Global | COVID-19 and Economics: International Evidence

Summary

Although it is difficult to separate the contributions of the different factors shaping the economic and health crisis, public policies and measures are of tremendous importance. A successful exit strategy and achieving the highest possible level of certainty will accelerate the economic recovery.

Key points

• Key points:
• According to the European Commission, the COVID-19 crisis will cause the European Union's GDP to fall by 7.5%, and that of the United States by 6.5%, in 2020, with significant differences between individual countries.
• In some countries, such as Greece, the economic crisis will be extremely acute but with the health crisis having been less severe, while in other countries, such as the United States, the opposite is true.
• In Italy and Spain, the health and economic crises are both very intense, while in Poland and countries in Southeast Asia the opposite is the case.

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