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

Author
Damian Wnukowski, Marek Wasinski
Content Type
Special Report
Institution
The Polish Institute of International Affairs
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.
Topic
European Union, Economy, Global Financial Crisis, Coronavirus, Pandemic
Political Geography
China, Europe, North America, Global Focus, United States of America