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The [[COVID-19 pandemic]] has had far-reaching economic consequences<ref>[https://academic.oup.com/policyandsociety/advance-article/doi/10.1093/polsoc/puab013/6513363 The return of Keynesianism? Exploring path dependency and ideational change in post-covid fiscal policy.] ''Policy & Society.''  Volume 41, Issue 1, January 2022, Pages 68–82</ref> including the [[COVID-19 recession]], the second largest global recession in recent history,<ref>{{cite web |url=https://www.businessinsider.com.au/countries-on-lockdown-coronavirus-italy-2020-3 |title=A third of the global population is on coronavirus lockdown — here's our constantly updated list of countries and restrictions |first1=Juliana |last1=Kaplan |first2=Lauren |last2=Frias |first3=Morgan |last3=McFall-Johnsen |work=[[Business Insider]] |date=14 March 2020 |access-date=13 May 2020 |archive-date=26 June 2020 |archive-url=https://web.archive.org/web/20200626062358/https://www.businessinsider.com.au/countries-on-lockdown-coronavirus-italy-2020-3 |url-status=dead }}</ref> decreased business in the services sector during the [[COVID-19 lockdowns]],<ref>{{cite news |title=Real-time data show virus hit to global economic activity |url=https://www.ft.com/content/d184fa0a-6904-11ea-800d-da70cff6e4d3 | work=[[Financial Times]] |date=22 March 2020 | url-access=subscription |archive-url=https://web.archive.org/web/20200322225844/https://www.ft.com/content/d184fa0a-6904-11ea-800d-da70cff6e4d3 |archive-date=22 March 2020 |url-status=live }}</ref> the [[2020 stock market crash]], which included the largest single-week [[stock market]] decline since the [[2007–2008 financial crisis|financial crisis of 2007–2008]] and the [[Financial market impact of the COVID-19 pandemic|impact of COVID-19 on financial markets]],<ref>{{cite news |url=https://www.cnn.com/2020/02/23/business/stock-futures-coronavirus/index.html |title=Dow plunges 1,000 points as coronavirus cases surge in South Korea and Italy|first1=Rob |last1=McLean |first2=Laura |last2=He |first3=Anneken |last3=Tappe |website=CNN|access-date=27 February 2020|archive-url=https://web.archive.org/web/20200227113440/https://www.cnn.com/2020/02/23/business/stock-futures-coronavirus/index.html |archive-date=27 February 2020 |url-status=live}}</ref><ref>{{cite web |url=https://www.cityam.com/ftse-100-plunges-2-per-cent-as-coronavirus-takes-hold-in-italy/| title=FTSE 100 plunges 3.7 per cent as Italy confirms sixth coronavirus death |website=[[CityAM]] |date=24 February 2020|archive-url=https://web.archive.org/web/20200225143457/https://www.cityam.com/ftse-100-plunges-2-per-cent-as-coronavirus-takes-hold-in-italy/|archive-date=25 February 2020 |url-status=live}}</ref><ref>{{cite journal|last1=Ahmed|first1=Maruf Yakubu|last2=Sarkodie|first2=Samuel Asumadu|date=25 March 2021|title=How COVID -19 pandemic may hamper sustainable economic development|journal=Journal of Public Affairs|volume=21|issue=4|pages=e2675|language=en|doi=10.1002/pa.2675|issn=1472-3891|pmc=8250371|pmid=34230816}}</ref><ref>{{cite news | last1=Smith | first1=Elliot | title=Global stocks head for worst week since the financial crisis amid fears of a possible pandemic | work=[[CNBC]] |url=https://www.cnbc.com/2020/02/28/global-stocks-head-for-worst-week-since-financial-crisis-on-coronavirus-fears.html |date=28 February 2020 |archive-url=https://web.archive.org/web/20200228210138/https://www.cnbc.com/2020/02/28/global-stocks-head-for-worst-week-since-financial-crisis-on-coronavirus-fears.html |archive-date=28 February 2020 |url-status=live}}</ref><ref>{{cite news |last1=Imbert |first1=Fred |last2=Huang|first2=Eustance |title=Dow falls 350 points Friday to cap the worst week for Wall Street since the financial crisis  | work=[[CNBC]] |url=https://www.cnbc.com/2020/02/27/dow-futures-fall-100-points-after-another-massive-rout-amid-coronavirus-fears.html |date=27 February 2020 |archive-url=https://web.archive.org/web/20200228213917/https://www.cnbc.com/2020/02/27/dow-futures-fall-100-points-after-another-massive-rout-amid-coronavirus-fears.html|archive-date=28 February 2020|url-status=live}}</ref><ref>{{cite news |last1=Smith |first1=Elliot |title=European stocks fall 12% on the week as coronavirus grips markets | work=[[CNBC]]|url=https://www.cnbc.com/2020/02/28/europe-markets-coronavirus-hammers-global-stocks.html |date=28 February 2020 |archive-url=https://web.archive.org/web/20200228210951/https://www.cnbc.com/2020/02/28/europe-markets-coronavirus-hammers-global-stocks.html|archive-date=28 February 2020 |url-status=live}}</ref> the [[2021–2023 global supply chain crisis]],<ref>{{cite news |last=Strumpf |first=Dan |url=https://www.wsj.com/articles/tech-sector-fears-supply-delays-as-effects-of-virus-ripple-through-china-11580484181|title=Tech Sector Fears Supply Delays as Effects of Virus Ripple Through China |date=31 January 2020 |work=[[The Wall Street Journal]] |url-access=subscription | issn=0099-9660|archive-url=https://web.archive.org/web/20200131223159/https://www.wsj.com/articles/tech-sector-fears-supply-delays-as-effects-of-virus-ripple-through-china-11580484181|archive-date=31 January 2020|url-status=live}}</ref> the [[2021–2023 inflation surge]], [[shortages related to the COVID-19 pandemic]] including the [[2020–2023 global chip shortage|2020–present global chip shortage]], [[panic buying]],<ref>{{cite web |url=https://www.bloomberg.com/news/articles/2020-02-24/virus-outbreak-drives-italians-to-panic-buying-of-masks-and-food|title=Virus Outbreak Drives Italians to Panic-Buying of Masks and Food |website=[[Bloomberg News]] |first1=Sonia|last1=Sirletti |first2=Chiara |last2=Remondini |first3=Daniele|last3=Lepido |date=24 February 2020 | url-access=subscription |archive-url=https://web.archive.org/web/20200225213637/https://www.bloomberg.com/news/articles/2020-02-24/virus-outbreak-drives-italians-to-panic-buying-of-masks-and-food |archive-date=25 February 2020 |url-status=live}}</ref><ref>{{cite web |url=https://www.channelnewsasia.com/news/asia/wuhan-coronavirus-hong-kong-panic-buying-shortage-toilet-paper-12400600 |title=Viral hysteria: Hong Kong panic buying sparks run on toilet paper |website=CNA |archive-url=https://web.archive.org/web/20200226023044/https://www.channelnewsasia.com/news/asia/wuhan-coronavirus-hong-kong-panic-buying-shortage-toilet-paper-12400600 |archive-date=26 February 2020 |url-status=live}}</ref><ref>{{cite web |url=https://www.axios.com/hongkongers-toilet-paper-coronavirus-b1aab6c1-ab9f-42b2-ad7a-a8e4d6d0c4a2.html |title=Household basics are scarce in Hong Kong under coronavirus lockdown |last=Rummler |first=Orion |website=[[Axios (website)|Axios]] |date=17 February 2020 |archive-url=https://web.archive.org/web/20200226021539/https://www.axios.com/hongkongers-toilet-paper-coronavirus-b1aab6c1-ab9f-42b2-ad7a-a8e4d6d0c4a2.html|archive-date=26 February 2020 |url-status=live}}</ref><ref>{{cite news |url=https://www.fiercepharma.com/manufacturing/fda-anticipates-drug-and-device-disruptions-as-china-outbreak-plays-out|title=FDA anticipates disruptions, shortages as China outbreak plays out |newspaper=Fierce Pharma  |date=17 February 2020 |archive-url=https://web.archive.org/web/20200226021542/https://www.fiercepharma.com/manufacturing/fda-anticipates-drug-and-device-disruptions-as-china-outbreak-plays-out |archive-date=26 February 2020 |url-status=live}}</ref> and [[price gouging]].<ref>{{cite news |url=https://www.nytimes.com/2020/03/14/technology/coronavirus-purell-wipes-amazon-sellers.html |title=Price Gouging Complaints Surge Amid Coronavirus Pandemic | work=[[The New York Times]] |date=27 March 2020 | url-access=limited}}</ref> It led to governments providing an unprecedented amount of [[Stimulus (economics)|stimulus]]. The pandemic was also a factor in the [[2021–2023 global energy crisis|2021–2022 global energy crisis]] and [[World food crises (2022-present)|2022–2023 food crises]].

Possible instability generated by an outbreak and associated behavioural changes could result in temporary food shortages, price spikes, and disruption to markets. Such price rises would be felt most by vulnerable populations who depend on markets for their food as well as those already depending on humanitarian assistance to maintain their livelihoods and food access. As observed in the [[2007–2008 world food price crisis]], the additional inflationary effect of protectionist policies through import tariffs and export bans could cause a significant increase in the number of people facing severe food insecurity worldwide.<ref name="FAO-2020">{{cite book|title=Anticipating the impacts of COVID-19 in humanitarian and food crisis contexts|publisher=FAO|year=2020|isbn=978-92-5-132370-0|location=Rome|doi=10.4060/ca8464en|s2cid=215736535}}</ref>

Many fashion, sport, and technology events have been canceled or have changed to be online.<ref>{{cite web|title=online-сonferences-after-covid-will-be-shorter|url=https://radiogid.by/conferences-after-covid-will-be-shorter}}</ref><ref>{{cite web |url=https://www.businessinsider.com/major-events-cancelled-or-postponed-due-to-the-coronavirus-2020 |title=Major Events Cancelled or Postponed ~Due to Coronavirus |website=[[Business Insider]] |access-date=3 March 2020 |archive-url=https://web.archive.org/web/20200305170915/https://www.businessinsider.com/major-events-cancelled-or-postponed-due-to-the-coronavirus-2020 |archive-date=5 March 2020 |url-status=live }}</ref> While the monetary impact on the travel and trade industry is yet to be estimated, it is likely to be in the billions and increasing.

