A team of NYU researchers study the COVID-19 outbreak to determine the best way to balance containment and economic costs.
NYU Abu Dhabi brought together a number of mathematicians and economists to examine how the virus could be contained by devising measures that helped economies sustain. At the offset of the virus, the International Monetary Fund had stated that the world had entered a “crisis like no other” but it did “expect global growth to rise to 5.8% next year if the pandemic fades in the second half of 2020.”
On account of several reports like this, the team at NYU Abu Dhabi have devised a model to enable policymakers to make informed decisions while balancing public health and economic viability.
The researchers explored different scenarios to conclude which one would be the best plan of action to follow. Visiting Professor of Mathematics Elena Beretta, commented: “The central idea of our research is that it is possible to identify various opening levels that avert a sizable number of deaths without causing excessive damage to the economy.
By developing this model, our hope is that policymakers will be better able to make informed decisions that balance the need to minimize the human cost of the pandemic and the desire to ensure the viability of the economies that are essential to their nations’ well-being.”
The researchers have concluded that a strict lock-down with “alternation of containment and reopening” appears to be the most effective in reducing the cases, a strategy that UAE appears to be putting in play.
There is no definitive protocol to help curb the spread of the virus but different countries have adapted and evolved their safety measures based on the cases in their respective countries. The UAE has been meticulous with its National Sterilisation Drives, testing centres and public outings restrictions to tackle the outbreak which has yielded positive results.
Schools and universities are expected to open by September and public spaces are gradually starting to function with the necessary precautionary measures in place.