Ebola: Financial Impact May Hit $32.6bn by 2015, Says World Bank
With the death toll on the dreaded Ebola Virus Disease (EVD) currently standing at over 3,439 among the worst-hit countries of Sierra Leone, Liberia and Guinea, the World Bank Group has said should the epidemic significantly infect citizens in neighbouring countries, the regional financial impact can reach $32.6 billion by the end of 2015.
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In the latest economic impact assessment released Wednesday at the ongoing World Bank/IMF Annual Meetings in Washington DC, United States of America, the bank said: "As it is far from certain that the epidemic will be fully contained by December 2014 and in the light of the considerable uncertainty about its future trajectory, two alternative scenarios are used to estimate the medium-term (2015) impact of the epidemic, extending to the end of calendar year 2015."
According to the new report, A "Low Ebola" scenario corresponds to rapid containment within the three most severely affected countries, while "High Ebola" corresponds to slower containment in the three countries with broader regional contagion.
The bank's new analysis pointed out that the economic impacts of Ebola were already very serious in the three countries, particularly, Sierra Leone and Liberia, and could become catastrophic under a slow containment, High Ebola scenario.
"In broader regional terms, the economic impact could be limited if immediate national and international action stop the epidemic and alleviate the 'aversion behaviour' of fear that is causing neighbouring countries to close their borders, and airlines and other regional companies to suspend their commercial activities in the three worst-affected countries. The successful containment of Ebola in Nigeria and Senegal so far is evidence that this is possible, given some existing health system capacity and a resolute policy response," the report said.
The bank said with the potential of the disease to inflict massive economic costs on Guinea, Liberia, and Sierra Leone as well as the rest of their neighbours in West Africa, the international community must find ways to get past logistical roadblocks and bring in more doctors trained medical staff, more hospital beds, and more health and development support to help stop Ebola in its tracks.
According to the new report, A "Low Ebola" scenario corresponds to rapid containment within the three most severely affected countries, while "High Ebola" corresponds to slower containment in the three countries with broader regional contagion.
The bank's new analysis pointed out that the economic impacts of Ebola were already very serious in the three countries, particularly, Sierra Leone and Liberia, and could become catastrophic under a slow containment, High Ebola scenario.
"In broader regional terms, the economic impact could be limited if immediate national and international action stop the epidemic and alleviate the 'aversion behaviour' of fear that is causing neighbouring countries to close their borders, and airlines and other regional companies to suspend their commercial activities in the three worst-affected countries. The successful containment of Ebola in Nigeria and Senegal so far is evidence that this is possible, given some existing health system capacity and a resolute policy response," the report said.
The bank said with the potential of the disease to inflict massive economic costs on Guinea, Liberia, and Sierra Leone as well as the rest of their neighbours in West Africa, the international community must find ways to get past logistical roadblocks and bring in more doctors trained medical staff, more hospital beds, and more health and development support to help stop Ebola in its tracks.
Source: thisdaylive.com
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