Amidst the recovery and containment, the world economic system is characterized as experiencing significant, broad uncertainty. Economic forecasts and consensus among [[macroeconomics]] experts show significant disagreement on the overall extent, long-term effects and projected recovery.<ref>{{cite web |last1=Bordo |first1=Michael |last2=Levin |first2=Andrew |last3=Levy|first3=Mickey|last4=Sinha |first4=Arunima|date=27 January 2021 |title=Scenario analysis, contingency planning, and central bank communications|url=https://voxeu.org/article/scenario-analysis-contingency-planning-and-central-bank-communications|access-date=27 January 2021|website=VoxEU.org}}</ref> Risk assessments and contingency plans therefore must be taken with a grain of salt, given that there is a wide divergence of opinion. A [[2021–2023 inflation surge|large general increase in prices]] was also attributed to the pandemic. In part, the [[2021–2023 global energy crisis|record-high energy prices]] were driven by a global surge in demand as the world quit the economic recession caused by COVID-19, particularly due to strong energy demand in Asia.<ref>{{cite news |title=Covid is at the center of world's energy crunch, but a cascade of problems is fueling it |url=https://www.nbcnews.com/news/world/covid-center-world-energy-crunch-cascade-problems-fuel-rcna2688 |work=NBC News |date=8 October 2021}}</ref><ref>{{cite news |url=https://www.theguardian.com/business/2021/sep/19/uk-energy-market-crisis-what-caused-it-and-how-does-it-affect-my-bills |title=UK energy market crisis: what caused it and how does it affect my bills? |last=Ambrose |first=Jillian |work=[[The Guardian]] |date=19 September 2021 }}</ref>

The COVID-19 crisis affected worldwide economic activity, resulting in a 7% drop in global commercial commerce in 2020. While GVCs have persisted, several demand and supply mismatches caused by the pandemic have resurfaced throughout the recovery period in 2021 and 2022 and have been spread internationally through trade.<ref name="EIB-2022d">{{cite book |last=Bank |first=European Investment |url=https://www.eib.org/en/publications/business-resilience-in-the-pandemic-and-beyond |title=Business resilience in the pandemic and beyond: Adaptation, innovation, financing and climate action from Eastern Europe to Central Asia |date=18 May 2022 |publisher=European Investment Bank |isbn=978-92-861-5086-9 |language=EN}}</ref><ref>{{cite web |title=Home |url=https://www.oecd-ilibrary.org/sites/edfbca02-en/1/3/1/index.html?itemId=/content/publication/edfbca02-en&_ga=2.2549104.1366416849.1623746870-1375202123.1623746869&_csp_=db1589373f9d2ad2f9935628d9528c9b&itemIGO=oecd&itemContentType=book |access-date=2022-06-30 |website=www.oecd-ilibrary.org |language=en}}</ref><ref>{{cite web |title=Regional Economic Outlook |url=https://www.imf.org/en/Publications/REO |access-date=2022-06-30 |website=IMF |language=en}}</ref>

During the first wave of the COVID-19 pandemic, businesses lost 25% of their revenue and 11% of their workforce, with contact-intensive sectors and [[Small and medium-sized enterprises|SMEs]] being particularly heavily impacted. However, considerable policy assistance helped to avert large-scale bankruptcies, with just 4% of enterprises declaring for [[insolvency]] or permanently shutting at the time of the COVID wave.<ref name="EIB-2022d"/>

==Background==
[[File:WTI price 2019-2020.png|thumb|Movement of [[West Texas Intermediate|WTI]] crude oil price from 2019. The crash started in mid-February 2020. On 20 April 2020, prices dropped below zero for the first time in recorded history.<ref name="FT_Apr20">{{cite news |last1=Sheppard |first1=David |url=https://www.ft.com/content/a5292644-958d-4065-92e8-ace55d766654 |title=US oil price below zero for first time in history |date=20 April 2020 |work=Financial Times |access-date=20 April 2020 |last2=McCormick |first2=Myles |last3=Brower |first3=Derek |last4=Lockett |first4=Hudson |url-access=subscription}}</ref>]]
The initial outbreak of the pandemic in China coincided with the [[Chunyun]], a major travel season associated with the [[Chinese New Year]] holiday. A number of events involving large crowds were cancelled by national and regional governments, including annual New Year festivals, with private companies also independently closing their shops and tourist attractions such as [[Hong Kong Disneyland]] and [[Shanghai Disneyland]].<ref name="apnews-10e22bef65"/><ref name="AutoDW-272"/> Many [[Lunar New Year]] events and tourist attractions were closed to prevent mass gatherings, including the [[Forbidden City]] in Beijing and traditional temple fairs.<ref name="20200123dw"/> In 24 of China's 31 provinces, municipalities and regions, authorities extended the New Year's holiday to 10 February, instructing most workplaces not to re-open until that date.<ref name="AutoDW-273"/><ref name="Cheng-2020"/> These regions represented 80% of the country's GDP and 90% of exports.<ref name="Cheng-2020" /> Hong Kong raised its infectious disease response level to the highest and declared an emergency, closing schools until March and cancelling its New Year celebrations.<ref name="AutoDW-274"/><ref name="SCMP25012020"/>

The demand for personal protection equipment has risen 100-fold, according to WHO director-general [[Tedros Adhanom Ghebreyesus|Tedros Adhanom]]. This demand has led to an increase in prices of up to twenty times the normal price and also induced delays on the supply of medical items for four to six months.<ref name="AutoDW-275"/><ref name="AutoDW-276"/>

==Overall economic contraction==
{{main|COVID-19 recession}}

The COVID-19 recession is an [[Recession|economic recession]] happening across the [[world economy]] beginning in 2020 due to the [[COVID-19 pandemic]].<ref>{{cite news|url=https://www.nytimes.com/2020/03/21/business/economy/coronavirus-recession.html |title=Coronavirus Recession Looms, Its Course 'Unrecognizable'|first=Nelson D.|last=Schwartz |date=21 March 2020|work=The New York Times|access-date=24 March 2020|archive-url= https://web.archive.org/web/20200324163319/https://www.nytimes.com/2020/03/21/business/economy/coronavirus-recession.html |archive-date=24 March 2020|url-status=live}}</ref><ref>{{cite news|url=https://www.cnn.com/2020/03/09/economy/global-recession-coronavirus/index.html |title=A 'short, sharp' global recession is starting to look inevitable|first=Julia|last=Horowitz |work=CNN.com|access-date=26 March 2020|archive-url= https://web.archive.org/web/20200320173108/https://www.cnn.com/2020/03/09/economy/global-recession-coronavirus/index.html |archive-date=20 March 2020|url-status=live}}</ref><ref>{{cite web|url=https://www.theatlantic.com/ideas/archive/2020/03/viral-recession/607657/ |title=The Coronavirus Recession Will Be Unusually Difficult to Fight |first=Annie |last=Lowrey |date=9 March 2020|website=The Atlantic|access-date=24 March 2020|archive-url= https://web.archive.org/web/20200324115803/https://www.theatlantic.com/ideas/archive/2020/03/viral-recession/607657/ |archive-date=24 March 2020|url-status=live}}</ref><ref>{{cite news|url=https://www.theguardian.com/commentisfree/2020/mar/09/cure-recession-coronavirus-economic-collapse-globalisation |title=There will be no easy cure for a recession triggered by the coronavirus|first=Simon|last=Jenkins |newspaper=The Guardian |date=9 March 2020|via=www.theguardian.com|access-date=24 March 2020|archive-url=https://web.archive.org/web/20200324115802/https://www.theguardian.com/commentisfree/2020/mar/09/cure-recession-coronavirus-economic-collapse-globalisation |archive-date=24 March 2020|url-status=live}}</ref> Global [[stock market]]s experienced their [[2020 stock market crash|worst crash]] since 1987,<ref name=bbcEconomic>{{cite web |last1=Palumbo |first1=Daniele |title=Coronavirus: A visual guide to the economic impact |url=https://www.bbc.com/news/business-51706225 |website=[[BBC News]] |archive-url=https://web.archive.org/web/20200327140324/https://www.bbc.com/news/business-51706225 |archive-date=27 March 2020 |date=28 March 2020 |url-status=live}}</ref> and in the first three months of 2020 the [[G20]] economies fell 3.4% year-on-year.<ref>{{cite web |title=G20 GDP Growth – First quarter of 2020, OECD |url=https://www.oecd.org/economy/g20-gdp-growth-first-quarter-2020-oecd.htm |publisher=[[OECD]] |access-date=6 September 2020 |date=11 June 2020}}</ref> Between April and June 2020, the [[International Labour Organization]] estimated that an equivalent of 400 million full-time jobs were lost across the world,<ref>{{cite news |last1=McKeever |first1=Vicky |title=The coronavirus is expected to have cost 400 million jobs in the second quarter, UN labor agency estimates |url=https://www.cnbc.com/2020/06/30/coronavirus-expected-to-cost-400-million-jobs-in-the-second-quarter.html |access-date=6 September 2020 |work=CNBC |date=30 June 2020 |language=en}}</ref> and income earned by workers globally fell 10 percent in the first nine months of 2020, equivalent to a loss of over US$3.5&nbsp;trillion.<ref>{{cite news |title=Pandemic knocks a tenth off incomes of workers around the world |url=https://www.ft.com/content/fabd4737-fa29-45ca-ad62-1b04c71d7b6a |access-date=23 September 2020 |work=[[Financial Times]] |date=23 September 2020}}</ref>
Cambridge University put the cost to the global economy at $82&nbsp;trillion over five years.<ref>{{cite news|url=https://time.com/5870481/coronavirus-origins/|title=Inside the Global Quest to Trace the Origins of COVID-19—and Predict Where It Will Go Next}}</ref>
When the [[COVID-19 pandemic]] hit Europe, much of Europe's investment had been high, but it had unexpectedly slowed. In 2019, overall investment in the [[European Union]] increased by about 3% over the previous year, surpassing growth in real GDP.<ref name="EIB-2020">{{cite web|title=EIB Investment Report 2020-2021|url=https://www.eib.org/en/publications-research/economics/investment-report-overview-2020.htm|access-date=15 November 2021|website=EIB.org}}</ref>

Investment, like other economic activity, fell drastically as a direct result of lockdown restrictions. This effect was particularly noticeable in the second quarter of 2020, when investment decreased 19% year on year, as most limitations were relaxed by the summer.<ref name="EIB-2020" /><ref name="spglobal.com">{{cite web|title=COVID-19 Impact: Key Takeaways From Our Articles|url=https://www.spglobal.com/ratings/en/research/articles/200204-coronavirus-impact-key-takeaways-from-our-articles-11337257|access-date=23 November 2021|website=www.spglobal.com|language=en-us}}</ref> In 2019, firms already had an unfavorable assessment of the economic situation. Overall expectations for sector-specific business prospects, as well as the availability of internal and external funding, deteriorated in the course of 2020.<ref name="EIB-2020" /><ref>{{cite web|title=The travel industry turned upside down|url=https://www.mckinsey.com/~/media/mckinsey/industries/travel%20logistics%20and%20infrastructure/our%20insights/the%20travel%20industry%20turned%20upside%20down%20insights%20analysis%20and%20actions%20for%20travel%20executives/the-travel-industry-turned-upside-down-insights-analysis-and-actions-for-travel-executives.pdf|website=Mckinsey}}</ref>

In the [[European Investment Bank]] Investment report 2020–21, 81% of the respondents cited uncertainty as the most severe obstacle to investment.<ref name="EIB-2020" /><ref>{{cite book|url=https://www.eib.org/en/publications/econ-eibis-2020-eu|title=EIBIS 2020 – EU overview|date=1 December 2020|publisher=European Investment Bank|doi=10.2867/37126 |isbn=978-92-861-4798-2|language=EN |author1=European Investment Bank. |author2=Ipsos Public Affairs. }}</ref> 20% of EU companies anticipate a permanent loss in employment, indicating that a sizable proportion of firms are pessimistic about their capacity to "bounce back" once the COVID-19 crisis has passed.

