THE IMPACT OF COVID - 19 PANDEMIC ON THE ECONOMY OF THE STATE OF PENNSYLVANIA FROM THE PERIOD OF MARCH 2020 - MARCH 2021 (original) (raw)
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Economic Impacts of the COVID-19 Pandemic State perspectives
University of Illinois Institute of Government & Public Affairs Policy Studies Research Paper Series, 2020
This second report from the Economic and Fiscal Health Impact Group of the IGPA Task Force on the Impact of the COVID-19 Pandemic delves into the impact that the COVID-19 pandemic has had on the employment picture in Illinois. The report finds that the current recession differs from past ones in key ways. Perhaps the biggest difference is the continued public health threat COVID-19 presents, which might cause Illinois residents to continue to limit their economic activity.
Pandemic economy: Covid-19 effects and consequences in the first year
KSP Books, Editor: Vlados Charis & Fakhry Bachar, ISBN: 9786257501224, Dec 1, 2021 , 2021
A repositioning of the theoretical instruments of development and growth in the context of economics and political economy that we have at our disposal to date seems necessary, especially after the structural transformation caused by the COVID-19 socio-economic and pandemic crisis. Specifically, the overcoming of the COVID-19 era of crisis seems to depend on how we will manage to re-perceive the theory of economic development and apply its proposals in new economic policies, in global terms. In this context, this article examines whether the conceptual and “therapeutic” foundations of development economics have today the necessary potential to cope with structural changes caused by the ongoing global socio-economic crisis. We assess the current debate in the literature of “economic development versus economic growth” and conclude that a new, comprehensive and evolutionary, orientation to understanding economic development seems necessary to respond to new global challenges for the post-COVID-19 era. We propose a multidisciplinary and evolutionary conceptual direction that suggests the multi-angle understanding of diverse historical configurations. We argue that all socio-economic mutations accelerated by the current pandemic crisis have systemic and evolutionary content and effects and cannot be reliably perceived as mere coincidences of “quantities” and growth “performances.” In this way, we can only disagree with any static and linear approach to the current crisis that directly or indirectly leads to reproducing the rigid enclosure of the analysis in partial specializations of economics. On the contrary, we counter-propose a theoretical response of evolutionary type to assess the contemporary theory of economic development and the political economy in the post-COVID-19 era as an interdisciplinary crossroads for all socio-economic sciences. The Covid-19 pandemic raised a few issues concerning how market participants react to a global pandemic. The pandemic was a black swan event on some levels; there had been few pandemics that have had such a global impact: the Spanish Flu of the late 1910s and 1957 influenza. Moreover, global interconnection means that the Covid-19 pandemic was able to spread across the globe quickly, thus indicating that extreme measures were needed to bring it under control. The policies taken by governments around the world had a significant adverse impact on the economy. It is with these factors in mind that we research the psychology of the market participants during the pandemic. Conversely, we introduce a new model of behaviour during uncertainty, which explains how market participants react during crises such as the Covid-19 pandemic. The model analyses the psychological issues, both emotional and cognitive, influencing the pandemic. We found that like any other crises, market participant reacted to government actions and announcements and the impact on the economy. Therefore, leading to the old issue of miscommunication and insufficient actions. The New Zealand economy is in a parlous state and not simply because of the economic fall-out associated with the pandemic. For decades now, New Zealand has been falling further and further behind its OECD partners, with institutional inefficiencies, poor policy making and the almost willful refusal of successive governments to admit to (let alone confront) mounting economic problems, all combining to place us on the edge of a deep, and lasting, economic downturn. Across a broad plethora of areas and key economic indicators, New Zealand lags behind almost every other advanced country against which it has traditionally measured itself. These areas include the three pillars of social wellbeing (education, health, and social welfare), housing, tax, productivity and debt. In every case, we are either falling behind outcomes achieved in other countries (education, health, productivity), entrenching inequality through our failure to cater for the needs of our most vulnerable (housing, health, education, social welfare, tax), or failing to prepare adequately for looming economic and social costs – including those incurred by a rapidly aging population. If ignored, these problems will precipitate a crisis that may make the burden of recovering from Covid-19 pale by comparison (superannuation, health, debt). In its much anticipated post-Covid budget, the Labour Government needs to not only provide a clear blueprint for helping those who have been adversely affected by the pandemic and New Zealand’s subsequent lockdown, but also signal its intention to tackle the systemic weaknesses which have placed our economy at such risk, and which threaten to consign our future generations to unwelcome, and unnecessary, economic and social hardship. In economics, the problematics of development and underdevelopment is a field of conceptual controversies and constant “re-comprehension,” already since classical economists’ fundamental explorations. Nowadays, especially within the particularly pressing conditions caused by the global pandemic of COVID-19, it seems that this field of research and scientific knowledge must be profoundly re-fertilized in analytical and explanatory terms. The current crisis seems to function as a catalyst for various structural changes globally, leading to a necessary theoretical reorientation of the related thematics towards exploring the inner evolutionary “mechanisms” that will drive socio-economic development (and underdevelopment) in the future. This article aims to study the conceptual evolution of the notions of development and underdevelopment in the light of modern evolutionary economics, which we think could offer a foundational repositioning at the interpretative level in response to the new emerging conditions. More specifically, this article tries to respond to what development and underdevelopment mean over time, where analytical readjustments the evolutionary economics lead to nowadays, and whether it is possible to counter-propose a multilevel approach that enriches the theoretical background for an interdisciplinary and unifying understanding of the specific problematics at the dawn of the new global reality that appears in the post-COVID-19 era. At first, we look at essential development and underdevelopment concepts by critically exploring corresponding basic definitions throughout time. Next, we study the essential and associated elements of evolutionary economics, in the light of the problematics of development and underdevelopment of our days, intending to reach a synthesizing theoretical perspective. We counter-propose the “development web” approach and analysis as a useful repositioned perspective on addressing the developmental/underdevelopmental problem since the compartmentalization of social sciences between the “micro, meso and macro” approaches seems progressively inadequate and sterile. The COVID-19 pandemic gave minimal reaction time to governments around the world. While causing millions of deaths, it was also detrimental to the global economy. This paper is an attempt to understand what we can learn from our experience with the virus, with a focus on the United States. I discuss good and bad U.S. policies and the overall performance of institutions involved in pandemic response. The approach is economical because it connects what happened with some key economic principles. I talk about how markets helped us generate most of the knowledge we have on the virus, and I explain how existing regulations slowed down the production and distribution of essential items in the fight against Covid. Given the scarce nature of public attention, I also discuss the lack of consistent public messaging for the pandemic in the United States.
IMPACT OF COVID-19 AS A PANDEMIC ON VARIOUS INDUSTRIES: A CONCEPTUAL PAPER
Grassroots, 2021
Pandemics always create dreadful effects not only on human life but also drastically influence businesses and industries. Historical evidence has apparently indicated that the outbreak of Spanish flu, SARS, MERS, and Ebola viruses, all created radical impacts on businesses around the globe, leaving behind the economic structures into miseries and deprivations. Similar is the case of COVID-19 outbreak which instigated from China and dispersed all over the globe. In Pakistan, the first case was reported in March 2020 and since then the government has relentlessly tried to impose lockdown and social distancing in order to avert the harm. It has been substantiated that the public isolations and lockdowns have not only yielded negative impacts on the economy but also on different forms of business and employment. Therefore, this study is aimed to analyze potential impacts of COVID-19 on different forms of industries in Pakistan through gathering the public opinion as the source of data. The study is one of the preliminary studies therefore it is based on descriptive design in order to show perceived impact of outbreak of virus. Results indicated that the pandemic is harmful and affecting most of the business in negative manner however there are some businesses which are burgeoning on opportunities emerged from the pandemic and attaining growth due to the spread of the virus.
