Does COVID-19 threaten globalization?

Sylvanus Afesorgbor, Peter Bergeijk and Binyam Demena

No 683, ISS Working Papers - General Series from International Institute of Social Studies of Erasmus University Rotterdam (ISS), The Hague

Abstract: We analyse the impact of COVID-19 on the world economic system through the three components of globalization: economic, social and political globalization, respectively. The pandemic and the economic policy response have hit these aspects to different degrees. • Economically, the quick recovery of world merchandise trade stands out. • Socially, the reduction in tourism is the largest shock but here a sharp recovery is possible. • Politically, the end of US membership of the WHO and the difficulty of global economic coordination in the G20 are key drivers for 2020. The election of a new US President allows for a quick reversal.

Keywords: Covid-19; world trade; globalization; deglobalization (search for similar items in EconPapers)
Pages: 22
Date: 2021-05-31
New Economics Papers: this item is included in nep-int
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