As a result of the pandemic, half of European companies anticipate an increase in the usage of digital technologies in the future. The proportion is considerably greater among companies that have previously used digital technology.<ref name="EIB-2020" /><ref>{{cite web|title=EIB Corporate Digitalisation Index 2020/2021: Most EU countries are trailing the United States in digitalisation|url=https://www.eib.org/en/press/all/2021-273-eib-corporate-digitalisation-index-2020-2021-most-eu-countries-are-trailing-the-united-states-in-digitalisation|access-date=23 November 2021|website=European Investment Bank|language=en}}</ref>

The European Union's public debt is expected to exceed 95% of GDP by the end of 2021, a 15 percentage point rise since the pandemic began in 2019.<ref name="EIB-2020" /><ref>{{cite web|title=Eurozone: public finances are sorely tested by the Covid-19 crisis|url=http://economic-research.bnpparibas.com/html/en-US/Eurozone-public-finances-sorely-tested-Covid-19-crisis-6/4/2021,43181?docid=43181|access-date=23 November 2021|website=economic-research.bnpparibas.com|language=fr}}{{Dead link|date=September 2023 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>

From the first to the second quarter of 2020, the EU government debt grew by 8.4 percentage points to 88% of GDP.<ref>{{cite web|title=Sovereign Borrowing Outlook for OECD Countries|url=https://www.oecd.org/daf/fin/public-debt/Sovereign-Borrowing-Outlook-in-OECD-Countries-2021.pdf|author=<!--Not stated--> |date=20 May 2021 |publisher=OECD |access-date=12 February 2022}}</ref> According to the [[European Commission]], debt to GDP reached 94% by the end of 2020. In autumn 2020, a second wave of infection and lockdowns aggravated the problem.<ref name="EIB-2020" /><ref>{{cite web|title=Euroindicators, first quarter of 2021|url=https://ec.europa.eu/eurostat/documents/2995521/11563191/2-22072021-AP-EN.pdf/282c649b-ae6e-3a7f-9430-7c8b6eeeee77?t=1626942865088|website=europa.eu}}</ref>

After one year of the COVID-19 crisis, corporate investment was expected to decline by at least 25%.<ref>{{cite news|date=6 May 2020|title=Impact of virus on Italy's economy laid bare in EU forecasts|language=en|work=Reuters|url=https://www.reuters.com/article/uk-health-coronavirus-eu-italy-idUKKBN22I16X|access-date=23 November 2021}}</ref><ref name="EIB-2020" />

The [[International Monetary Fund]] (IMF) and other organizations predicted that the European Union's GDP would contract by 6% to 8%, a drop unprecedented since the Great Depression.<ref name="EIB-2020" />

The [[European Union]]'s total real GDP fall was more than 11% compared to the first quarter of 2020, the biggest drop in a single quarter on record.<ref name="EIB-2020" /><ref>{{cite journal|last1=Anderton|first1=Robert|last2=Botelho|first2=Vasco|last3=Consolo|first3=Agostino|last4=Da Silva|first4=António Dias|last5=Foroni|first5=Claudia|last6=Mohr|first6=Matthias|date=6 January 2021|title=The impact of the COVID-19 pandemic on the euro area labour market|url=https://www.ecb.europa.eu/pub/economic-bulletin/articles/2021/html/ecb.ebart202008_02~bc749d90e7.en.html|language=en}}</ref><ref name="spglobal.com"/>

The reduction in GDP was caused by government attempts to restrict the virus's spread, and it varied greatly between [[European Union|Member States]]. It was weakest, on average, in [[Central Europe|Central]] and Eastern Europe, where [[Real gross domestic product|real GDP]] decreased 9.7% in the second quarter compared to the first. It decreased by 11.5% in [[Western Europe|Western]] and Northern Europe, and by roughly 15% in Southern Europe. In comparison, real GDP in the United States fell by nearly 9% in the second quarter compared to the first quarter.<ref name="EIB-2020" /><ref>{{cite web|title=COVID-19 crisis response in South East European economies|url=https://www.oecd.org/coronavirus/policy-responses/covid-19-crisis-response-in-south-east-european-economies-c1aacb5a/}}</ref><ref>{{cite web|title=Impacts of the COVID-19 pandemic on EU industries|url=https://www.europarl.europa.eu/RegData/etudes/STUD/2021/662903/IPOL_STU(2021)662903_EN.pdf}}</ref>

In the second quarter of 2020, disposable income per capita decreased dramatically, affecting consumer expenditure, particularly for lower-income families.<ref name="EIB-2020" />

The impact of the COVID-19 varied greatly on the industry. Sectors that rely heavily on physical presence, including passenger transportation, the arts, entertainment, tourism, and hospitality, were impacted the worst, with declines of up to 30% in the second quarter of 2020 compared to the first quarter.<ref name="EIB-2020" /><ref>{{cite web|title=Tourism Policy Responses to the coronavirus (COVID-19)|url=https://www.oecd.org/coronavirus/policy-responses/tourism-policy-responses-to-the-coronavirus-covid-19-6466aa20/|access-date=30 November 2021|website=OECD|language=en}}</ref><ref>{{cite web|title=Home|url=https://www.oecd-ilibrary.org/sites/5a700c4b-en/1/3/1/index.html?itemId=/content/publication/5a700c4b-en&_csp_=d31326a7706c58707d6aad05ad9dc5ab&itemIGO=oecd&itemContentType=book|access-date=30 November 2021|website=www.oecd-ilibrary.org|language=en}}</ref> Industries such as agriculture, banking, and real estate, declined by 3% or less during the same time span. During the global financial crisis, the distribution of economic effect across sectors was extremely varied, with EU manufacturing suffering the worst decrease – over 20% in the first quarter of 2009. The decrease in other sectors was relatively limited, at around or below 6%.<ref name="EIB-2020" />

GDP per hour in the EU grew by 0.3 percent in the second quarter of 2020 compared to the same time in 2019, while GDP per employee decreased 11.5%.<ref name="EIB-2020" /><ref>{{cite news|last=Guarascio|first=Francesco|date=17 August 2021|title=Euro zone growth confirmed at 2% in Q2, employment rises|language=en|work=Reuters|url=https://www.reuters.com/world/europe/euro-zone-growth-confirmed-2-q2-employment-rises-2021-08-17/|access-date=30 November 2021}}</ref> Access to capital is seen as a barrier by about 55% of businesses. Credit limitations are especially difficult for SMEs and new businesses to overcome. Credit constraints affect 24% of SMEs and 27% of young businesses.<ref name="EIB-2022d"/>

More than two-fifths of businesses (44%) did not experience a year-on-year sales loss as a result of COVID-19 at the time of the [[European Investment Bank]]'s investment survey, and more than half predicted stronger sales in 2022 than before the pandemic.'''<ref name="EIB-2023a"/>'''<ref>{{cite web |title=Coronavirus' business impact: Evolving perspective {{!}} McKinsey |url=https://www.mckinsey.com/capabilities/risk-and-resilience/our-insights/covid-19-implications-for-business |access-date=2023-02-24 |website=www.mckinsey.com}}</ref><ref>{{cite web |title=The effects of COVID-19 on businesses: key versus non-key firms |url=https://www.ilo.org/legacy/english/intserv/working-papers/wp077/index.html |access-date=2023-02-24 |website=www.ilo.org}}</ref>

In Western and Northern Europe, as well as Central and Eastern Europe, the unemployment rate climbed by roughly 0.5 percentage point. The rise was greater in Southern Europe (1.5 percentage points). The United States increased by 4 percentage points during the same period, reaching a high of 10 percentage points in April in 2021.<ref name="EIB-2020" /><ref>{{cite web|title=Unemployment rate rose in the majority of EU regions in 2020|url=https://ec.europa.eu/eurostat/web/products-eurostat-news/-/ddn-20210428-1|access-date=30 November 2021|website=ec.europa.eu|language=en-GB}}</ref>

44% of enterprises in Central, Eastern and Southeastern European countries incurred losses in 2020 and/or 2021, and 10% did not anticipate to recover from pandemic-era economic losses in 2022.'''<ref name="EIB-2023a"/>'''<ref name="globsec.org">{{cite web |title=Economic Recovery in Central and Eastern Europe (CEE): Towards a New Normal |url=https://www.globsec.org/sites/default/files/2022-12/Economic%20Recovery%20in%20Central%20and%20Eastern%20Europe%20%28CEE%29%20-%20Towards%20a%20New%20Normal%20ver9%20spreads.pdf}}</ref><ref name="europarl.europa.eu">{{cite web |title=Overview of how major economies have responded to the Covid-19 pandemic |url=https://www.europarl.europa.eu/RegData/etudes/STUD/2022/689450/IPOL_STU(2022)689450_EN.pdf}}</ref> 60% of CESEE enterprises received some type of financial assistance in response to [[COVID-19]], which is the same as the EU average. This was largely in the form of subsidies or other types of non-repayable financial assistance. Only around one out of every ten businesses reports that they are still receiving financial assistance in 2023.'''<ref name="EIB-2023a"/><ref name="globsec.org"/><ref name="europarl.europa.eu"/>'''

===Economic recovery programmes===
{{Further|COVID-19 recession#National fiscal responses}}
{{See also|Impact of the COVID-19 pandemic on the environment#Investments and other economic measures|Green recovery}}
Nations, cities and other collectives with governance mechanisms worldwide have announced the development and implementation of programmes for guided economic recovery.<ref>{{cite web |title=Recovery plan for Europe |url=https://ec.europa.eu/info/live-work-travel-eu/health/coronavirus-response/recovery-plan-europe_en |website=European Commission – European Commission |access-date=25 June 2020 |language=en}} {{cite news |last1=Stevis-Gridneff |first1=Matina |title=A €750 Billion Virus Recovery Plan Thrusts Europe Into a New Frontier |url=https://www.nytimes.com/2020/05/27/world/europe/coronavirus-europe-bailout.html |access-date=25 June 2020 |work=The New York Times |date=27 May 2020}} {{cite news |last1=Hansen |first1=Sarah |title=European Union Reveals $826 Billion Economic Stimulus Plan To Battle Coronavirus Damage |url=https://www.forbes.com/sites/sarahhansen/2020/05/27/european-union-reveals-826-billion-economic-stimulus-plan-to-battle-coronavirus-damage/ |access-date=25 June 2020 |work=Forbes |language=en}}</ref><ref>{{cite news |title=Is Germany's 'colossal' recovery plan a role model for other coronavirus-hit economies? |url=https://www.france24.com/en/20200607-is-germany-s-colossal-recovery-plan-a-role-model-for-other-coronavirus-hit-economies |access-date=25 June 2020 |work=France 24 |date=7 June 2020 |language=en}} {{cite news |last1=Partington |first1=Richard |title=Germany unveils €130bn coronavirus recovery package |url=https://www.theguardian.com/world/2020/jun/04/germany-unveils-huge-130bn-coronavirus-recovery-package |access-date=25 June 2020 |work=The Guardian |date=4 June 2020}} {{cite news |website=Deutsche Welle|title=France unveils stimulus plan worth €8 billion for car industry |date=27 May 2020 |url=https://www.dw.com/en/france-unveils-stimulus-plan-worth-8-billion-for-car-industry/a-53578294 |access-date=25 June 2020}}</ref><ref>{{cite web |title=£73.5 million to boost green economic recovery in automotive sector |url=https://www.gov.uk/government/news/735-million-to-boost-green-economic-recovery-in-automotive-sector |website=GOV.UK |access-date=26 June 2020 |language=en}} {{cite news |last1=Laville |first1=Matthew Taylorand Sandra |title=City leaders aim to shape green recovery from coronavirus crisis |url=https://www.theguardian.com/environment/2020/may/01/city-leaders-aim-to-shape-green-recovery-from-coronavirus-crisis |access-date=26 June 2020 |work=The Guardian |date=1 May 2020}}</ref> Some economic recovery programmes include [[Next Generation EU]] and [[Pandemic Emergency Purchase Programme]].

