A preliminary assessment of the possible economic impact of the coronavirus outbreak: update
Publication date: 27 Mar 2020
| Publication type: NiGEM Observations
Summary
• The coronavirus pandemic has triggered a global economic shock. We provide an exploratory analysis of its impact on the global economy
• The channels we focus on are a reduction in labour, a reduction in expenditure and investment, an increase in uncertainty, and a temporary shutdown in some sectors
• Not accounting for substantial policy responses, the underlying impact on global GDP growth may be similar in magnitude to the financial crisis of 2008/9.
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