On January 20, 2020, Taiwan, South Korea, and the United States each announced its first confirmed case of COVID-19. Taiwan and South Korea quickly brought the virus under control. From April 20 to September 1, Taiwan reported only 66 new cases. From April 20 to August 13, South Korea reported fewer than 4,000 new cases, though the nation did experience a surge in new cases in late August. In contrast, the United States has reported more than 20,000 nearly every single day since late March. As of September 15, Taiwan has had .o3 deaths per 100,000 citizens and South Korea has had .71 deaths per 100,000 citizens. The United States has had 59.45 deaths per 100,000—a startling 1,980 times the rate in Taiwan!
Both Taiwan and South Korea were able to combat the novel virus without inflicting disastrous economic policies on their citizens. Neither country instituted lockdowns, and the economic harm caused by COVID-19 was relatively minor. Taiwan’s unemployment rate went from 3.7% in February to a high of 4.16% in May, and then declined to 3.9% in July. South Korea’s rate rose from 3.3% in February to a high of 4.5% in May, before dropping to 4.2% in July. In the United States, the unemployment rate soared from 3.5% in February to a high of 14.7% in April, and dropped to 10.2% in July. According to the International Monetary Fund, Taiwan’s gross domestic product is projected to decline by 4% in 2020, South Korea’s will be 1.25 lower than 2019, and the United States’ economy will decrease by 8%.
What accounts for these very different results? Why were Taiwan and South Korea able to bring COVID-19 under control without destroying their economy? And why is the United States still struggling to control the pandemic while the nation’s economy enters its sixth month in lockdown?
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