A study published in August 2020 concluded that the direct effect of the response to the pandemic on global warming will likely be negligible and that a well-designed economic recovery could avoid future warming of 0.3&nbsp;°C by 2050. The study indicates that [[Structural fix|systemic change]] for decarbonization of humanity's economic structures is required for a [[Climate change mitigation|substantial impact on global warming]], which also has [[Economic impacts of climate change|economic aspects]].<ref name="PhysPaper">{{cite news |title=Lockdown emissions fall will have 'no effect' on climate |url=https://phys.org/news/2020-08-lockdown-emissions-fall-effect-climate.html |access-date=31 August 2020 |work=phys.org |language=en}}</ref><ref name="effectspaper">{{cite journal |last1=Forster |first1=Piers M. |last2=Forster |first2=Harriet I. |last3=Evans |first3=Mat J. |last4=Gidden |first4=Matthew J. |last5=Jones |first5=Chris D. |last6=Keller |first6=Christoph A. |last7=Lamboll |first7=Robin D. |last8=Quéré |first8=Corinne Le |last9=Rogelj |author9-link=Joeri Rogelj|first9=Joeri |last10=Rosen |first10=Deborah |last11=Schleussner |first11=Carl-Friedrich |last12=Richardson |first12=Thomas B. |last13=Smith |first13=Christopher J. |last14=Turnock |first14=Steven T. |title=Current and future global climate impacts resulting from COVID-19 |journal=Nature Climate Change |date=7 August 2020 |volume=10 |issue=10 |pages=913–919 |doi=10.1038/s41558-020-0883-0 |bibcode=2020NatCC..10..913F |s2cid=221019148 |language=en |issn=1758-6798|doi-access=free }}</ref> Beyond targeted financing of green projects or sectors, contemporary decision-making mechanisms also allow for excluding projects with substantial environmental, social, or climate risks from financial relief. Over 260 civil society organizations called on Chinese actors to ensure that COVID-19 related [[Belt and Road Initiative]] funding excludes such projects.<ref>{{cite news |last1=Zhou |first1=Emma |last2=Shepherd |first2=Christian |title=China's Belt and Road urged to take green route |url=https://www.ft.com/content/e00426f4-8ead-11ea-af59-5283fc4c0cb0 |access-date=28 September 2020 |work=FT |date=5 June 2020}}</ref> In November 2020 the IMF said that governments and central banks had promised $19.5&nbsp;trillion of support since the coronavirus began.<ref>{{cite news|first=Hanna|last=Ziady|title=The global economic bailout is running at $19.5 trillion. It will go higher|url=https://www.cnn.com/2020/11/17/economy/global-economy-coronavirus-bailout-imf-annual-report/index.html|access-date=21 November 2020|website=CNN}}</ref>

The [[United Nations Environment Programme]] analyzed $14.6&nbsp;trillion of global spending in 2020, and found that only 2.5% was directed towards tackling climate change, advising governments to "make use of recovery spending to steer away from the worst impacts of climate change and inequality".<ref>{{cite web |last=Environment |first=U. N. |date=8 March 2021 |title=Are We Building Back Better? Evidence from 2020 and Pathways for Inclusive Green Recovery Spending |url=http://www.unep.org/resources/publication/are-we-building-back-better-evidence-2020-and-pathways-inclusive-green |access-date=2022-07-16 |website=UNEP – UN Environment Programme |language=en}}</ref> A 2022 analysis of G20 country spending found that about 6% of their pandemic recovery spending has been allocated to areas that will also cut greenhouse-gas emissions, including electrifying vehicles, making buildings more energy efficient and installing renewables.<ref>{{cite journal |last1=Nahm |first1=Jonas M. |last2=Miller |first2=Scot M. |last3=Urpelainen |first3=Johannes |date=2 March 2022 |title=G20s US$14-trillion economic stimulus reneges on emissions pledges |journal=Nature |language=en |volume=603 |issue=7899 |pages=28–31 |doi=10.1038/d41586-022-00540-6|pmid=35236968 |bibcode=2022Natur.603...28N |s2cid=247221463 |doi-access=free }}</ref>

== Population growth ==
COVID-19 increased mortality around the world, with the UN estimating that there were 15 million deaths due to COVID-19 in 2020 and 2021. This estimate was broadly in line with other estimates of 14.9&nbsp;million from [[World Health Organization]] and 17.6&nbsp;million from [[The Economist]].<ref>{{cite web |title=Five key findings from the 2022 UN Population Prospects |url=https://ourworldindata.org/world-population-update-2022 |access-date=2022-07-16 |website=Our World in Data}}</ref>

While COVID-19 increased mortality in general, different countries experienced dramatically different impacts on birth rate. Birth rates in the US declined, whereas Germany's reached an all-time monthly high.<ref>{{cite web |website=Deutsche Welle |title=Baby boom or bust? How COVID-19 affects birth rates |date=25 June 2021 |url=https://www.dw.com/en/baby-boom-or-bust-how-covid-19-affects-birth-rates/a-58028699 |access-date=2022-07-02 |language=en-GB}}</ref> Some in China had initially thought that their COVID-19 lockdowns would boost birth rate, but that prediction was proven wrong.<ref>{{cite web |date=21 July 2021 |title=The pandemic's odd effect on birth rates and pregnancies |url=https://www.scmp.com/lifestyle/health-wellness/article/3141953/coronavirus-pandemic-has-affected-pregnancies-and-birth |access-date=2022-07-02 |website=South China Morning Post |language=en}}</ref>

US population growth fell to a record low of 0.1%.<ref>{{cite news |last=Adamy |first=Paul Overberg and Janet |date=21 December 2021 |title=Covid-19 Pandemic Drives U.S. Population Growth to Record Low |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/covid-19-pandemic-drives-u-s-population-growth-to-record-low-11640098763 |access-date=2022-07-02 |issn=0099-9660}}</ref> In Australia, overall population growth slowed dramatically due to decreased migration, however, births did not appear to be impacted dramatically.<ref>{{cite web |date=17 December 2020 |title=Population and COVID-19 {{!}} Australian Bureau of Statistics |url=https://www.abs.gov.au/articles/population-and-covid-19 |access-date=2022-07-02 |website=www.abs.gov.au |language=en}}</ref>

== Agriculture and food ==
{{Excerpt|Food security during the COVID-19 pandemic}}

=== 2022 food crisis ===
{{Excerpt|2022 food crises}}

==Financial markets==
{{main|Financial market impact of the COVID-19 pandemic|2020 stock market crash}}
{{see also|2020 Russia–Saudi Arabia oil price war}}
Economic turmoil associated with the coronavirus pandemic has wide-ranging and severe impacts upon [[financial market]]s, including stock, bond and commodity (including crude oil and gold) markets. Major events included the [[2020 Russia–Saudi Arabia oil price war|Russia–Saudi Arabia oil price war]] that resulted in a collapse of crude oil prices and a stock market crash in March 2020. The [[United Nations Development Programme]] expects a US$220&nbsp;billion reduction in revenue in developing countries, and expects COVID-19's economic impact to last for months or even years.<ref>{{cite web|author=Por Redacción de TVN Noticias |url=https://www.tvn-2.com/nacionales/PNUD-pandemia-cicatrices-profundas-planeta_0_5544945533.html |title=PNUD: 'La pandemia dejará cicatrices muy profundas en el planeta' |publisher=Tvn-2.com |date=30 March 2020 |access-date=3 April 2020}}</ref><ref name=bbcEconomic/> Some expect natural gas prices to fall.<ref>{{cite web|url=https://abcnews.go.com/Business/us-gas-prices-expected-fall-coronavirus-failed-opec/story?id=69482627|title=US gas prices expected to fall as coronavirus and failed OPEC talks send oil market reeling|website=ABC News}}</ref>

During the early phase of COVID in April and May, there was a significant correlation between the extent of the outbreak and volatility in financial and stock markets.<ref>{{cite journal|last1=Pak|first1=Anton|last2=Adegboye|first2=Oyelola A.|last3=Adekunle|first3=Adeshina I.|last4=Rahman|first4=Kazi M.|last5=McBryde|first5=Emma S.|last6=Eisen|first6=Damon P.|date=2020|title=Economic Consequences of the COVID-19 Outbreak: the Need for Epidemic Preparedness|journal=Frontiers in Public Health|language=English|volume=8|page=241|doi=10.3389/fpubh.2020.00241|pmid=32574307|pmc=7273352|issn=2296-2565|doi-access=free}}</ref> The broader effects of this volatility impacted credit markets, and save for government interventions and central banks pursuing [[quantitative easing]], would have led to more significant economic downturns.

== Manufacturing ==
See also [[2020–present global chip shortage]].

===2021 Car production crisis===
New vehicle sales in the United States have declined by 40%.<ref>{{cite web|url=https://www.cnbc.com/2020/04/01/worst-yet-to-come-as-coronavirus-takes-its-toll-on-auto-sales.html|title=Worst yet to come as coronavirus takes its toll on auto sales|last=Wayland|first=Michael|date=1 April 2020|website=CNBC|language=en|access-date=10 April 2020}}</ref> The American [[Big Three (automobile manufacturers)|Big Three]] have all shut down their US factories.<ref>{{cite web|url=https://www.cnbc.com/2020/03/18/general-motors-ford-and-fiat-chrysler-to-close-all-us-factories-due-to-the-coronavirus-sources-say.html|title=General Motors, Ford and Fiat Chrysler to temporarily close all US factories due to the coronavirus|last=Higgins-Dunn|first=Phil LeBeau, Noah|date=18 March 2020|website=CNBC|language=en|access-date=10 April 2020}}</ref> The [[Automotive industry in Germany|German automotive industry]] came into the crisis after having already suffered from the [[Volkswagen emissions scandal|Dieselgate]]-scandal, as well as competition from [[electric car]]s.<ref>{{cite web|url=https://www.dw.com/en/china-coronavirus-adds-to-german-automakers-woes/a-52366651|title=China coronavirus adds to German automakers' woes |date=14 February 2020|website=Deutsche Welle|language=en-GB|access-date=10 April 2020}}</ref> [[Boeing]] and [[Airbus]] suspended production at some factories. A survey conducted by the British Plastics Federation (BPF) explored how COVID-19 is impacting manufacturing businesses in the United Kingdom (UK). Over 80% of respondents anticipated a decline in turnover over the next 2 quarters, with 98% admitting concern about the negative impact of the pandemic on business operations.<ref>{{cite web|title=Plastics Trade Body Publishes First Study of Coronavirus Impact on UK Manufacturing|url=https://www.bpf.co.uk/article/plastics-trade-body-publishes-first-study-of-coronavirus-impact-1602.aspx|access-date=25 June 2020|website=www.bpf.co.uk}}</ref><ref>{{cite journal|last1=Prem|first1=Kiesha|last2=Liu|first2=Yang|last3=Russell|first3=Timothy W|last4=Kucharski|first4=Adam J|last5=Eggo|first5=Rosalind M|last6=Davies|first6=Nicholas|last7=Jit|first7=Mark|last8=Klepac|first8=Petra|last9=Flasche|first9=Stefan|last10=Clifford|first10=Samuel|last11=Pearson|first11=Carl A B|date=May 2020|title=The effect of control strategies to reduce social mixing on outcomes of the COVID-19 epidemic in Wuhan, China: a modelling study|journal=The Lancet Public Health|volume=5|issue=5|pages=e261–e270|doi=10.1016/s2468-2667(20)30073-6|issn=2468-2667|pmc=7158905|pmid=32220655}}</ref> In July 2021, car production in the United Kingdom hit lowest level since 1956.<ref>{{cite news|url=https://www.bbc.com/news/business-58335060|title=Car production in July hits lowest level since 1956|work=BBC News|date=25 August 2021}}</ref>

