Border closures and lockdowns, while effective in controlling the spread of COVID-19, may lead to long-lasting economic damage. Australia, Hong Kong, New Zealand, and Taiwan have been praised for their handling of the crisis, but the closure of borders may result in severe economic consequences for these small, open economies. Large countries like China, the European Union, and the United States can survive without the rest of the world for a longer period, whereas small economies will suffer if they remain closed.