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The need for global coordination and cooperation transparency and uncertainty amid the COVID -19 outbreak

Ojo, Marianne (2020): The need for global coordination and cooperation transparency and uncertainty amid the COVID -19 outbreak. Published in: Centre for Innovation and Sustainable Development Economic Review

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The COVID-19 pandemic has highlighted how intricately linked the global community has become with the advent of globalization, rapid growth of Information Technology and the Internet Revolution. Since many global economies have become interdependent on each other – as further reflected by sectors who have generated greater domino effects on one other, there have been suggestions and recommendations for shorter supply chains. Just how far can associated risk levels and particularly those with seismic and systemic effects on the economy be mitigated – whilst ensuring that appropriate balance is maintained in assessing and estimating accurate and reliable forecasts – particularly where past historical data , to an extent, will be required to achieve such an assessment? The COVID pandemic has also highlighted that unexpected events such as recent developments will impact prior measures in such a way as never before – not only because of the unique attributes of this Crisis – both an economic and medical one, but also by virtue of the impact and interconnections globally. How reliable are prior measures and should this imply that less reliance will be placed on historical data and greater reliance on forward looking provisioning? Technological advances , it would appear, should have facilitated the mitigation of information asymmetries however, the pandemic also reflects the growing need for digital measures to keep economies functioning and will certainly play fundamental and formidable roles in the future workplace. Stay at home measures have been greatly facilitated through digital advancements, virtual communication and conferences and it is without doubt that new regulations in respect of internet regulation and privacy laws may be reviewed and revised in several jurisdictions and regions. Global coordination will certainly be required to overcome this pandemic. In addressing the afore mentioned questions, this papers aims to highlight , amongst other objectives how and why such a coordination can be achieved.

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