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Impacts of the COVID-19 pandemic on the world economy

In: CNB Global Economic Outlook - April 2020

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  • Martin Motl

Abstract

The novel coronavirus causing COVID-19 has already far exceeded previously identified coronaviruses of a similar type in terms of the numbers of cases, deaths and affected areas. There is a great deal of uncertainty about how the situation may unfold, as the virus is far from being well enough researched. The global scale of the COVID-19 pandemic and the related drastic government measures being taken to eliminate it will exact very high economic costs. Significant disruption of the current, very strong, global economic interconnectedness will contribute to the resulting adverse impact on the world economy. The weak condition of the global economy, which was already going through a cyclical slowdown before the pandemic broke out, also poses a risk to a subsequent relatively rapid economic recovery. This article aims to describe the transmission channels and quantify the impact of the COVID-19 pandemic on the three largest territories of the world economy (the USA, China and the euro area).

Suggested Citation

  • Martin Motl, 2020. "Impacts of the COVID-19 pandemic on the world economy," Occasional Publications - Chapters in Edited Volumes, in: CNB Global Economic Outlook - April 2020, pages 12-24, Czech National Bank.
    • Handle: RePEc:cnb:ocpubc:geo2020/4
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    File URL: https://www.cnb.cz/export/sites/cnb/en/monetary-policy/.galleries/geo/geo_2020/gev_2020_04_en.pdf
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    References listed on IDEAS

    as
    1. Martin Motl, 2019. "The inverted yield curve in the USA: How much time is left until a recession?," Occasional Publications - Chapters in Edited Volumes, in: CNB Global Economic Outlook - May 2019, pages 13-19, Czech National Bank.
    2. Jong-Wha Lee & Warwick J. McKibbin, 2004. "Globalization and Disease: The Case of SARS," Asian Economic Papers, MIT Press, vol. 3(1), pages 113-131.
    3. Alan Siu & Y. C. Richard Wong, 2004. "Economic Impact of SARS: The Case of Hong Kong," Asian Economic Papers, MIT Press, vol. 3(1), pages 62-83.
    4. Wen Hai & Zhong Zhao & Jian Wang & Zhen-Gang Hou, 2004. "The Short-Term Impact of SARS on the Chinese Economy," Asian Economic Papers, MIT Press, vol. 3(1), pages 57-61.
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    Cited by:

    1. Oxana Babecka Kucharcukova & Jan Bruha, 2020. "A tale of two crises: An early comparison of foreign trade and economic activity in EU countries," Occasional Publications - Chapters in Edited Volumes, in: CNB Global Economic Outlook - September 2020, pages 12-18, Czech National Bank.

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