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Macroeconomic effects of Covid-19: an early review


  • Frederic Boissay
  • Phurichai Rungcharoenkitkul


Past epidemics had long-lasting effects on economies through illness and the loss of lives, while Covid-19 is marked by widespread containment measures and relatively lower fatalities among young people. The short-term costs of Covid-19 will probably dwarf those of past epidemics, due to the unprecedented and synchronised global sudden stop in economic activity induced by containment measures. The current estimated impact on global GDP growth for 2020 is around -4%, with substantial downside risks if containment policies are prolonged. Output losses are larger for major economies.

Suggested Citation

  • Frederic Boissay & Phurichai Rungcharoenkitkul, 2020. "Macroeconomic effects of Covid-19: an early review," BIS Bulletins 7, Bank for International Settlements.
  • Handle: RePEc:bis:bisblt:7

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    Cited by:

    1. Lucas Avezum & Vítor Oliveira & Diogo Serra, 2021. "Assessment of the effectiveness of the macroprudential measures implemented in the context of the Covid-19 pandemic," Working Papers w202107, Banco de Portugal, Economics and Research Department.
    2. Adesoji O. Farayibi & Simplice A. Asongu, 2020. "The Economic Consequences of the Covid-19 Pandemic in Nigeria," Working Papers 20/042, European Xtramile Centre of African Studies (EXCAS).
    3. Katja Neugebauer & Vítor Oliveira & Ângelo Ramos, 2021. "Assessing the effectiveness of the Portuguese borrower-based measure in the Covid-19 context," Working Papers w202110, Banco de Portugal, Economics and Research Department.
    4. Kettani, Zohor, 2021. "Reviving tourism sector in the aftermath of the Covid-19 pandemic: The role of competitive intelligence," MPRA Paper 110693, University Library of Munich, Germany, revised 12 Apr 2021.
    5. P. K. Mishra & S. K. Mishra, 2020. "Corona Pandemic and Stock Market Behaviour: Empirical Insights from Selected Asian Countries," Millennial Asia, , vol. 11(3), pages 341-365, December.
    6. Katafuchi, Yuya, 2021. "Residential land price fluctuations caused by behavioral changes on work-from-home based on COVID-19," MPRA Paper 109310, University Library of Munich, Germany.
    7. Mvondo, Thierry, 2021. "Stabilisation et relance macroéconomiques post COVID-19 dans la CEMAC : Quels instruments pour quels effets dans un modèle DSGE ?," Dynare Working Papers 65, CEPREMAP.
    8. Doerr, Sebastian & Hofmann, Boris, 2022. "Recessions and mortality: A global perspective," Economics Letters, Elsevier, vol. 220(C).
    9. Francesca Carta & Marta De Philippis, 2021. "The impact of the COVID-19 shock on labour income inequality: evidence from Italy," Questioni di Economia e Finanza (Occasional Papers) 606, Bank of Italy, Economic Research and International Relations Area.
    10. Phurichai Rungcharoenkitkul, 2021. "Macroeconomic effects of COVID‐19: A mid‐term review," Pacific Economic Review, Wiley Blackwell, vol. 26(4), pages 439-458, October.
    11. Phurichai Rungcharoenkitkul, 2021. "Macroeconomic consequences of pandexit," BIS Working Papers 932, Bank for International Settlements.
    12. Ahmed Rakha & Hansi Hettiarachchi & Dina Rady & Mohamed Medhat Gaber & Emad Rakha & Mohammed M. Abdelsamea, 2021. "Predicting the Economic Impact of the COVID-19 Pandemic in the United Kingdom Using Time-Series Mining," Economies, MDPI, vol. 9(4), pages 1, September.
    13. Bello, Kehinde Mary & Gidigbi, Matthew Oladapo, 2021. "The Effect of Trade on Economic Growth in Nigeria: Does Covid-19 Matters?," African Journal of Economic Review, African Journal of Economic Review, vol. 9(3), June.
    14. Meinen, Philipp & Serafini, Roberta & Papagalli, Ottavia, 2021. "Regional economic impact of Covid-19: the role of sectoral structure and trade linkages," Working Paper Series 2528, European Central Bank.
    15. Matías Brum & Mauricio de Rosa, 2020. "Too little but not too late. Nowcasting poverty and cash transfers' incidence in Uruguay during COVID-19's crisis," Documentos de Trabajo (working papers) 20-09, Instituto de Economía - IECON.
    16. John Beirne & Nuobu Renzhi & Eric Sugandi & Ulrich Volz, 2021. "COVID‐19, asset markets and capital flows," Pacific Economic Review, Wiley Blackwell, vol. 26(4), pages 498-538, October.
    17. Eleftheriou, Konstantinos & Patsoulis, Patroklos, 2020. "COVID-19 Lockdown Intensity and Stock Market Returns: A Spatial Econometrics Approach," MPRA Paper 100662, University Library of Munich, Germany.
    18. Frederic Boissay & Daniel Rees & Phurichai Rungcharoenkitkul, 2020. "Dealing with Covid-19: understanding the policy choices," BIS Bulletins 19, Bank for International Settlements.
    19. Volodymyr Martyniuk & Tomasz Wolowiec & Elena Mieszajkina, 2021. "Planning and Forecasting Customs Revenues to the State Budget: A Case Study of Ukraine," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 2), pages 648-665.
    20. Nicola Rossi & Alberto Mingardi, 2020. "Italy and COVID‐19: Winning the war, losing the peace?," Economic Affairs, Wiley Blackwell, vol. 40(2), pages 148-154, June.
    21. Beirne, John Beirne & Renzhi, Nuobu & Sugandi, Eric Alexander & Volz, Ulrich, 2020. "Financial Market and Capital Flow Dynamics During the COVID-19 Pandemic," ADBI Working Papers 1158, Asian Development Bank Institute.

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