ABSTRACT

Global Economic Effects of COVID-19 [Updated February 19, 2021]   [open pdf - 3MB]

From the Summary:"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. Major advanced economies, which comprise 60% of global economic activity, are forecasted to operate below their potential output level through at least 2024. Compared with the synchronized nature of the global economic slowdown in the first half of 2020, the global economy showed signs of a two-track recovery in the third quarter of 2020 with developed economies experiencing a nascent recovery and economic growth in developing economies lagging behind. A resurgence in infectious cases in Europe, the United States, and various developing economies since September renewed calls for lockdowns and curfews and threatened to weaken or delay a sustained economic recovery into at least the first or second quarters of 2021. [...] The full economic impact of the pandemic likely will remain unclear until the negative health effects 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:
2021-02-19
Series:
Copyright:
Public Domain
Retrieved From:
Congressional Research Service: https://crsreports.congress.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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