The Ebola epidemic outbreak in West Africa could cost the three most affected countries $809 million by the end of 2015, devastating the already fragile economies of Sierra Leone, Liberia and Guinea, three of the poorest countries in the world, a new analysis shows. The report comes amid renewed global attention to the outbreak, which began six months ago but which has grown exponentially in recent weeks, with cases doubling in just the last three weeks. The United Nations Security Council will meet Thursday to discuss the Ebola epidemic. And President Barack Obama has announced plans to send 3,000 American troops to help coordinate response to the disaster. Fast action — getting the outbreak under control within four to six months — could reduce those costs, said World Bank Group President Jim Yong Kim. If we invest everything needed right now, the cost will be much, much less going forward, not only in human lives but in economic impact, Kim said. About 80% to 90% of the economic cost of Ebola comes from the fear factor, Kim said, as businesses shut down operations out of fear that their employees will contract the virus. The disorganized response to Ebola has made world economic leaders consider what would happen in the event of a pandemic virus that is more easily spread, such as through the air, Kim said. We now need to rethink our overall level of preparedness for pandemics of all kinds, Kim said.
Posted on: Thu, 18 Sep 2014 14:43:12 +0000
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