The Macroeconomic Implications of COVID-19 Economic Crisis Worldwide
摘要
The COVID-19 pandemic has not just taken a huge toll on people’s lives and mortality rates, it also left a massive impact on the world’s economy that is still being felt years later. To fully grasp the extent of the pandemic’s impact, it is essential to conduct a thorough analysis that goes beyond just its effects on public health and examines its influence on national and global economic trends. In this chapter, we categorize economies into different groups, such as advanced, emerging, and low-income or high-income economies, thereby enabling a comparative analysis of trends across multiple countries and over several years for major macroeconomic indicators. This analysis highlights the critical need for robust and adaptable economic policies, coupled with strengthened international collaboration, to facilitate a sustained recovery and maintain global economic stability. Key Findings The key findings reveal that the pandemic triggered sharp declines in global GDP, followed by uneven recovery paths influenced by factors such as pre-pandemic economic conditions, healthcare responses, and policy measures. Labor markets suffered significant disruptions, marked by gender disparities and increased working poverty. Inflation patterns showed significant variation, prompting widespread policy responses including fiscal stimulus and monetary interventions such as quantitative easing programs and rate cuts.