Impacts of the COVID-19 pandemic on the world economy

Martin Motl

A chapter in CNB Global Economic Outlook - April 2020, 2020, pp 12-24 from Czech National Bank, Research and Statistics Department

Abstract: The novel coronavirus causing COVID-19 has already far exceeded previously identified coronaviruses of a similar type in terms of the numbers of cases, deaths and affected areas. There is a great deal of uncertainty about how the situation may unfold, as the virus is far from being well enough researched. The global scale of the COVID-19 pandemic and the related drastic government measures being taken to eliminate it will exact very high economic costs. Significant disruption of the current, very strong, global economic interconnectedness will contribute to the resulting adverse impact on the world economy. The weak condition of the global economy, which was already going through a cyclical slowdown before the pandemic broke out, also poses a risk to a subsequent relatively rapid economic recovery. This article aims to describe the transmission channels and quantify the impact of the COVID-19 pandemic on the three largest territories of the world economy (the USA, China and the euro area).

Date: 2020
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