Economic impact of Covid-19 pandemic
The corona pandemic led to a widespread recession in the world
economy. The lockdown helped to save lives, but the implied economic
losses exceed those of the Spanish flu by far. While demand recovered in the
aftermath of the lockdown, supply bottlenecks due to de-globalization fears,
shortages of labour and capital and not sufficient capacities to transport raw
materials and intermediates caused a substantial rise of inflation at the
global scale. China lost its position as a growth engine
of the world economy, partially due to the non-Covid tolerance. High inflation, coupled
with low or stagnating output growth can be persistent, especially if wage-price spirals
emerge. To combat the inflation pressure, major central banks will increase
interest rates.
The aim of the research is to examine the economic
consequences of the pandemic, to evaluate the effects and the efficiency of the different
lockdown mesures and to investigate the drivers of stagflation.
Topics
Impact of pandemic on the economy and unemploment
Evaluation of lockdowns and policy responses to the crisis
Some references
Determinants of the Covid-19 recession and recovery in Europe
Intereconomics 55, 2020, 365-370 (with Gros)
Expert study on the econnomic policy response to the Covid-19 crisis by the
EU and its member states
Report for the European Court of Auditors, 2020 (with Gros)
Lockdowns and the US unemployment crisis
Economics of Disasters and Climate Change 5, 2021, 449-463 (with Gros)
Economic impact of the Corona pandemic. Costs and recovery after the crisis
Asia and the Global Economy 2, 2022, 1-7
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