term impact of coronavirus outbreak (i.e., 2019-nCov) on Vietnam’s economy could be significant, as high 6-10 percent of monthly output, but short-lived if the outbreak is rapidly contained. While the recent measures by the Government to limit the mobility of people, goods, and services with China will help to prevent the outbreak from spreading to Vietnam, they come with some economic costs. Tourism and electronics trade are the most vulnerable, with one-third of foreign tourists are from China and with over 3 billion dollars per month of bilateral trade between the two countries. The direct costs to contain the epidemic remains relatively small but could increase rapidly if the outbreak spreads within Vietnam, restrictions on mobility are sustained over time and if people behavior amplifies the initial negative impacts. Lessons from experience of recent pandemic show that while the negative costs could be high, the economy tends to recover rapidly once the outbreak is contained. The estimates presented here are highly dependent on assumptions regarding the magnitude and the duration of the epidemic and should be considered as preliminary. 2020-05-20T18:56:48Z 2020-05-20T18:56:48Z 2020-02 Policy Note http://documents.worldbank.org/curated/en/649871589877237199/Economic-Costs-Associated-to-the-Coronavirus-Pandemic-for-Vietnam http://hdl.handle.net/10986/33777 English COVID-19 Policy Response Note, No. 1 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: Policy Note East Asia and Pacific Vietnam |
| repository_type |
Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
| language |
English |
| topic |
CORONAVIRUS COVID-19 PANDEMIC RESPONSE ECONOMIC CRISIS TRADE TOURISM SPILLOVER EFFECT MOBILITY TRANSPORT CORRIDOR ELECTRONICS TRADE TEXTILES AND APPAREL FOREIGN DIRECT INVESTMENT FDI FLOWS FINANCIAL MARKET CONTAGION |
| spellingShingle |
CORONAVIRUS COVID-19 PANDEMIC RESPONSE ECONOMIC CRISIS TRADE TOURISM SPILLOVER EFFECT MOBILITY TRANSPORT CORRIDOR ELECTRONICS TRADE TEXTILES AND APPAREL FOREIGN DIRECT INVESTMENT FDI FLOWS FINANCIAL MARKET CONTAGION Morisset, Jacques Economic Costs Associated to the Coronavirus Pandemic for Vietnam |
| geographic_facet |
East Asia and Pacific Vietnam |
| relation |
COVID-19 Policy Response Note, No. 1 |
| description |
The short-term impact of coronavirus
outbreak (i.e., 2019-nCov) on Vietnam’s economy could be
significant, as high 6-10 percent of monthly output, but
short-lived if the outbreak is rapidly contained. While the
recent measures by the Government to limit the mobility of
people, goods, and services with China will help to prevent
the outbreak from spreading to Vietnam, they come with some
economic costs. Tourism and electronics trade are the most
vulnerable, with one-third of foreign tourists are from
China and with over 3 billion dollars per month of bilateral
trade between the two countries. The direct costs to contain
the epidemic remains relatively small but could increase
rapidly if the outbreak spreads within Vietnam, restrictions
on mobility are sustained over time and if people behavior
amplifies the initial negative impacts. Lessons from
experience of recent pandemic show that while the negative
costs could be high, the economy tends to recover rapidly
once the outbreak is contained. The estimates presented here
are highly dependent on assumptions regarding the magnitude
and the duration of the epidemic and should be considered as preliminary. |
| format |
Policy Note |
| author |
Morisset, Jacques |
| author_facet |
Morisset, Jacques |
| author_sort |
Morisset, Jacques |
| title |
Economic Costs Associated to the Coronavirus Pandemic for Vietnam |
| title_short |
Economic Costs Associated to the Coronavirus Pandemic for Vietnam |
| title_full |
Economic Costs Associated to the Coronavirus Pandemic for Vietnam |
| title_fullStr |
Economic Costs Associated to the Coronavirus Pandemic for Vietnam |
| title_full_unstemmed |
Economic Costs Associated to the Coronavirus Pandemic for Vietnam |
| title_sort |
economic costs associated to the coronavirus pandemic for vietnam |
| publisher |
World Bank, Washington, DC |
| publishDate |
2020 |
| url |
http://documents.worldbank.org/curated/en/649871589877237199/Economic-Costs-Associated-to-the-Coronavirus-Pandemic-for-Vietnam http://hdl.handle.net/10986/33777 |
| _version_ |
1764479497132834816 |