[Asia Economy Reporter Seulgina Cho] Bill Gates, co-founder of Microsoft (MS), pointed out on the 24th (local time) that the United States missed the opportunity to avoid a shutdown due to the novel coronavirus infection (COVID-19). He expressed concern that self-quarantine due to COVID-19 would have a "disastrous" impact on the economy.
According to the economic media CNBC, Gates responded to questions related to COVID-19 at the knowledge conference ‘TED Connects’ broadcast online that day. He said, "The United States missed the chance to control (COVID-19) without a shutdown. This is because it did not act quickly enough to avoid a shutdown," adding, "What everyone should have paid attention to was January."
As confirmed COVID-19 cases surged, stay-at-home orders have been issued mainly in major cities such as California and New York in the United States. CNBC reported that as a result, the stock market plunged to its lowest level, and unemployment claims surged. Although U.S. President Donald Trump expressed hope that businesses would reopen by Easter in April to mitigate the economic shock, most observers believe this will be difficult given the current spread.
Gates acknowledged the negative impact on the economy, saying, "The aftermath of self-quarantine will be disastrous for the economy," and "There really is no middle ground." He believed that a shutdown of at least 6 to 10 weeks is necessary. He also added, "In the current situation, it is difficult to tell people, ‘Keep dining out and buy new houses, ignore the piles of corpses in the corners, because some politicians think GDP growth is important, so we want you to keep spending money.’"
Furthermore, Gates emphasized the need for U.S. quarantine and health authorities to expand COVID-19 testing capacity and accurately identify who should be tested. He pointed out, "In terms of diagnostic testing, we are still in a situation where we have developed testing capabilities (such as test kits) but have not applied them to the people who need them," adding, "It must be done by prioritizing organizationally. This is very, very (super, super) urgent."
CNBC also reported that Gates warned in a 2015 TED talk that the world should be better prepared for a pandemic. At that time, Gates said, "We have invested almost nothing in systems to stop infections. We are not prepared for the next one." The media added that Gates referred to his remarks during the lecture that day, pointing out, "Unfortunately, (preparation) has hardly been made," but he still appeared optimistic.
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