International Journal of Financial Research , 2020
This paper examines the economic impact of the COVID-19 pandemic, which, according to the World Health Organization, has affected every country and has caused millions of deaths as well as huge financial losses. This paper, then, explores recent statistics documenting the disruption of the world economy. Of course, the blow at the level of business, market, employment, income, industries, companies, and so on is an issue that should be constantly investigated. The ongoing impact study proposal is based on the fact that each developing country has taken measures and enacted policies to reduce the direct impact of COVID-19. However, as research shows, each country has different records and sizes of impacts to their economies, and any government effort to reduce these effects should take into account national losses and impacts so the recovery measures are proportionate. Government measures should be adapted to the operational needs and difficulties of the country to effectively ensure resilience, security, reduction of economic losses and sustainable industrialization.
COVIDECONOMICS: The Evaluation of COVID-19 Economic Effects
This book is divided into nine chapters. The main objective of this book is to evaluate different challenges and lessons from COVID-19 from an economic point of view. The main aim is to propose “COVIDECONOMICS” is to assess the impact of COVID-19 economically under the use of new analytical tools to evaluate the damage and its final effect on different social groups. We define COVIDECONOMICS as a new research field in Economics to assess the COVID-19 from different holistic approaches. The first chapter is the introductory part to explain each chapter of this book. The second chapter graphically demonstrates the patterns of economic recession from any epidemic in the world, i.e. the COVID-19 contagious infectious disease. This can generate economic waves on different markets (countries or regions). This chapter evaluates the way in which an economic recession from the COVID-19 contagious infectious disease damage can simultaneously affect five different markets economic hotspots viz. East Asia (Japan, South Korea, Taiwan, and Hong Kong), China, ASEAN, United States and the European Union (EU). To visualize how a worldwide epidemic can generate economic waves on world economy, it is necessary to apply the inter-linkage coordinate space. Finally, this chapter proposes the use of computer graphical animation, which is based on the construction of a large number of slides joined together through the production of a video. In our case, we will use Windows Microsoft movie maker software to generate the real time effect of these economic waves in the same graphical space. The third chapter evaluates how much COVID-19 affects consumer behavior in the U.S. and Japan. Hence, this study wants to present two new concepts, followed by the massive unnecessary overconsumption levels and massive irreversible under consumption levels. The main objective is to determine how COVID-19 generates a profound transformation in American and Japanese consumer behavior in the short run. We propose a new dynamic indicator entitled "The Consumption Unstable Behavior in COVID-19 Index (CUBE-COVID-19-Index)." The CUBE-COVID-19-Index offers policy-makers and researchers a new analytical tool to evaluate how much distortion COVID-19 can generate in any country's consumption of essential goods and services (food and basic services). The CUBE-COVID-19-Index is not intended to be a predicting indicator in any case. It shows the rapid consumer preferences changes originated by COVID-19 in the U.S. and Japan recently. In the fourth chapter is willing to evaluate how long the world economy can resist COVID-19 crisis pressure. In the present COVID-19 crisis looks unstoppable and uncertain its end. We try to make a serial of simulations using possible slight or extreme scenarios with different environments in the short and long run. The main objective is to offer a specific date until the world economy can likely resist COVID-19 crisis pressure. Finally, we try to evaluate how much developed and developing countries can resist the COVID-19 crisis pressure and find its critical point for recovery or full collapse, respectively. The fifth chapter applies the special theory of relativity to evaluate the impact of COVID-19 on the U.S. economy. Therefore, we propose