ECOSF hosted a webinar on “Impact of COVID-19 in ECO region & what it holds for the future of the ECO Member Countries”

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The COVID-19 pandemic has exposed the fragile limits of healthcare facilities and infrastructures around the world. Even in the countries with best healthcare system, their overall preparedness seems to be weak in handling this situation. In order to discuss the overwhelming challenges arising out of COVID-19 pandemic, especially the economic impact, the ECO Science Foundation (ECOSF) in collaboration with Center of Excellence for International Economics (CEIE) of the University of Isfahan- Iran, organized a Webinar on the Impact of COVID-19 in the ECO Region and what it holds for the future of the ECO Member Countries on August 10, 2020. The webinar attracted over 400 participants from around the region.

The objective of holding this webinar was to discuss the impact of COVID–19 on health and economy of the region and how these countries have responded during the outbreak of this pandemic.

Engr. Khalil Raza, Scientific Officer ECOSF moderated the webinar. Mr. Raza began the webinar with insight on the lack of healthcare capacities in the developing countries that are essentially needed to detect, and respond to the pandemic. He shared that the COVID-19 outbreak is creating significant additional pressure on an already overburdened health system in the ECO Member Countries.

In his welcome address, Prof. Dr. Manzoor Hussain Soomro, President ECOSF underscored that the COVID-19 pandemic requires decisive and swift actions to respond to this overwhelming challenge for the ECO region. Prof. Soomro said that by the virtue of science, technology and human intellect, humanity can find a solution and fight this pandemic like all previous natural calamities. He especially thanked H.E. Dr. Hadi Soleimanpour, Secretary General of Economic Cooperation Organization for his honor to join the webinar as a Chief Guest.

Prof. Dr. Amirhossein Takian, the Chair Department of Global Health & Public Policy of Tehran University of Medical Sciences highlighted the cohabitation strategy and policy learning in context of COVID-19 in Iran. The overall situation of COVID-19 in terms of cases/infections per million has been more or less the same for majority of ECO Member Countries However, if the situation is looked at with an indicator of deaths per million, Iran seems to be severely in serious situation, Prof. Takian underlined. With regards to the response strategy by health authorities, Prof. Takian shared that decisive actions have been undertaken in Iran. Prof. Takian shared that the in the response strategy by Iran, the prime objectives have been to ensure early detection, isolation and contract tracing to reduce the spread in the country. He further shared that the health authorities  responded quickly by implementing stepwise protocol, which resulted in containing the virus and subsequent reduction in hospital admissions, particularly in the ICU beds.  Prof. Takian cautioned that there could be potential spike in infections due to the second wave.

Dr. Hans Holzhaker, Chief Economist CAREC Institute Urumqi- China presented his talk on “Covid-19 and Economic Uncertainties: The Global Scramble for a Vaccine”. Dr. Holzhaker highlighted that; as a result of the lockdown to contain the pandemic, economic activity in the region, has been seriously affected. The implications of this global lockdown have also been felt at the regional level, he added. Apparently, ECO/CAREC Regions are no exception, wherein the industrial production has been severely hit in the ECO region. Similarly, the consumption has gone down as well and regional trade has also been affected. Dr. Hanz emphasized that this pandemic is far from over and nations have to learn to live with for some time. Whereas the big economies are trying to secure the vaccine doses. Similarly, he called for securing sufficient number of vaccines doses for the ECO economies. Dr. Hanz Holzhaker endorsed that CAREC/ECO Countries need to speed up procurement initiatives and cooperation on vaccines. He further recommended that the coordination of procurement and dissemination initiatives among the relevant ministries, agencies, and private sector companies.

Prof. Mustafa Gerek, Vice President University of Health Sciences, Turkey shared Turkey’s response to COVID-19. Prof. Gerek said that Turkey responded quickly to the pandemic and activated its preparedness/contingency plans, and began its readiness activities soon after the news of the outbreak pneumonia in China. Soon after that a research protocol was initiated to develop and produce a rapid laboratory PCR-test for domestic use as well as to be exported. Prof. Gerek Turkish health authorities ensured the provision of appropriate and adequate availability of critical Personal Protective Equipment and therapeutic agents. Turkey implemented comprehensive strategy for testing, isolation and contract tracing, he added. Turkey’s experience with its response strategy and health measures have kept the mortality rate particularly low among the elderly patients. Prof. Gerek concluded that Turkey’s response provides meaningful lessons and best practices that could provide useful contribution to global health arsenal and against the pandemic for other ECO Member Countries.

Prof. Syed Komail Tayebi, Professor of Economics, Center of Excellence for International Economics (CEIE), University of Isfahan, Iran delivered his presentation on “Economic Impacts of COVID-19 on the ECO Region: Challenges and Post- Pandemic Prospects”. Prof. Tayebi underscored that the COVID-19 pandemic represents an unprecedented disruption to the global economy and world trade, as production and consumption are scaled back across the globe. Thus, for a large number of enterprises with limited access to public funds are placing the survival of such businesses at greater risk in the ECO region. As a result of the current pandemic, majority of the ECO Member Countries are expected to experience negative GDP growth, he added. Prof. Tayebi shared some of the post-pandemic prospects for the ECO region through adequate measures of trade and investment integration, technology transfer and spillovers. He underlined that maintaining an open trade during the economic recovery period is key to building faster and more inclusive growth. Prof. Tayebi concluded that the spillovers can be considered as the major factors to appoint sustainable development during the post-pandemic recovery in the ECO region.

H.E. Dr. Hadi Soleimanpour, Secretary General of Economic Cooperation Organization in his remarks appreciated the ECOSF for organizing this insightful webinar. Deliberations and pertinent recommendations put forwarded by the experts would be valuable to the forthcoming virtual ministerial meeting on health, Dr. Soleimanpour added. He further said that although COVID-19 is not the first pandemic the world has experienced, what makes it unprecedented is actually the transformation from health shock to socio-economic decline. This pandemic is likely to increase the global poverty and will severely affect all human life essential elements such as economy, health and education etc. Dr. Soleimanpour said that the economic recovery will remain highly uncertain and vulnerable to second and probably third wave of infections. The global economic GDP is expected to see negative growth of 4.9 and 6 percent during the 2020 as forecasted by the IMF and OECD, respectively. Dr. Soleimanpour commented that as a result of the lockdown and containment measures, ECO region is forecasted to see negative growth of 4% of regional GDP. In the end, Mr. Kaan Sayen, Director, Human Resource and Sustainable Development of the ECO Secretariat also contributed in the discussion.

At the end, floor was opened for the Q&A session where panelists responded to the questions raised by the audience.

The event was also broadcasted through Facebook Live which can be accessible at:

https://www.facebook.com/181178742083700/videos/313107179890529