The Sectoral Impact of the COVID-19 Crisis. An Unprecedented and Atypical Crisis

Erik Canton, Federica Colasanti, Jorge Durán, Maria Garrone, Alexandr Hobza, Wouter Simons and Anneleen Vandeplas

No 69, European Economy - Economic Briefs from Directorate General Economic and Financial Affairs (DG ECFIN), European Commission

Abstract: The COVID-19 pandemic has triggered the largest and most abrupt contraction in economic activity in recent European history. This brief discusses the sectoral impact of the pandemic. Partly as a result of the nature of the containment measures, contact-intensive services have suffered disproportionally. Abrupt demand shifts and disruptions in global value chains have also affected sectors differently. The prospects for a quick and strong recovery are good but differ across sectors, calling in some cases for a reallocation of resources within and possibly across sectors. The pandemic will also accelerate existing trends such as digitalisation, the green transition, and changes in global value chains. Appropriate policy responses are needed to ensure these transitions are sustainable and inclusive.

Keywords: COVID-19 crisis; Sectoral impact; Digitalisation; Green transition; Global value chains; Canton; Colasanti; Durán; Garrone; Hobza; Simons; Vandeplas. (search for similar items in EconPapers)
JEL-codes: I15 O47 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2021-12
New Economics Papers: this item is included in nep-int
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Citations: View citations in EconPapers (1)

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