The ongoing novel coronavirus pandemic is taking a heavy toll on big and small economies alike, requiring them to devise effective solutions in a bid to revive their economies after the pandemic is eradicated, according to insiders.

Renowned media outlet the Financial Times of the UK stated that it will take years for the United States, the world's leading economy, to recover after the pandemic. This view is supported by John Williams, President of the Federal Reserve Bank of New York, who projects that it will take up to two years to see the US economy reach the same levels it enjoyed at the start of the year. 

With regard to China, the world’s second largest economy, economist Yuwa Hedrick-Wong believes their economic recovery from the COVID-19 will be slower than it was previously following the 2003 SARS epidemic due to the structure of the contemporary Chinese economy being very different in comparison with 2003. 

The monetary expert emphasised that China will also face issues due to the finances of nations in North America and Europe slowing down as a result of the impact of the COVID-19.

Domestically, relevant ministries and localities have been urgently deploying a comprehensive range of solutions at the request of Prime Minister Nguyen Xuan Phuc in an attempt to support both businesses and residents overcome the challenges posed by the coronavirus and to seize on the opportunities that emerge after the epidemic.

According to the PM, a number of relief packages will be deployed in an effort to support local firms by reducing costs, cutting interest rates, offering tax exemptions, tax breaks, and tax repayments, especially for enterprises operating in sectors that have been hardest hit by the epidemic.

Minister of Planning and Investment Nguyen Chi Dung underlines the need to prepare for a variety of scenarios and calculate the results of drastic measures to revive the economy once the epidemic is contained. The Minister notes that priority should be given to the disbursement of social investment capital, especially public investment capital. 

Furthermore, Minister Dung says affected businesses will continue to receive support in terms of production costs and different fees, in order to overcome this challenging period and promote their import-export activities in the near future. 

The Minister points out a number of possible scenarios in which the economy could rebound after a pandemic, with a focus on ensuring macroeconomic stability, curbing inflation to bring about a faster paced recovery, and to make breakthroughs for the national economy after the epidemic is brought under control. 

He underscores the importance of increasing interest within the local business community for foreign investors in the nation, which is widely considered a safe and sustainable investment destination.