Taiwan shows lowest economic impact due to COVID-19 among 38 countries analysed

An analysis of economic downturns in COVID-19 impacted countries showed that Taiwan had among the lowest death-rates, and showed the least economic impact among 38 countries for which the latest GDP figures were available.

The analysis by Joe Hasell, published in Our World in Data, showed that Taiwan had suffered a GDP decline of only 0.6% in the second quarter of 2020 compared to the same quarter in the previous year.

In comparing the death rates and economic downturns experienced, Hasell concludes that countries that have managed to protect their population’s health have also generally protected their economies too.

This contrasts with the assumption that countries face a trade-off between the two objectives of protecting the people’s health, and protecting the economy.

“Contrary to the idea of a trade-off, we see that countries which suffered the most severe economic downturns – like Peru, Spain and the UK – are generally among the countries with the highest COVID-19 death rate,” Hasell notes.

“And the reverse is also true: countries where the economic impact has been modest – like Taiwan, South Korea, and Lithuania – have also managed to keep the death rate low,” Hasell points out.

See the original study at Our World in Data.

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