Economist highlights difference between 'ability' and 'willingness' to reopen economy amid pandemic


The debate about which sectors of the economy are able to reopen amid the coronavirus pandemic doesn't exist in a vacuum.
While there are certain policies and mitigation efforts in place that could allow businesses to reopen more safely, Mohamed El-Erian, the chief economic adviser for Allianz, said Sunday that "you're not going to see a quick recovery in all sectors" because individuals just won't be ready to participate in the economy on a pre-pandemic scale as long as they harbor concerns about their own health.
In short, he said, "we have to understand there's a difference between ability to work, reopen the economy, and willingness to work, willing to go in and engage in the economy. And until you improve both ability and willingness, we're not going to get back to where we were." Tim O'Donnell
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Tim is a staff writer at The Week and has contributed to Bedford and Bowery and The New York Transatlantic. He is a graduate of Occidental College and NYU's journalism school. Tim enjoys writing about baseball, Europe, and extinct megafauna. He lives in New York City.
-
Why does the U.S. need China's rare earth metals?
Today's Big Question Beijing has a 'near monopoly' on tech's raw materials
By Joel Mathis, The Week US
-
When did divorce begin?
The Explaine Couples have always split up, but the institution has undergone major changes over the years
By David Faris
-
What are your retirement savings account options?
The explainer The two main types of accounts are 401(k) plans and individual retirement accounts (IRAs)
By Becca Stanek, The Week US
-
Markets notch worst quarter in years as new tariffs loom
Speed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
By Peter Weber, The Week US
-
Tesla Cybertrucks recalled over dislodging panels
Speed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
By Justin Klawans, The Week US
-
Crafting emporium Joann is going out of business
Speed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
By Peter Weber, The Week US
-
Trump's China tariffs start after Canada, Mexico pauses
Speed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
By Peter Weber, The Week US
-
Chinese AI chatbot's rise slams US tech stocks
Speed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
By Peter Weber, The Week US
-
US port strike averted with tentative labor deal
Speed Read The strike could have shut down major ports from Texas to Maine
By Peter Weber, The Week US
-
Biden expected to block Japanese bid for US Steel
Speed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
By Peter Weber, The Week US
-
Judges block $25B Kroger-Albertsons merger
Speed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
By Peter Weber, The Week US