Economic Impacts of the Covid-19 Pandemic

As of the writing of the study, the covid-19 pandemic, which hit the world with full force two years ago, has caused more than 6 million deaths around the world, with nearly 460 million confirmed cases. After the outbreak of the pandemic, governments around the world took drastic and sometimes draconian measures—including social distancing, shelter in-place, shut-down and closure orders—to stem the spread of the coronavirus. As the covid-induced crisis unfolded, many households and firms were ill-prepared to withstand an income shock of the length and scale of the pandemic. In response, many government implemented unprecedented, largescale stimulus packages along with the easing of monetary policy. Nevertheless, the world economy fell into recession in 2020. The pandemic has been a truly global economic shock. The purpose of this study is to provide an assessment of the economic impacts of the covid-19 pandemic. To this end, it focuses on the major macroeconomic variables in 2020