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The World Bank Group is warning that the West Africa Ebola crisis could severely harm the economies of Guinea, Liberia and Sierra Leone unless action is taken quickly. World Bank president Jim Yong Kim spoke to reporters recently to discuss the effects of the Ebola spread. He said the economic cost to these countries could grow eight times by 2015 if the virus continues to spread.Mr. Kim says saving lives and preventing new infections is most important. The bank has released $117 million for an “immediate humanitarian response.” The World Bank president says the SARS outbreak between 2002 and 2004 showed how a disease could hurt economies. Eight hundred people died from SARS and the economic losses were estimated to be $40 billion. Mr. Kim says SARS and the H1N1 outbreak of 2009 taught that fear and avoidance resulted in about 90 percent of the economic losses. That means the disease is causing two levels of economic damage. One is from the actual spread of the virus, but the other is caused by fear. The World Bank predicts the losses to the economies of Liberia, Sierra Leone and Guinea will be a combined $360 million. But estimates show that losses could reach billions of dollars if the Ebola virus spreads widely to other African nations.Mr. Kim says fast action is necessary. He says getting the disease under control is still far away. That is because there are not enough health care workers in the affected areas. The World Bank president says the most important issue is to act quickly in order to limit economic losses.
