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Coronavirus Causing Major Economic Shock to the Global Economy: DIW Economic Outlook

Author

Listed:
  • Claus Michelsen
  • Guido Baldi
  • Geraldine Dany-Knedlik
  • Hella Engerer
  • Stefan Gebauer
  • Malte Rieth

Abstract

The ongoing corona pandemic is causing a major shock to the global economy. In the coming months, many countries are expected to suffer severe economic downturns. Sealing off entire regions disrupts supply chains, resulting in production losses and falls in consumption. The global economy is expected to grow by as little as 2.5 percent this year instead of by the 3.7 percent forecasted previously. If the situation normalizes again in the course of the year, however, 3.5 percent growth will, in all likelihood, be achieved in the next year.

Suggested Citation

  • Claus Michelsen & Guido Baldi & Geraldine Dany-Knedlik & Hella Engerer & Stefan Gebauer & Malte Rieth, 2020. "Coronavirus Causing Major Economic Shock to the Global Economy: DIW Economic Outlook," DIW Weekly Report, DIW Berlin, German Institute for Economic Research, vol. 10(12), pages 180-182.
    • Handle: RePEc:diw:diwdwr:dwr10-12-2
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    File URL: https://www.diw.de/documents/publikationen/73/diw_01.c.743826.de/dwr-20-12-2.pdf
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    Citations

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    Cited by:

    1. Rashmi Chaudhary & Priti Bakhshi & Hemendra Gupta, 2020. "Volatility in International Stock Markets: An Empirical Study during COVID-19," JRFM, MDPI, vol. 13(9), pages 1-17, September.
    2. Beata Bieszk-Stolorz & Krzysztof Dmytrów, 2022. "Assessment of the Similarity of the Situation in the EU Labour Markets and Their Changes in the Face of the COVID-19 Pandemic," Sustainability, MDPI, vol. 14(6), pages 1-20, March.
    3. Krzysztof Dmytrów & Joanna Landmesser & Beata Bieszk-Stolorz, 2021. "The Connections between COVID-19 and the Energy Commodities Prices: Evidence through the Dynamic Time Warping Method," Energies, MDPI, vol. 14(13), pages 1-23, July.

    More about this item

    Keywords

    Business cycle forecast; ecoomic outlook;

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions
    • F01 - International Economics - - General - - - Global Outlook

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