== The arts, entertainment and sport ==
{{Main|Impact of the COVID-19 pandemic on the arts and cultural heritage}}

The epidemic had a sudden and substantial impact on the arts and cultural heritage ([[GLAM (cultural heritage)|GLAM]]) sectors worldwide. The global health crisis and the uncertainty resulting from it profoundly affected organisations' operations as well as individuals – both employed and independent – across the sector. By March 2020, across the world most cultural institutions had been indefinitely closed (or at least with their services radically curtailed) exhibitions, events and performances cancelled or postponed. Many individuals temporarily or permanently lost contracts or employment with varying degrees of warning and financial assistance available. Equally, [[Stimulus (economics)|financial stimulus]] from governments and charities for artists, have provided greatly differing levels of support, depending on the sector and the country. In countries such as Australia, where the arts contributed to about 6.4% of GDP, [[Support Act|effects on individuals and the economy have been significant]].<ref name=bailey>{{cite web | last=Bailey | first=Jackie | title=Governments around the world respond to COVID-19 impact on the arts | website=ArtsHub Australia | date=26 March 2020 | url=https://www.artshub.com.au/news-article/features/covid-19/dr-jackie-bailey/governments-around-the-world-respond-to-covid-19-impact-on-the-arts-260092 | access-date=18 April 2020}}</ref><ref name=docaapr9>{{cite web | title=COVID-19 update | website=Australian Government. [[Department of Communications and the Arts]] | date=9 April 2020 | url=https://www.arts.gov.au/covid-19-update | access-date=18 April 2020 | archive-date=11 April 2020 | archive-url=https://web.archive.org/web/20200411120448/https://www.arts.gov.au/covid-19-update | url-status=dead }}</ref>

=== Cinema ===
{{main|Impact of the COVID-19 pandemic on cinema}}

The pandemic has impacted the film industry. Across the world and to varying degrees, cinemas have been closed, festivals have been cancelled or postponed, and film releases have been moved to future dates. As cinemas closed, the global box office dropped by billions of dollars, while streaming became more popular and the [[stock]] of [[Netflix]] rose; the stock of [[Movie theater|film exhibitor]]s dropped dramatically. Almost all [[Blockbuster (entertainment)|blockbusters]] to be released after the March opening weekend were postponed or cancelled around the world, with film productions also halted. Massive losses in the industry have been predicted.<ref>{{cite web|last=Sakoui|first=Anousha|date=17 July 2020|title=Here's why resuming TV and film production has gotten so complicated|url=https://www.latimes.com/entertainment-arts/business/story/2020-07-17/hollywoods-revival-post-pandemic-hit-roadblocks|access-date=17 August 2020|website=Los Angeles Times|language=en-US}}</ref>

=== Sport ===
{{main|Impact of the COVID-19 pandemic on sports}}
Most major sporting events were cancelled or postponed,<ref name="Major">{{cite web|url=https://www.bbc.co.uk/sport/51880582 |date=14 March 2020|work=BBC|title=Coronavirus wipes out most of world's major sports events on an unprecedented day}}</ref> including the [[2020 Summer Olympics]] in Tokyo, which were postponed on 24 March 2020 until 2021.<ref>{{cite web|url=https://www.olympic.org/news/joint-statement-from-the-international-olympic-committee-and-the-tokyo-2020-organising-committee|title=Joint Statement from the International Olympic Committee and the Tokyo 2020 Organising Committee – Olympic News|date=24 March 2020|website=International Olympic Committee}}</ref><ref>{{cite web| url=https://www.latimes.com/sports/olympics/story/2020-03-24/olympics-history-tokyo-games-postponed| title=Olympics history: Have the Games been postponed before?| work=[[Los Angeles Times]]| date=24 March 2020| access-date=5 April 2020| archive-url=https://web.archive.org/web/20200329004624/https://www.latimes.com/sports/olympics/story/2020-03-24/olympics-history-tokyo-games-postponed| archive-date=29 March 2020| url-status=live}}</ref>

=== Television ===
{{main|Impact of the COVID-19 pandemic on television}}

The COVID-19 pandemic has shut down or delayed production of television programs in several countries.{{citation needed|date=March 2020}} However, a joint report from Apptopia and Braze<ref name="2020: The Year of Streaming">{{cite web |url=https://apptopia.com/2020-year-of-streaming |title=2020: The Year of Streaming |date=15 April 2020 |website=Apptopia |url-status=live |access-date=28 May 2020 |archive-url=https://web.archive.org/web/20200528104055/https://apptopia.com/2020-year-of-streaming |archive-date=28 May 2020 }}</ref> showed a 30.7% increase in streaming sessions worldwide on platforms such as [[Disney+]], [[Netflix]], and [[Hulu]] during the month of March.<ref name="‘Parasite’ Quickly Smashed Streaming Records On Hulu">{{cite news |last=Bean |first=Travis |url=https://www.forbes.com/sites/travisbean/2020/04/15/virtual-box-office-parasite-quickly-smashed-streaming-records-on-hulu/ |archive-url=https://web.archive.org/web/20200528062042/https://www.forbes.com/sites/travisbean/2020/04/15/virtual-box-office-parasite-quickly-smashed-streaming-records-on-hulu/ |archive-date=28 May 2020 |title='Parasite' Quickly Smashed Streaming Records On Hulu |date=15 April 2020 |website=Forbes |url-status=live |access-date=28 May 2020 }}</ref>

=== Video games ===
{{main|Impact of the COVID-19 pandemic on the video game industry|l1 = Impact of the COVID-19 pandemic on the video game industry}}

The pandemic also affected the video game sector to a smaller degree. As the outbreak appeared in China first, supply chains affected the manufacturing and production of some video game consoles, delaying their releases and making current supplies scarcer. As the outbreak and pandemic spread, several keystone trade events, including [[E3 2020]], were cancelled over concerns of further spread. The economic impact on the video game sector is not expected to be as large as in film or other entertainment sectors as much of the work in video game production can be decentralised and performed remotely, and products distributed digitally to consumers regardless of various national and regional lockdowns on businesses and services.<ref>{{cite magazine | url = https://time.com/5793862/coronavirus-video-games/ | title = 'This Is Quite a Blow.' The Coronavirus Is Wreaking Havoc on the Video Game Industry | first = Matthew | last = Gualt | date = 2 March 2020 | access-date = 17 March 2020 | magazine = [[Time (magazine)|Time]] | archive-url = https://web.archive.org/web/20200314134301/https://time.com/5793862/coronavirus-video-games/ | archive-date = 14 March 2020 | url-status = live }}</ref>

== Medicine ==
The pandemic led to a boom in medicine-related elements such as plastic surgery.[https://www.bbc.com/worklife/article/20200909-why-plastic-surgery-demand-is-booming-amid-lockdown]

== Publishing ==
{{Main|Impact of the COVID-19 pandemic on journalism}}

The pandemic is predicted to have a dire effect on [[local news]]papers in the United States, where many were already severely struggling beforehand.<ref name="CJR">{{cite news |last=Allsop |first=Jon |date=13 March 2020 |title=How the coronavirus could hurt the news business |url=https://www.cjr.org/the_media_today/coronavirus_news_business_advertising.php |work=[[Columbia Journalism Review]] |access-date=15 March 2020}}</ref>

In light of the public health situation in which includes afflicted regions where retail sectors deemed non-essential have been ordered closed for the interim,<ref>{{cite news|last1=Crawford|first1=Blair|date=24 March 2020|title=COVID-19: Ontario to close all non-essential businesses; Schools won't reopen April 6|publisher=Ottawa Citizen|agency=Post-Media|url=https://ottawacitizen.com/news/local-news/three-new-cases-confirmed-in-ottawa-as-covid-19-toll-mounts/|access-date=29 March 2020}}</ref> [[Diamond Comic Distributors]] announced on 24 March 2020 a full suspension of distributing published material and related merchandise as 1 April 2020 until further notice.<ref>{{cite web|last1=Johnson|first1=Rich|title=Diamond Comic Distributors No Longer Taking In New Comics|url=https://bleedingcool.com/2020/03/23/diamond-comic-distributors-closing-new-comics/|access-date=29 March 2020|website=Bleeding Cool|date=23 March 2020}}</ref> As Diamond has a near-monopoly on printed comic book distribution, this is described as an "[[Extinction event|extinction-level event]]" that threatens to drive the entire specialized [[Direct market|comic book retail]] sector out of business with that one move.<ref>{{cite news|last1=Salkowitz|first1=Rob|date=23 March 2020|title=Final Crisis? Diamond Comic Distributors Halts Shipments Of New Comics In Response To COVID-19 Shutdowns|work=Forbes|url=https://www.forbes.com/sites/robsalkowitz/2020/03/24/final-crisis-diamond-comic-distributors-halts-shipments-of-new-comics-in-response-to-covid-19-shutdowns/#25be8a392c71|access-date=29 March 2020}}</ref> As a result, publishers like [[IDW Publishing]] and [[Dark Horse Comics]] have suspended publication of their periodicals while [[DC Comics]] is exploring distribution alternatives including an increased focus on online retail of digital material.<ref>{{cite news|last1=Arrant|first1=Chris|date=28 March 2020|title=DC Exploring 'Multi-Distributor Model' to Deal with Coronavirus Crisis|publisher=Newsarama|url=https://www.newsarama.com/49625-dc-announces-its-plans-to-deal-with-coronavirus.html|access-date=29 March 2020}}</ref>

Total US book sales went down by 8.4% in March 2020 compared to March 2019 after the [[stay-at-home order]]s were implemented,<ref>{{cite news|last=Alter|first=Alexandra|date=19 May 2020|title=Coronavirus Shutdowns Weigh on Book Sales|language=en-US|work=The New York Times|url=https://www.nytimes.com/2020/05/19/books/coronavirus-book-sales-march-2020.html|access-date=26 May 2021|issn=0362-4331}}</ref> with bookstore sales dropping by an estimated 33%.<ref>{{cite web|last=Milliot|first=Jim|date=15 May 2020|title=Bookstore Sales Plunged 33.4% in March|url=https://www.publishersweekly.com/pw/by-topic/industry-news/bookselling/article/83336-bookstore-sales-plunged-33-4-in-march.html|access-date=26 May 2021|website=PublishersWeekly.com|language=en}}</ref> By June 2020, demand began to recover with the exception of educational material and bookstore sales, with most sales going to Amazon and [[big-box store]]s, who were open since they were considered [[Essential services|essential business]]es.<ref>{{cite news|last=Harris|first=Elizabeth A.|date=22 July 2020|title=How to Sell Books in 2020: Put Them Near the Toilet Paper|language=en-US|work=The New York Times|url=https://www.nytimes.com/2020/07/22/books/books-coronavirus-retail-walmart-target-costco.html|access-date=26 May 2021|issn=0362-4331}}</ref><ref name="Harris-2020" /> Books that were initially supposed to be published in spring and early summer were delayed until fall, with the expectation that the pandemic would be over by then. Two of the major printing companies, [[Quad (company)|Quad]] and [[LSC Communications]], faced financial issues into the latter half of the year as the latter declared bankruptcy during a rise in demand. Increased sales were attributed to major book releases and increased demand for children's books and books about race and racism. This created supply chain bottleneck at the printing process for most publishers.<ref>{{cite news|last=Alter|first=Alexandra|date=27 August 2020|title=Printer Jam: Serious Supply Issues Disrupt the Book Industry's Fall Season|language=en-US|work=The New York Times|url=https://www.nytimes.com/2020/08/27/books/printing-companies-backlog-book-publishing.html|access-date=26 May 2021|issn=0362-4331}}</ref> According to [[The NPD Group|NPD BookScan]], print sales went up almost 8% in 2020.<ref name="Harris-2020">{{cite news|last=Harris|first=Elizabeth A.|date=29 December 2020|title=Surprise Ending for Publishers: In 2020, Business Was Good|language=en-US|work=The New York Times|url=https://www.nytimes.com/2020/12/29/books/book-publishing-2020.html|access-date=26 May 2021|issn=0362-4331}}</ref>

