A fragile recovery from the pandemic crisis has begun

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Title: A fragile recovery from the pandemic crisis has begun
Organization: Bank of Finland
Series: Bank of Finland. Bulletin
Series volume: 94
Series number: 5/2020
Year of publication: 2020
Publication date: 9.11.2020
Pages: 6-45
Subject (yso): rahapolitiikka; kansainvälinen talous; inflaatio; euroalue; pandemiat; kriisit; taloudelliset vaikutukset; riskit; talouspolitiikka; bruttokansantuote; talouskasvu
Keywords: COVID-19; korona; koronakriisi
Other keywords: corona; corona crisis; inflation; global economy; euro area; economic policy
Abstract: The global economic crisis caused by the coronavirus pandemic intensified in March 2020. The health crisis and the lockdown measures necessary to contain the epidemic led to an exceptionally sudden and sharp decline in output worldwide in the first half of the year. In 2020 as a whole, the global economy is expected to contract by about 4–6%, and the euro area economy by about 8–10%. The euro area economy would seem to be diving a little deeper this year than the United States, but the pace of recovery is very uncertain for both. China saw the most difficult phase of the epidemic and thus the sharpest economic contraction in the first quarter of 2020. China’s recovery has been facilitated by the production and export of remote work equipment and protective equipment for the coronavirus disease. The pandemic shock has had a dampening effect on inflation. Unemployment is on the rise, but the euro area has avoided sudden mass unemployment through furloughs and government aid.
Note: The accessible version http://www.bofbulletin.fi
Link: http://www.bofbulletin.fi/
Rights: https://helda.helsinki.fi/bof/copyright


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