The Impact of Pandemics on Macroeconomic Stability: International Experience and Policy Implications for Vietnam

ABSTRACT : Although pandemics are non-economic shocks, they can generate systemic macroeconomic instability by simultaneously disrupting production and consumption, disturbing prices and expectations, exerting pressure on fiscal and monetary balances, and rapidly transmitting through trade, tourism, and international capital flows. This paper synthesizes international evidence and derives policy implications for Vietnam: (i) integrating pandemic risks into macroeconomic management and forecasting frameworks; (ii) prioritizing preventive healthcare, data governance, and strategic communication to reduce policy response delays; (iii) ensuring the continuity of logistics and supply chains; (iv) designing targeted support packages focused on preserving employment and cash flows; and (v) flexibly coordinating fiscal, monetary, and external policies while safeguarding financial stability and public debt sustainability.