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International Monetary Fund. European Dept.

infections if the country starts opening when the circulation of the virus is still pervasive and infection rates are growing or if the reopening measures are not sufficiently gradual. Although opening later or slower is associated with a delayed recovery in mobility (because a fully reopened stage is postponed further), the incremental cost is not disproportionally larger. Taken together, these findings suggest some merit in reopening gradually and beginning at a late stage in the infection cycle. Certainly, the overall success in dealing with the pandemic as economies