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Economic loss from COVID-19 fatalities across countries: a VSL approach

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  • Young Eun Kim
  • Norman V. Loayza

Abstract

COVID-19 has quickly propagated throughout the globe and triggered the worst economic crisis the world has experienced in recent history. We estimate mortality rates and associated economic loss of fatalities for different contagion suppression scenarios in a worldwide group of countries. We adjust previous estimates of mortality rates by adjusting for lower healthcare capacity to treat critically ill patients in lower-income countries. Furthermore, we adjust previous estimates of the economic loss from fatalities by controlling for the age profile of victims. The results show significant economic gains in adopting mitigation strategies, but the marginal gains decrease when moving from mitigation to suppression strategies. Moreover, lower-income countries gain less in moving from no intervention to mitigation and still less in moving from mitigation to suppression than higher-income countries do.

Suggested Citation

  • Young Eun Kim & Norman V. Loayza, 2022. "Economic loss from COVID-19 fatalities across countries: a VSL approach," Applied Economics Letters, Taylor & Francis Journals, vol. 29(7), pages 644-650, April.
    • Handle: RePEc:taf:apeclt:v:29:y:2022:i:7:p:644-650
    DOI: 10.1080/13504851.2021.1883521
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