World economy in the time of pandemic: Consequences of COVID-19 on world output, trade and employment

Abstract

The outbreak of COVID-19 has completely changed the world. Besides jeopardizing health, the coronavirus has seriously affected all other aspects of people's lives. In order to mitigate short-term, as well as long-term economic consequences of the pandemic, it is crucial to find an appropriate balance between public health protection and unconstrained economic activity. In this paper, the impact of the pandemic on world economy will be analysed, mainly through segments like economic output, trade and employment. Based on the data of the world economic, financial and trade organizations and studies of relevant authors, the aim of this article is to provide an overall perspective of economic effects caused by the COVID-19 crisis in some of the crucial economic areas and to give an outlook for the future. The analysis will also indicate the variation in effects among countries of different levels of development.