The Economic Impact of COVID-19 around the World

Fernando Martin, Juan Sanchez and Olivia Wilkinson

Review, 2023, vol. 105, issue 2, 74-88

Abstract: This article provides an account of the worldwide economic impact of the COVID-19 shock. In 2020, it severely impacted output growth and employment, particularly in middle-income countries. Governments responded primarily by increasing expenditure, supported by an expansion of the supply of money and debt. These policies did not put upward pressure on prices until 2021. International trade was severely disrupted across all regions in 2020 but subsequently recovered. For 2021, we find that the adverse effects of the COVID-19 shock on output and prices were significant and persistent, especially in emerging and developing countries.

Keywords: COVID-19; output growth; employment; government expenditures; monetary policy; money supply; government debt; inflation; international trade (search for similar items in EconPapers)
JEL-codes: E52 E62 F34 F41 G15 (search for similar items in EconPapers)
Date: 2023
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Working Paper: The Economic Impact of COVID-19 around the World (2022)
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedlrv:95840

DOI: 10.20955/r.105.74-88

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