We then explore scenarios where the opening of economies results in recurrent outbreaks of various magnitudes and countries respond with and without economic shutdowns. We also explore the impact if no vaccine becomes available and the world must adapt to living with COVID-19 in coming decades. The final scenario is the case where a given country is in the most optimistic scenario (Scenario 1), but the rest of the world is in the most pessimistic scenario. The scenarios demonstrate that even a contained outbreak will significantly impact the global economy in the coming years. The economic consequences of the pandemic under plausible scenarios are substantial and the ongoing economic adjustment is far from over.

A team of scientists at Oxford University’s Jenner Institute and Oxford Vaccine Group has taken the next step towards the discovery of a safe, effective and accessible vaccine against coronavirus. The results of the Phase I/II trial published today in the scientific journal, The Lancet, indicate no early safety concerns and induces strong immune responses in both parts of the immune system.

More broadly, international organizations were called on to work collaboratively to develop, test and scale-up production of safe, effective, quality, affordable diagnostics, therapeutics, medicines and vaccines for the COVID-19 response – including in the licensing of patents to facilitate access to them.

The EU's collective action will focus on addressing the immediate health crisis and resulting humanitarian needs, strengthening partner countries' health, water and sanitation systems and their research and preparedness capacities to deal with the pandemic, as well as mitigating the socioeconomic impact. To underpin these actions, the EU will secure financial support to partner countries amounting to more than €15.6 billion from existing external action resources.

In order to decrease the overall impact of the coronavirus, Italy has been active domestically with significant mitigation measures, a robust medical response and important collaborative scientific research – as well as economic recovery initiatives. At the international level Italy has also undertaken important measures through its development agencies.

With global coronavirus cases heading toward half a million, Harvard infectious disease experts said recent modeling shows that — absent the development of a vaccine or other intervention — a staggered pattern of social distancing would save more lives than a one-and-done strategy and avoid overwhelming hospitals while allowing immunity to build in the population.