== Retail ==
[[File:Best Buy Line I (49674924422).jpg|thumb|[[Best Buy]] was only letting a limited number of people into their Union Square store in New York City, 18 March 2020]]{{Main|Impact of the COVID-19 pandemic on retail}}

The pandemic has impacted the retail sector. Shopping centres around the world responded by reducing hours or closing down temporarily. As of 18 March 2020, the footfall to shopping centres fell by up to 30%, with significant impact in every continent.<ref>{{citation|website=Aislelabs|title=How Shopping Centres Globally are Responding to Coronavirus by Aislelabs|date=23 March 2020|url=https://www.aislelabs.com/blog/2020/03/23/how-shopping-centres-responding-coronavirus/|archive-url=https://web.archive.org/web/20200323222207/https://www.aislelabs.com/blog/2020/03/23/how-shopping-centres-responding-coronavirus/|access-date=23 March 2020|archive-date=23 March 2020|url-status=live}}</ref> Additionally, product demand exceeded supply for many consumables, resulting in empty retail shelves.<ref>{{cite news|url=https://www.forbes.com/sites/gregpetro/2020/03/20/the-coronavirus-tsunami-whats-to-come-for-us-retail/#170500c1609d |title=The Coronavirus Tsunami: What's To Come For U.S. Retail|author=Petro, Greg|date=20 March 2020|work=[[Forbes]]|access-date=23 March 2020|archive-url= https://web.archive.org/web/20200321143817/https://www.forbes.com/sites/gregpetro/2020/03/20/the-coronavirus-tsunami-whats-to-come-for-us-retail/#170500c1609d |archive-date=21 March 2020|url-status=live}}</ref><ref>{{cite news|url=https://www.theguardian.com/business/2020/mar/20/marks-and-spencer-considers-temporary-store-closures-wetherspoons-coronavirus |title=Coronavirus shutdown ravages high street as retailers take emergency action|author=Wood, Zoe|date=21 March 2020|work=[[The Guardian]]|access-date=23 March 2020|archive-url= https://web.archive.org/web/20200323004132/https://www.theguardian.com/business/2020/mar/20/marks-and-spencer-considers-temporary-store-closures-wetherspoons-coronavirus |archive-date=23 March 2020|url-status=live}}</ref> In Australia, the pandemic has provided a new opportunity for [[daigou]] shoppers to re-sell into the China market. "The virus crisis, while frightening, has a silver lining".<ref>{{cite news|url=https://www.scmp.com/economy/article/3049332/coronavirus-could-provide-silver-lining-australian-daigou-retailers-looking |title=Coronavirus could provide silver lining for Australian daigou retailers looking to tap China market|author=Tan, Su-Lin|date=7 February 2020|work=[[South China Morning Post]]|access-date=23 March 2020|archive-url= https://web.archive.org/web/20200225025000/https://www.scmp.com/economy/article/3049332/coronavirus-could-provide-silver-lining-australian-daigou-retailers-looking |archive-date=25 February 2020|url-status=live}}</ref><ref>{{cite news|url=https://www.9news.com.au/national/coronavirus-baby-formula-china-desperate-sydney-dad-snaps-airport-photos/64d5f037-27e0-4dae-b978-d2731c85e280 |title=Desperate dad snaps airport photos to show why he can't buy baby formula|author=McPherson, Emily|date=18 March 2020|work=9news.com|access-date=23 March 2020|archive-url= https://web.archive.org/web/20200318235741/https://www.9news.com.au/national/coronavirus-baby-formula-china-desperate-sydney-dad-snaps-airport-photos/64d5f037-27e0-4dae-b978-d2731c85e280 |archive-date=18 March 2020|url-status=live}}</ref>

Some retailers have employed contactless [[Package delivery|home delivery]] or curbside pickup for items purchased through e-commerce sites.<ref>{{cite web |url=https://www.forbes.com/sites/marciaturner/2020/03/16/retailers-promote-touch-less-product-delivery-to-address-fears-of-coronavirus-spread/ |title=Retailers promote "touch-less" product delivery to address fears of coronavirus spread |work=[[Forbes]] |access-date=19 March 2020 |archive-url= https://web.archive.org/web/20200319093955/https://www.forbes.com/sites/marciaturner/2020/03/16/retailers-promote-touch-less-product-delivery-to-address-fears-of-coronavirus-spread/ |archive-date=19 March 2020 |url-status=live }}</ref><ref>{{cite web |last1=Lambert |first1=Fred |title=Tesla Model Y: Here's a firsthand account of contactless delivery |url=https://electrek.co/2020/03/24/tesla-model-y-first-hand-account-contactless-delivery/ |website=Electrek |date=24 March 2020}}</ref> By April, retailers had started implementing "retail to go" models where consumers could pick up their orders. An estimated 40% of shoppers were shopping online and choosing to pick up in-store, a behavior that had suddenly doubled as compared to the previous year.<ref>{{cite web|last=Collins|first=Larry|date=24 April 2020|title=Even After Pandemic Retail, Shopping Trends May Change|url=https://www.nbcdfw.com/news/coronavirus/even-after-pandemic-retail-shopping-trends-may-change/2357348/|access-date=4 May 2020|website=5 NBC DFW}}</ref>

Small-scale farmers have been embracing digital technologies as a way to directly sell produce, and [[community-supported agriculture]] and direct-sell delivery systems are on the rise.<ref>{{cite news|url=https://www.euractiv.com/section/agriculture-food/news/innovation-spurred-by-covid-19-crisis-highlights-potential-of-small-scale-farmers/|title=Innovation spurred by COVID-19 crisis highlights 'potential of small-scale farmers'|first=Natasha|last=Foote|newspaper=www.euractiv.com |date=2 April 2020}}</ref>

[[File:Retail Footfall COVID-19 Aislelabs.jpg|thumb|Retail suffered 40–60% drop in footfall in Mar 2020<ref>{{citation|url=https://www.aislelabs.com/blog/2020/04/02/how-retailers-globally-are-responding-to-coronavirus-updated-frequently/|title=How Retailers Globally are Responding to Coronavirus by Aislelabs|website=Aislelabs|date=2 April 2020|access-date=2 June 2020}}</ref>]]

In mid-April, Amazon confirmed that workers at over half of its 110 U.S. warehouses had been diagnosed with coronavirus.<ref>{{cite web|title=Hundreds of Amazon Workers Are Not Going to Work in Nationwide Protest|url=https://www.vice.com/en_us/article/jge77g/hundreds-of-amazon-workers-are-not-going-to-work-in-nationwide-protest|last=Gurley|first=Lauren Kaori|date=20 April 2020|website=Vice|language=en|access-date=4 May 2020}}</ref>

On 16 June, the [[United States Department of Commerce]] announced that retail sales for the month of May had seen an increase of 17.7% from April as states began to reopen and lift restrictions. According to [[CNBC]], This marks the biggest one month jump in the history of retailing in the United States.<ref>{{cite web|url=https://www.cnbc.com/2020/06/16/us-retail-sales-may-2020.html|title=U.S. May retail sales surge 17.7% in the biggest monthly jump ever|last=Cox|first=Jeff|date=16 June 2020|publisher=[[CNBC]]|website=CNBC.com}}</ref> Numbers for June reflected a 7.5 percent rise in sales.<ref>{{cite news|last1=Maheshwari|first1=Sapna|last2=Corkery|first2=Michael|last3=Schwartz|first3=Nelson D.|date=16 July 2020|title=Consumers Came Back in June, but for How Long?|language=en-US|work=The New York Times|url=https://www.nytimes.com/2020/07/16/business/june-retail-sales.html|access-date=17 August 2020|issn=0362-4331}}</ref>

=== Business closures ===
By April, department store retailers [[JCPenney]], [[Nordstrom]], [[Macy's]] and [[Kohl's]] had lost $12.3&nbsp;billion combined in market caps. [[Neiman Marcus]] and JCPenney defaulted on bond payments in April, preparing internally for bankruptcy court and bankruptcy protection.<ref>{{cite web|last=Thomas|first=Lauren|date=19 April 2020|title=The coronavirus pandemic will likely leave a lasting legacy on retail: Fewer department stores|url=https://www.cnbc.com/2020/04/19/a-lasting-legacy-of-the-coronavirus-pandemic-fewer-department-stores.html|access-date=23 April 2020|website=CNBC|language=en}}</ref> [[J.Crew]] and Neiman Marcus filed for bankruptcy during the first week of May; they were reportedly the first two major retailers to do so during the pandemic.<ref>{{cite news|date=4 May 2020|title=Stocks Fall on Recovery Fears and China Tensions: Live Updates|language=en-US|work=The New York Times|url=https://www.nytimes.com/2020/05/04/business/stock-market-today-coronavirus.html|access-date=4 May 2020|issn=0362-4331}}</ref><ref>{{cite news|last=Bhattarai|first=Abha|date=7 May 2020|title=Neiman Marcus files for Chapter 11 bankruptcy|newspaper=[[The Washington Post]]|url=https://www.washingtonpost.com/business/2020/05/07/neiman-marcus-bankruptcy-chapter11/|access-date=7 May 2020}}</ref> JCPenney filed for bankruptcy on 15 May.<ref>{{cite web|last=Sozzi|first=Brian|date=15 May 2020|title=J.C. Penney files for bankruptcy and its survival couldn't be more uncertain|url=https://finance.yahoo.com/news/jc-penney-files-for-bankruptcy-and-its-survival-couldnt-be-more-uncertain-232908393.html|access-date=15 May 2020|website=finance.yahoo.com|language=en-US}}</ref>

In May, [[Pier 1 Imports|Pier 1]] announced it would close as soon as possible. It had sought court protection in February and had hoped that someone would buy the business, but the subsequent recession made this seem unlikely.<ref>{{cite web|title=Pier 1 to Wind Down Operations as Virus Hurts Search for Buyer|url=https://finance.yahoo.com/news/pier-1-wind-down-operations-061046803.html|access-date=19 May 2020|website=finance.yahoo.com|language=en-US}}</ref>

In early 2021, [[Family Video]] announced all their remaining stores would be liquidated and closed down.

