Macroeconomic effects of Covid-19: an early review

Frédéric Boissay and Phurichai Rungcharoenkitkul

No 7, BIS Bulletins from Bank for International Settlements

Abstract: Past epidemics had long-lasting effects on economies through illness and the loss of lives, while Covid-19 is marked by widespread containment measures and relatively lower fatalities among young people. The short-term costs of Covid-19 will probably dwarf those of past epidemics, due to the unprecedented and synchronised global sudden stop in economic activity induced by containment measures. The current estimated impact on global GDP growth for 2020 is around -4%, with substantial downside risks if containment policies are prolonged. Output losses are larger for major economies.

Pages: 9 pages
Date: 2020-04-17
New Economics Papers: this item is included in nep-env and nep-mac
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