Potential Economic Effects of COVID-19

  • År: 2022

  • Publikationstyp: Tematisk analys

Sammanfattning

The COVID-19 virus has already by June 2020 created a global pandemic with a staggering health impact but also an unprecedented economic impact in term of size, scope and speed. We know little of the final effects of the pandemic, but we can already get a sense of the main economic transmission channels and hence the vulnerability of different countries.
In April 2020, IMF revised its global projections for economic growth in 2020 from 6.3 percent to -3 percent, but already in June the World Bank came out
with an even worse scenario of -5.2 percent for 2020. This would translate into a much worse recession than the financial crisis in 2008-09 when growth was -1.7 percent, over two years. What complicates the COVID-19 crisis is its complexity and unpredictability with demand and supply collapsing at the same time, challenging the use of typical policy responses.

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  • Tematik: Hälsa

  • Geografiskt område: Global

  • Språk: Engelska