== E-commerce ==
{{Further|E-commerce}}The pandemic boosted e-commerce sales. With more people staying at home, both by choice as well as through government lockdowns, there was a decline in [[Brick and mortar|brick-and-mortar]] shopping.<ref>{{cite web|date=12 November 2021|title=Understanding the COVID-19 Effect on Ecommerce + Trends|url=https://www.bigcommerce.co.uk/blog/covid-19-ecommerce/|access-date=28 November 2021|website=The BigCommerce Blog|language=en}}</ref> On the other hand, e-commerce surged 34% during 2020, and in 2021 surpassed levels not expected until 2025, projected to reach $843&nbsp;billion in the US in 2021.<ref>{{cite web|date=23 November 2021|title=How Coronavirus (COVID-19) Is Impacting Ecommerce [November 2021]|url=https://www.roirevolution.com/blog/2021/11/coronavirus-and-ecommerce/|access-date=28 November 2021|website=ROI Revolution|language=en-US}}</ref>

Despite persistent cross-country differences, the [[Covid crisis]] has enhanced dynamism within the e-commerce landscape across countries and has dilated the scope of e-commerce, as well as through new firms, client segments (e.g. elderly) and product (e.g. [[Grocery store|groceries]]).

The pandemic has created a shift in the manner shoppers behave and perform their activities, directly moving the e-commerce industry so the prosperity of e-commerce during [[COVID-19 pandemic|pandemic]] lockdown has increased significantly.

The impact of the epidemic on transportation and production has affected e-commerce. Customers will consider whether goods can be shipped on time and delivered on time, and these factors will affect their choices. Under the current epidemic conditions, some online sellers, taking advantage of the characteristics of e-commerce, are defrauding consumers. The problems and flaws exposed by these e-merchants in the epidemic situation further push e-merchants towards a more mature and regulated path.<ref>{{cite journal |last=Tran |first=Lobel Trong Thuy |date=1 January 2021 |title=Managing the effectiveness of e-commerce platforms in a pandemic |journal=Journal of Retailing and Consumer Services |language=en |volume=58 |pages=102287 |doi=10.1016/j.jretconser.2020.102287 |issn=0969-6989 |pmc=7475027}}</ref>

Social media plays a huge role, [[Facebook]] and own e-commerce web sites of e-commerce firms are the foremost growing sales channels since the start of the COVID-19 crisis.<ref>{{cite journal|date=30 July 2020|title=Coronagraben: Culture and Social Distancing in Times of COVID-19|url=http://dx.doi.org/10.18356/53efa5c4-en|journal=United Nations Conference on Trade and Development (UNCTAD) Research Papers|doi=10.18356/53efa5c4-en|issn=2708-2814|last1=Deopa|first1=Neha|last2=Fortunato|first2=Piergiuseppe|s2cid=226584233}}</ref>

Global e-commerce sales are expected to reach $6.5&nbsp;trillion by 2023, up from $3.5&nbsp;trillion in 2019.<ref>{{cite web |last=Filgertshofer |first=Christoph |title=Council Post: How E-Commerce Could Change The Future Of Brands |url=https://www.forbes.com/sites/forbesbusinesscouncil/2020/09/02/how-e-commerce-could-change-the-future-of-brands/ |access-date=2022-07-03 |website=Forbes |language=en}}</ref>

== Restaurant sector ==
{{Main|Impact of the COVID-19 pandemic on the food industry}}
[[File:ThaiAtWaughChapel.jpg|thumb|Signs on a Thai Restaurant in [[Crofton, Maryland]]]]
The pandemic has impacted the restaurant business. In the beginning of March 2020, some major cities in the US announced that bars and restaurants would be closed to sit-down dinners and limited to [[Food delivery|takeout orders and delivery]].<ref>{{cite web |url=https://www.vox.com/recode/2020/3/16/21181556/coronavirus-chart-restaurant-business-local |title=Chart: How coronavirus is devastating the restaurant business |date=16 March 2020 |access-date=19 March 2020 |archive-url=https://web.archive.org/web/20200319091659/https://www.vox.com/recode/2020/3/16/21181556/coronavirus-chart-restaurant-business-local |archive-date=19 March 2020 |url-status=live }}</ref> Later in the month, many states put in place restrictions that required restaurants to be takeout or delivery only.<ref>{{cite news|url=https://www.today.com/food/which-states-have-closed-restaurants-bars-due-coronavirus-t176039|title=Which states have closed restaurants and bars due to coronavirus?|last=Wida|first=Erica Chayes|work=[[Today (American TV program)|Today]]|date=16 March 2020|access-date=3 May 2010}}</ref> Some employees were fired, and more employees lacked [[sick leave]] in the sector compared to similar sectors.<ref>{{cite web |title=Coronavirus exposes sick leave gap for retail, restaurant workers |url=https://www.pe.com/2020/03/17/coronavirus-exposes-sick-leave-gap-for-retail-restaurant-workers/ |website=Press Enterprise |date=17 March 2020 |access-date=20 March 2020 |archive-url=https://web.archive.org/web/20200318153437/https://www.pe.com/2020/03/17/coronavirus-exposes-sick-leave-gap-for-retail-restaurant-workers/ |archive-date=18 March 2020 |url-status=live }}</ref><ref>{{cite journal|last1=Maclean|first1=Johanna Catherine|last2=Pichler|first2=Stefan|last3=Ziebarth|first3=Nicolas R|date=March 2020|title=Mandated Sick Pay: Coverage, Utilization, and Welfare Effects|url=http://www.nber.org/papers/w26832|periodical=NBER Working Papers|series=Working Paper Series |publisher=[[National Bureau of Economic Research]]|doi=10.3386/w26832|hdl-access=free|hdl=10419/216444|s2cid=210939849}}</ref> With only carry-out and delivery services, most servers and bartenders were laid off, prompting these employees creating "virtual tip jars" across 23 U.S. cities.<ref>{{cite web|url=https://local12.com/news/local/virtual-tip-jar-website-creates-way-to-help-bartenders-servers-cincinnati |title=Virtual Tip Jar: Website creates way to help bartenders, servers|first=Brad Underwood|last=WKRC|date=23 March 2020|website=WKRC}}</ref> In the United States, an initiative known as the "Great American Takeout" called on people under quarantine to support local restaurants each Tuesday by ordering takeout for curbside pickup or using food delivery services. It began in late March 2020.<ref>{{cite news |title=People are being urged to support local restaurants as part of the 'Great American Takeout' |url=https://www.cnn.com/2020/03/24/business/great-american-takeout-trnd/index.html |first=Allen |last=Kim |website=CNN |date=24 March 2020 |access-date=30 April 2020}}</ref>

== Science and technology ==
{{Main|Impact of the COVID-19 pandemic on science and technology}}
{{See also|Science#Science and the public}}

The pandemic impacted productivity of science, space and technology projects. Space agencies including [[NASA]] and the [[European Space Agency]] halted production of the [[Space Launch System]], [[James Webb Space Telescope]], and put space science probes into hibernation or low power mode and shifted to [[remote work]]. Various [[Information technology|IT]] companies had launched several programs to sustain in this [[pandemic]] and in this new normal life.<ref>{{cite web|url=https://thundersmm.com/how-to-overcome-business-in-post-covid-19-times/|title=How to overcome business in post Covid −19 times ?|access-date=11 September 2020|website=ThunderSMM.com|date=10 September 2020}}{{Dead link|date=September 2023 |bot=InternetArchiveBot |fix-attempted=yes }}</ref><ref>{{cite web|url=http://www.nasa.gov/press-release/nasa-leadership-assessing-mission-impacts-of-coronavirus |title=NASA Leadership Assessing Mission Impacts of Coronavirus|first=Karen|last=Northon |date=20 March 2020|website=NASA|access-date=26 March 2020|archive-url= https://web.archive.org/web/20200323195123/https://www.nasa.gov/press-release/nasa-leadership-assessing-mission-impacts-of-coronavirus |archive-date=23 March 2020|url-status=live}}</ref><ref>{{cite web|url=https://blogs.nasa.gov/bridenstine/2020/03/24/march-24-update-on-nasa-response-to-coronavirus/ |title=March 24 Update on NASA Response to Coronavirus – Administrator Jim Bridenstine |website=blogs.nasa.gov|date=24 March 2020 |access-date=25 March 2020 |archive-url= https://web.archive.org/web/20200325035806/https://blogs.nasa.gov/bridenstine/2020/03/24/march-24-update-on-nasa-response-to-coronavirus/ |archive-date=25 March 2020|url-status=live}}</ref><ref>{{cite web|url=http://www.esa.int/Science_Exploration/Space_Science/ESA_scales_down_science_mission_operations_amid_pandemic |title=ESA scales down science mission operations amid pandemic |website=www.esa.int|access-date=25 March 2020|archive-url= https://web.archive.org/web/20200324133913/http://www.esa.int/Science_Exploration/Space_Science/ESA_scales_down_science_mission_operations_amid_pandemic |archive-date=24 March 2020|url-status=live}}</ref><ref>{{cite web|url=https://www.houstoniamag.com/coronavirus/2020/03/johnson-space-center-taking-safety-precautions-amid-coronavirus |title=Johnson Space Center Taking Safety Precautions Amid Coronavirus|website=Houstonia Magazine}}</ref> The pandemic may have improved scientific communication or established new forms of it. For instance a lot of data is being released on [[List of preprint repositories|preprint server]]s and is getting dissected on social Internet platforms and sometimes in the media before entering formal [[peer review]]. Scientists are reviewing, editing, analyzing and publishing manuscripts and data at record speeds and in large numbers. This intense communication may have allowed an unusual level of collaboration and efficiency among scientists.<ref>{{cite web |last1=Kupferschmidt |first1=Kai |title='A completely new culture of doing research.' Coronavirus outbreak changes how scientists communicate |url=https://www.science.org/content/article/completely-new-culture-doing-research-coronavirus-outbreak-changes-how-scientists |website=Science {{!}} AAAS |access-date=2 April 2020 |language=en |date=26 February 2020}}</ref>

