The Great Lockdown: Impact of the COVID-19 Pandemic on the Global Economy
The Great Lockdown: Impact of the COVID-19 Pandemic on the Global Economy

Author(s): Marek Wąsiński, Damian Wnukowski
Subject(s): Supranational / Global Economy, Economic policy, International relations/trade, Health and medicine and law, Economic development
Published by: PISM Polski Instytut Spraw Międzynarodowych
Keywords: COVID-19 pandemic; global economy; the great lockdown; reduction in production and consumption; impact of pandemic to the global economy; economic development; development of digital economy;
Summary/Abstract: The coronavirus pandemic and efforts to suppress it (the Great Lockdown) will lead to the collapse of the global economy. In the short term, the reduction in production and consumption in the countries most affected by the pandemic will lead to a global recession. In the long run, the crisis may result in a partial retreat from globalisation, higher indebtedness, and narrowing the differences in economic potential between the EU and the U.S., and China. A positive side effect may be the acceleration of the development of the digital economy, including the services market.

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