It's not about the economy vs. the pandemic.
Had western citizens just taken some simple precautions, the transmission would be much lower:
1. Wear a mask in public.
2. Minimize social gatherings. If necessary, wear a mask.
3. Hand washing.
4. Social distancing.
Had all this been done with a 75% compliance, those graphs would be much flatter.
New Zealand has the advantage of little high-density housing and with geograhaphical isolation.
South Korea and Singapare have the advantage of citizens culturally attuned to obeying government directives.
If this Covid is capable of developing new strains, there will be no wiping it out. And it seems that we don't develop long-term immunity. So Covid will be a fact of life.
Good business for vaccine companies.