Pandemic divergence: A short note on COVID-19 and global income inequality

Eduardo Levy Yeyati and Federico Filippini

No 68, Working Papers from Red Nacional de Investigadores en Economía (RedNIE)

Abstract: In this paper we provide an initial assessment of the economic losses related to the COVID pandemic inthree ways: based on growth revisions (as the output downgrade in 2020, and as the estimated cumulativeoutput loss over a 10-year period and based) and incorporating the cost associated with the fiscal stimuliand other, harder-to-asses aspects such as education or jobs. We find that, whereas the immediate GDP impact seems to favour poorer countries that were more modestly hit by the virus, the long-term economic cost is much larger (in the order of one to two GDPs) and correlate negatively with the country ´s initial per capita GDP, worsening global income inequality.

Pages: 16 pages
Date: 2021-05
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