The return of austerity imperils global health

Recognising the world’s lack of preparedness for the COVID-19 pandemic, international organisations like the World Health Organization, World Bank, and International Monetary Fund are calling for extensive additional funding to strengthen pandemic preparedness and response systems in low-income and...

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Published in:BMJ global health 2023-02, Vol.8 (2), p.e011620
Main Authors: Stubbs, Thomas, Kentikelenis, Alexandros, Gabor, Daniela, Ghosh, Jayati, McKee, Martin
Format: Article
Language:English
Subjects:
Analysis
COVID-19
Debt restructuring
Debt service
Developing countries
Global Health
Government spending
Health disparities
Health economics
Health policy
Health systems
Humans
Income
LDCs
Pandemics
Poverty
Public finance
Public Health
United States
World Health Organization
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description Recognising the world’s lack of preparedness for the COVID-19 pandemic, international organisations like the World Health Organization, World Bank, and International Monetary Fund are calling for extensive additional funding to strengthen pandemic preparedness and response systems in low-income and middle-income countries, including through domestic resource mobilisation. This article examines the prospects of national health budgets increasing in such a context, drawing on new International Monetary Fund projections on public spending around the world. We show that by 2024 public spending will be lower than the 2010s average for almost half of all low-income and middle-income countries. A key driver of this new wave of austerity is the dramatic increase in public spending dedicated to repaying external debt—underpinned by growing debt stocks, US interest rates rises, and commodity price hikes. As in earlier crises, the stage is set for a situation where population health deteriorates—via compound effects of the pandemic and widespread economic hardship—while public health services required to tackle increased need are facing steep cuts. We conclude by considering what can be done to avoid repeating the mistakes of the past.
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subjects Analysis
COVID-19
Debt restructuring
Debt service
Developing countries
Global Health
Government spending
Health disparities
Health economics
Health policy
Health systems
Humans
Income
LDCs
Pandemics
Poverty
Public finance
Public Health
United States
World Health Organization
title The return of austerity imperils global health
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