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Estimating Economic Losses Caused by COVID-19 under Multiple Control Measure Scenarios with a Coupled Infectious Disease—Economic Model: A Case Study in Wuhan, China

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  • Xingtian Chen

    (State Key Laboratory of Earth Surface Processes and Resource Ecology, Faculty of Geographical Science, Beijing Normal University, Beijing 100875, China
    Institute of Land Surface System and Sustainable Development, Faculty of Geographical Science, Beijing Normal University, Beijing 100875, China)

  • Wei Gong

    (State Key Laboratory of Earth Surface Processes and Resource Ecology, Faculty of Geographical Science, Beijing Normal University, Beijing 100875, China
    Institute of Land Surface System and Sustainable Development, Faculty of Geographical Science, Beijing Normal University, Beijing 100875, China)

  • Xiaoxu Wu

    (State Key Laboratory of Remote Sensing Science, College of Global Change and Earth System Science, Beijing Normal University, Beijing 100875, China)

  • Wenwu Zhao

    (State Key Laboratory of Earth Surface Processes and Resource Ecology, Faculty of Geographical Science, Beijing Normal University, Beijing 100875, China
    Institute of Land Surface System and Sustainable Development, Faculty of Geographical Science, Beijing Normal University, Beijing 100875, China)

Abstract

Background: The outbreak of the COVID-19 epidemic has caused an unprecedented public health crisis and drastically impacted the economy. The relationship between different control measures and economic losses becomes a research hotspot. Methods: In this study, the SEIR infectious disease model was revised and coupled with an economic model to quantify this nonlinear relationship in Wuhan. The control measures were parameterized into two factors: the effective number of daily contacts (people) ( r ); the average waiting time for quarantined patients (day) ( g ). Results: The parameter r has a threshold value that if r is less than 5 (people), the number of COVID-19 infected patients is very close to 0. A “central valley” around r = 5~6 can be observed, indicating an optimal control measure to reduce economic losses. A lower value of parameter g is beneficial to stop COVID-19 spread with a lower economic cost. Conclusion: The simulation results demonstrate that implementing strict control measures as early as possible can stop the spread of COVID-19 with a minimal economic impact. The quantitative assessment method in this study can be applied in other COVID-19 pandemic areas or countries.

Suggested Citation

  • Xingtian Chen & Wei Gong & Xiaoxu Wu & Wenwu Zhao, 2021. "Estimating Economic Losses Caused by COVID-19 under Multiple Control Measure Scenarios with a Coupled Infectious Disease—Economic Model: A Case Study in Wuhan, China," IJERPH, MDPI, vol. 18(22), pages 1-19, November.
    • Handle: RePEc:gam:jijerp:v:18:y:2021:i:22:p:11753-:d:675280
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    References listed on IDEAS

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