a new indicator is called “the Conservation of Economic Energy (EE).” The construction of the conservation of economic energy (EE) requests the use of two economic variables into the special theory of relativity, followed by the unemployment growth rate (U) and the COVID-19 human damage speed (ΔC2). Finally, the conservation of economic energy (EE) was applied for the case of the U.S. The sixth chapter proposes a new national account system to calculate the GDP in the COVID-19 crisis. The new national account approach is entitled "The Input-Output Electronic Online Transactions Monitoring System (IOEOTM-System)." The IOEOTM-System is based on the interaction among four main strategic sectors (producers, sellers, logistic, and final consumers) by "i" number of strategic sub-sectors under the uses of "j" number of goods and services. The main idea is to generate an alternative national account system for the COVID-19 crisis under the total electronic transactions online accounting daily, monthly, and yearly to elaborate the economy's final output under the GDP-Surfaces construction. The seventh chapter tries to evaluate the impact of COVID-19 on the world oil prices from a multidimensional graphical perspective. The alternative multidimensional graphical is based on a new graphical method, the “Infinity Physical Space (I-Physical Space).” The I-Physical Space can systematically show the world oil prices from a multidimensional point of view in shorter or longer periods. To analyze the behavior of world oil prices, we divided historical data from April 2019 to April 2020. In this study, the behavior of world oil prices has two categories: stable oil price range and unstable oil price range. The application of the I-Physical Space framework allows us to identify periods of world oil price volatility quickly. Our findings indicate that any pandemic can generate high volatility of oil prices, such as the case of COVID-19 anytime and anywhere. According to chapter eighth discuses about the impact of COVID-19 on economic performance is crucial, but measuring such implications to get a sense of the intensity of its effects on macro-variables such as consumption, investment, government spending, and net trade is subject to a great deal of uncertainty. As such, this chapter primarily attempts to close this gap by using the Global Economic Smash Crisis Effect Simulator (GESCE-Simulator), a new economic simulator that could be used to evaluate the impact of COVID-19 on different macroeconomic scenarios simultaneously. Hence, this article, the world economy, was used to illuminate and illustrate the applicability of the GESCE-Simulator from where analyses provide a coherent evaluation of the degree to which Post-COVID-19 adverse economic effects from a multidimensional perspective. Finally, this chapter proposes an alternative production, distribution, and consumption platform for the case of COVID-19 crisis, this new platform is entitled "The Economic Sustainable Accelerators (TESA)." The TESA is based on a strategical plan to reactivate the production, distribution, and consumption of any country in the present COVID-19 crisis. Before we proceed to implement TESA in any country, it is necessary to use twelve different modules of evaluation follow by (i) Module-1: COVID-19 infection cases geographical location; (ii) Module-2: Movement Control Order perimeters size; (iii) Module-3: Labour concentration and mobility systems, (iv) Module-4: Production priority plan; (v) Module-5: Transportation systems integral mobility; (vi) Module-6: Suppliers distribution; (vii) Module-7: Sanitation and Prevention strategic points; (viii) Module-8: Agriculture and Food Security; (ix) Module-9: COVID-19 Private and Public Partnership (public transportation controls, free health support, welfare programs, taxation exoneration), government spending controls; (x) Module-10: Industrial restructuration; (xi) Module-11: Services dynamicity; (xii) Module-12: COVID-19 Consumers opening levels mobility. The main objective of TESA is to offer policy-makers a new proposal to help countries to recovery faster from the COVID-19 crisis. The application of TESA is not limited to the study of a select group of cities. TESA, in effect, is a flexible and straightforward production, distribution, and consumption alternative platform. The third part of this chapter shows a multidimensional diagram to explain how TESA can work in any country.
