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“A Global City in a Global Pandemic: Assessing the Ongoing Impact of COVID Induced Trends on London’s Economic Sectors”

Author

Listed:
  • Anderson, Dylan
  • Hesketh, Rachel
  • Kleinman, Mark
  • Portes, Jonathan

Abstract

Over the last 50 years, London has successfully adapted to technological change and globalization, making it the major driver of the UK economy. But its strengths have also made the city particularly vulnerable to the health impacts of COVID-19, and potentially also to wider negative economic implications of the crisis. Many of London’s key sectors rely on proximity, agglomeration economies and externalities. We evaluate the available data on the impact of the pandemic on London to date, with a particular focus on the differential effects between sectors. We also identify seven key trends, affecting both the demand and supply side of the economy, that are likely to have significant medium- to long-term economic impacts, and assess the potential impacts on London’s major industrial sectors. Our findings suggest that COVID-19 may further accentuate the existing divide between globally competitive advanced producer services and more locally focused sectors providing lower-value personal and household services, posing a number of significant policy challenges.

Suggested Citation

  • Anderson, Dylan & Hesketh, Rachel & Kleinman, Mark & Portes, Jonathan, 2020. "“A Global City in a Global Pandemic: Assessing the Ongoing Impact of COVID Induced Trends on London’s Economic Sectors”," GLO Discussion Paper Series 608, Global Labor Organization (GLO).
  • Handle: RePEc:zbw:glodps:608
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    Keywords

    COVID-19; London; agglomeration economies; migration; services;
    All these keywords.

    JEL classification:

    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • J61 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Geographic Labor Mobility; Immigrant Workers
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes

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