Economic impact of COVID-19 and challenges of recovery / edited by Wahied Khawar Balwan.

Includes bibliographical references and index.

Introduction -- Managing the territorial impact of COVID-19 crisis and recovery -- Impact of the COVID-19 pandemic on global tourism industry and recovery -- COVID-19 challenges in developing countries -- Coronavirus begins to spread economic gloom worldwide -- Impact of COVID-19 on the Chinese and global economy -- A territorial approach to economic and social crisis -- COVID-19: managing the human and business impact of coronavirus.

"The regional and local impact of the COVID-19 crisis is highly heterogeneous, with significant implications for crisis management and policy responses. The economic, fiscal and social impact of the COVID-19 crisis on territories is differentiated, and its diverse risks vary greatly depending on location. This regionally differentiated impact calls for a territorial approach to policy responses on the health, economic, social, fiscal fronts, and for very strong inter-governmental coordination. Effective coordination mechanisms among levels of government are essential. "Strong coordination between all actors in charge of the response at central and regional levels is the basis of an effective response" The expenditure effects of COVID-19 on subnational governments are considerable, especially in countries with decentralised service provision, and the revenue effects are even greater. Without sufficient compensation for the extra spending and the revenue losses caused by COVID-19, many subnational governments could be forced to implement sharp cuts on operating and capital spending. This could endanger the efforts for a coordinated recovery response, and weaken the equity and quality of service availability among subnational governments. During this time, leaders that can shift to new ways of working help to reduce potential revenue loss, forge new levels of trust with their workforce, and position their businesses for renewed growth once the pandemic subsides. Consider banking, for example, where social distancing restrictions will push customers towards digital channels for service and increase the need for a connected, responsive team. This book takes an in-depth look at the territorial impact of the COVID-19 crisis across its different dimensions: health, economic, social and fiscal. It provides a comprehensive overview of national and subnational government response measures to manage the vaccination campaigns across levels of government and mitigate the territorial effects of the crisis"-- Back cover.