If one applies the same measure to officially reported deaths through the end of 2021 – which total about 5.6 million – the mortality cost would be US$38 trillion, or 40 per cent of global GDP.estimate of actual deaths – close to 17 million – that figure soars to US$114 trillion, or 120 per cent of GDP.
Given that China’s economy has performed relatively well during the pandemic despite lockdowns, it seems fair to conclude that China’s approach led to lower overall costs.Aggregating mortality, morbidity, mental-health conditions, and direct economic losses, former US Treasury Secretary Larry Summers and Harvard economist David M Cutler estimate that the US bore losses of US$16 trillion – the equivalent of 90 per cent of GDP – in 2020.
It is not difficult to discern why: Such countries lack the institutional capacity or resources to manage or mitigate social, economic, political, security, or environmental risks effectively. Economists like Viscusi, Summers, and IMF and World Bank staff measure policy options and their consequences in terms of monetary costs or GDP.
Huge hardship, yes. Angst? No. We just adapt. Don’t forget who we are.
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