ABSTRACT

Global Economic Effects of COVID-19 [Updated November 5, 2020]   [open pdf - 3MB]

From the Document: "In the months since the COVID-19 [coronavirus disease 2019] outbreak was first diagnosed, it has spread to over 200 countries and all U.S. states. The pandemic has negatively affected global economic growth beyond anything experienced in nearly a century. Estimates so far indicate the virus could reduce global economic growth to an annualized rate of -4.5% to -6.0% in 2020, with a partial recovery of a rate of 2.5% to 5.2% in 2021. However, a resurgence in infectious cases in Europe, the United States, and various developing economies in September and October renewed calls for stringent lockdowns and curfews and could weaken or delay an economic recovery. The economic fallout from the pandemic could also risk continued labor dislocations as a result of lingering high levels of unemployment not experienced since the Great Depression of the 1930s and high levels of debt among developing economies. [...] The full impact will not be known until the effects of the pandemic peak. This report provides an overview of the global economic costs to date and the response by governments and international institutions to address these effects."

Report Number:
CRS Report for Congress, R46270
Author:
Publisher:
Date:
2020-11-05
Series:
Copyright:
Public Domain
Retrieved From:
Congressional Research Service: https://crsreports.congress.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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