COVID-19 PANDEMIC AND THE ECONOMY: Impact, measures and the Post-Covid world
The COVID 19 pandemic has changed the order of human interactions and economic activity in the world. The pandemic caused by coronavirus is known of its quick transmission from person to person upon contact with a patient. Thus, no country has been spared from recording coronavirus cases. COVID 19 pandemic started as a public health crisis but led to real economy and financial crises depressing economic activity. This paper seeks to look at the economic impact of the pandemic and the measures taken against this pandemic as well as discuss the world after COVID 19 pandemic. The study finds that the pandemic caused shocks to both the supply and demand side of an economy causing a crisis like no other in world history. It affected consumption, businesses, government operations and international trade as economies experienced depressed economic activity through shutdowns. Against such, governments in different countries had to put in measures aimed at mitigating and minimising the effects of the pandemic on the economy. These measures involved the use of fiscal policy, monetary policy and trade policy tools which were unconventional in nature. The study also finds that the post-covid world will have changes in human interactions and the way the world operates. It finds that there will be, increased indebtedness in economies, changes in the patterns of trade, embracing of technology, increased public expenditure on public health, clean energy, increased inequality and improved roles of Civil Society Organisations in economies thereby creating a link between society and the central government.
The Economic Impact of COVID-19 from a Global Perspective
Contemporary Economics, 2021
The world has been waging a fight against the novel coronavirus (COVID-19) since December 2019. The current coronavirus crisis is a catastrophe affecting billions of families worldwide. So far, COVID-19 has wreaked havoc across the globe: by slowing down economic growth; decreasing global trade; hurting health sector; increasing unemployment and underemployment; reducing FDI and hurting the tourism sector. This study investigates the economic costs of COVID-19. By using descriptive analysis, this study shows that the major economic variables, such as economic growth, global trade, health sector, unemployment and underemployment, foreign direct investment and travel and tourism sector have significantly affected by COVID-19.
ECONOMIC IMPACT OF COVID-19: A DETERMINING FACTOR OF CURRENT GLOBAL ECONOMIC TRENDS
International Organizations and States’ Response to COVID-19, 2021
The purpose of this chapter is to analyse the impact of the COVID-19 pandemic on global economic developments and outline the tendencies to which it led. The research is based on the assumption that the virus is likely to be as contagious economically as it is medically contagious. Studying the world's leading economies (the US, the European Union and China) from the beginning to the end of 2020, two groups of consequences emerge. First, the introduction of restrictive measures at the start of the pandemic imposed social distancing and reduced the movement of people and goods, which in turn had a major effect on the collapse of the services' sector and the supply chains. Second, the exponential growth of infected people and the speed of the spread of the virus forced the world's leading economies to apply more restrictive measures in the form of national lockdowns, curfews, and quarantines, resulting in the total paralysis of the economy and a rapid decline in GDP. Desk research has been applied in the analysis, based on available external and internal sources. Data from national statistical institutes and international organizations have been used. The results clearly indicate that the adopted economic measures became a determining factor for the world's leading economies not to enter a great recession and laid the foundations of the global economic trends. The beginning of immunization of the population opens the way to an
Statistical and Econometric Analysis of Selected Effects of COVID-19 Pandemic
Multidisciplinary Aspects of Production Engineering, 2021
The paper examines the impact of the COVID-19 pandemic on macroeconomic activity in the selected European countries. The studies are based on monthly and quarterly indicators of GDP, unemployment rates and key indicators of the tourism sector. To present how COVID-19 has affected these macroeconomic variables, statistic data from the three periods are compared. Namely, data are collected from the pre-pandemic period, i.e. the fourth quarter of 2019 as the reference period, the second period covers the first quarter of 2020 and means the beginning of the pandemic, and the third one covers second quarter of 2020, during which the pandemic has spread to all the analyzed countries. The following statistical techniques are used in the research: regression analysis, the hierarchical grouping of agglomerations, k-means method, and selected non-parametric tests (Kruskal-Wallis test for a selected group of countries and Kolmogorov-Smirnov test for a selected pair of countries). The results s...
The Impact of the COVID-19 Pandemic on the Economic Results in Selected Countries
Journal of International Scientific Publications : Economy & Business/Economy & Business, 2023
The COVID-19 pandemic has affected almost all countries in the world. Its gradual spread has mainly affected the economies of countries, which have changed due to the measures and restrictions in place. There were differences between the size and rate of the indicators given before and after the pandemic. The aim of the paper is to evaluate the impact of the pandemic on the economy of selected EU countries.