== Tourism ==
{{Main|Impact of the COVID-19 pandemic on tourism}}
[[File:Entradasescgrussai.jpg|right|thumb|A [[Branch office|branch]] of [[Serviço Social do Comércio|SESC Hotels]] in [[São João da Barra]], Brazil, closed due to the pandemic.<ref>{{cite web |archive-url=https://web.archive.org/web/20200509220638/https://g1.globo.com/rj/norte-fluminense/noticia/2020/05/06/sesc-mineiro-grussai-no-norte-fluminense-rj-encerra-atividades-depois-de-quase-40-anos.ghtml |archive-date=9 May 2020 |url=https://g1.globo.com/rj/norte-fluminense/noticia/2020/05/06/sesc-mineiro-grussai-no-norte-fluminense-rj-encerra-atividades-depois-de-quase-40-anos.ghtml |title=Sesc Mineiro Grussaí, no Norte Fluminense, RJ, encerra atividades depois de quase 40 anos|date=7 May 2020 }}</ref><ref>{{cite web |archive-url=https://web.archive.org/web/20200509225304/https://folhadeitalva.com.br/2020/05/06/pandemia-sesc-de-grussai-fecha-as-portas-e-demite-700-funcionarios/ |archive-date=9 May 2020 |url=https://folhadeitalva.com.br/2020/05/06/pandemia-sesc-de-grussai-fecha-as-portas-e-demite-700-funcionarios/ |title=Pandemia: Sesc de Grussaí fecha as portas e demite 700 funcionários|date=6 May 2020 }}</ref><ref>{{cite web |archive-url=https://web.archive.org/web/20200509220642/https://www.ururau.com.br/noticias/cidades/sesc-minas-emite-nota-sobre-fechamento-do-sesc-mineiro-de-grussai/32559/ |archive-date=9 May 2020 |url=https://www.ururau.com.br/noticias/cidades/sesc-minas-emite-nota-sobre-fechamento-do-sesc-mineiro-de-grussai/32559/ |title=SESC Minas emite nota sobre fechamento do SESC Mineiro de Grussaí}}</ref><ref>{{cite web |archive-url=https://web.archive.org/web/20200509220645/https://plantaodoslagos.com.br/categoria/cidades/crise-sesc-mineiro-de-grussai-fecha-as-portas-e-demite-cerca-de-700-funcionarios/ |archive-date=9 May 2020 |url=https://plantaodoslagos.com.br/categoria/cidades/crise-sesc-mineiro-de-grussai-fecha-as-portas-e-demite-cerca-de-700-funcionarios/ |title=CRISE: Sesc Mineiro de Grussaí fecha as portas e demite cerca de 700 funcionários|date=7 May 2020 }}</ref>]]
Philia Tounta summarised likely effects of COVID-19 on global tourism early in March 2020:<ref>{{cite web |url=https://www.traveldailynews.com/post/pandemic-2020-the-impact-on-tourism-and-the-shadowy-points |title= Pandemic 2020: The impact on tourism and the shadowy points |last= Tounta |first= Philia |date= 3 March 2020 |website=TravelDailyNews International |publisher= TravelDailynews Media Network |quote=Worldwide Tourism and hospitality industry is very badly affecting by pandemics, because of the nature of the business which is always related to the travelling of people. [...] World tourism will experience a myriad of global challenges. Amid these are: the possibility of location quarantines, fear to use airports and other centers of mass gatherings, fear of not knowing what to do in case of illness in a foreign land, the need for cross-border medical insurance, etc. Hotels (in the countries affected) will lose millions from cancellations, smaller hotels will stop operation simply because they can't afford it, unemployment will skyrocket, travel agencies and tour operators will bankrupt, transfer companies will be economically destroyed and airfares will rise making traveling impossible even if crisis bypasses. Likewise cruise industry will face a severe crisis given that they are not able to assure eager-to-go-vacationer of their safety [...] }}</ref>
* severe effects because tourism depends on travel
* quarantine restrictions
* fear of airports and other places of mass gathering
* fears of illness abroad
* issues with cross-border [[medical insurance]]
* tourism enterprise bankruptcies
* tourism industry unemployment
* [[airfare]] cost increases
* damage to the image of the [[cruise ship|cruise]] industry

== Events and institutions ==

The pandemic has caused the cancellation or postponement of major events around the world. Some public venues and institutions have closed.<ref>{{cite news|date=1 April 2020|title=A List of What's Been Canceled Because of the Coronavirus|language=en-US|work=The New York Times|url=https://www.nytimes.com/article/cancelled-events-coronavirus.html|access-date=4 June 2020|issn=0362-4331}}</ref>

== Transportation ==
[[File:Global Container Freight Index.webp|thumb|325px|right|Global Container Freight Index <br /> July 2019 – December 2021]]
[[File:A nearly empty flight from PEK to LAX amid the COVID-19 pandemic 1.jpg|thumb|A nearly empty flight from Beijing to Los Angeles during the pandemic]]

Staffing issues caused transportation bottlenecks in trucking and at ports in developed countries. Supply problems and sudden demand for socially-distanced recreation and alternatives to public transport caused a shortage of bicycles in the United States.<ref>[https://www.wgbh.org/news/national-news/2020/06/19/bicycling-boom-keeping-up-with-pandemic-fueled-demand Bicycling Boom: Keeping Up With Pandemic-Fueled Demand]</ref>

The [[cruise ship]] industry has also been heavily affected by a downturn, with the share prices of the major [[cruise line]]s down 70–80%.<ref>{{cite news|url=https://www.economist.com/business/2020/03/31/the-coronavirus-may-sink-the-cruise-ship-business|title=The coronavirus may sink the cruise-ship business|newspaper=The Economist|access-date=7 April 2020|issn=0013-0613}}</ref>

In many of the world's cities, planned travel went down by 80–90%.<ref name=bbcOverview1>{{cite web |last1=Team |first1=The Visual and Data Journalism |title=Coronavirus: A visual guide to the pandemic |url=https://www.bbc.com/news/world-51235105 |website=[[BBC News]] |archive-url=https://web.archive.org/web/20200327231951/https://www.bbc.com/news/world-51235105 |archive-date=27 March 2020 |date=28 March 2020 |url-status=live}}</ref>

=== Aviation ===
{{main|Impact of the COVID-19 pandemic on aviation}}
[[File:Flight stats by year.webp|thumb|Flight stats by year
{{legend|#929292|[[Flight cancellation and delay|Flight cancellations]]}}
{{legend|#61D836|[[Flight cancellation and delay|Flight delays]]}}
{{legend|#00A2FF|On-time Arrivals}}
]]
[[File:Delta Planes at MCI (49879682347) (cropped).jpg|thumb|upright=1.5|[[Delta Air Lines]] planes parked on a taxiway at [[Kansas City International Airport]]. The planes are parked due to the sharp decrease in demand for air travel.|alt=Many in line airplanes with the Delta Air Lines logo on the tail, parked on pavement behind a fence.]]
The pandemic has had a significant impact on the aviation industry due to [[Travel during the COVID-19 pandemic|the resulting travel restrictions]] as well as a slump in demand among travellers. Significant reductions in passenger numbers have resulted in planes flying empty between airports and the cancellation of flights.{{citation needed|date=July 2021}}

United States passenger airlines can expect about $50&nbsp;billion in subsidies from the [[CARES Act|Coronavirus Aid, Relief, and Economic Security Act]].<ref name=ship />{{update inline|date=July 2022}}

===Cruise lines===
{{Main|COVID-19 pandemic on cruise ships}}
Cruise lines had to cancel sailings after the outbreak of the COVID-19 pandemic. Bookings and cancellations grew as extensive media coverage of ill passengers on quarantined ships hurt the industry's image.<ref name=ship />

Shares of cruise lines fell sharply in value on 27 March 2020 when the $2&nbsp;trillion Coronavirus Aid, Relief, and Economic Security Act excluded companies that are not "organized" under United States law. Senator [[Sheldon Whitehouse]] (D-RI) tweeted: "The giant cruise companies incorporate overseas to dodge US taxes, flag vessels overseas to avoid US taxes and laws, and pollute without offset. Why should we bail them out?" Senator [[Josh Hawley]] (R-MO) tweeted that cruise lines should register and pay taxes in the United States if they expect a financial bailout. U.S-based employees and small, American-owned companies are eligible for financial assistance.<ref name=ship>{{cite web |website=Associated Press |title=Cruise stocks sink after missing out on economic-relief bill |first1= David |last1= Koening |first2=Kevin |last2=Freking |date=27 March 2020 |url=https://apnews.com/819d004059e6b165d9509f2d346a7d41}}</ref>

===Railways===
Several rail operators had to receive state aid and/or reduced their scheduled services. [[Deutsche Bahn]] received billions of € in federal aid to cover record losses.<ref>{{cite journal | url=https://background.tagesspiegel.de/mobilitaet/pruefer-ruegen-ueppige-corona-hilfen-fuer-die-bahn | title=Prüfer rügen üppige Corona-Hilfen für die Bahn | journal=Tagesspiegel Background Verkehr & Smart Mobility | date=7 October 2020 | last1=Wüpper | first1=Thomas }}</ref><ref>{{cite news|url=https://www.faz.net/1.6680087|title=Regionalverkehr: Bahn reagiert auf geringe Auslastung und verzichtet auf Ticket-Kontrolle|newspaper=Faz.net|via=www.faz.net}}</ref><ref>{{cite news|url=https://www.faz.net/1.6764368|title=Corona-Lockdown: Deutsche Bahn braucht Milliarden vom Bund|newspaper=Faz.net|via=www.faz.net|last1=Schwenn|first1=Kerstin}}</ref><ref>{{cite web|url=https://www.finanznachrichten.de/nachrichten-2020-08/50484523-eu-kommission-soll-deutscher-bahn-auflagen-bei-corona-hilfen-machen-015.htm|title=EU-Kommission soll Deutscher Bahn Auflagen bei Corona-Hilfen machen|website=FinanzNachrichten.de}}</ref><ref>{{cite web|url=https://wirtschaft.com/konkurrenten-wollen-corona-hilfen-fuer-deutsche-bahn-stoppen/|title=Konkurrenten wollen Corona-Hilfen für Deutsche Bahn stoppen|date=28 August 2020 }}</ref><ref>{{cite web|url=https://www.swp.de/wirtschaft/corona-hilfen-deutsche-bahn-wieso-die-deutsche-bahn-mehr-braucht-als-corona-hilfen-_-ein-kommentar-46574384.html|title=Corona-Hilfen Deutsche Bahn: Wieso die Deutsche Bahn mehr braucht als Corona-Hilfen – Ein Kommentar|first=Südwest Presse Online-Dienste|last=GmbH|date=27 May 2020|website=swp.de}}</ref>{{excessive citations inline|date=July 2021}}

== Gambling and betting ==
According to the American Gaming Association, the industry will be hit by losses up to $43.5&nbsp;billion in economic activity in the following months. Some projection was that the sports gambling industry may lose $140&nbsp;million alone in the fourth weekend of March (21–22 March 2020) on lost NCAA basketball tournament bets.<ref>{{cite web|url=https://www.cnbc.com/2020/03/21/coronavirus-and-sports-what-gamblers-are-betting-on-in-the-void.html|title=In the coronavirus sports void, these are the desperate bets gamblers are making|first=Justin|last=Birnbaum|date=21 March 2020|website=CNBC}}</ref>
Gambling companies are eager to shift customers from retail into online casino and poker games to fight the loss of revenue due to the cancellation of sports fixtures and the shutdown of betting shops. Gambling groups increased the advertising of online casino games and play on social media.
Some argue that virtual racing, as well as draw based games, are also proving popular.<ref>{{cite news|url=https://www.ft.com/content/4eee2f46-69de-11ea-800d-da70cff6e4d3|title=Gambling groups bring customers online as sports betting ends|work=Financial Times|access-date=12 January 2021}}</ref><ref>{{cite news|url=https://www.theguardian.com/society/2020/mar/24/lockdown-leads-gamblers-from-sports-bets-to-riskier-choices-coronavirus|title=Lockdown 'leads gamblers from sports bets to riskier choices'|first=Rob|last=Davies|newspaper=The Guardian |date=24 March 2020|via=www.theguardian.com}}</ref>
Some software betting providers have specially designed campaigns promoting online betting solutions to attract betting companies.
Long term consequences to the betting and gambling industry might be: Death of small retail operators and providers, increase in M&A, more focus on online, innovation in online meaning that even the existing products like the sportsbook will pay closer attention to obscure sports like soap soccer or [[Quidditch (real-life sport)|quidditch]] and more prominent spot for [[Esports|virtual games online]].<ref>{{cite web|url=https://www.nsoft.com/stories/nsoft-covid-19-implications-on-gaming-industry/|title=NSoft: COVID-19 – implications on Gaming industry|website=NSoft|date=2 April 2020}}</ref>

In [[Macau]], the world's top gambling destination by revenue, all casinos were closed for 15 days in February 2020<ref>{{cite web|url=https://www.scmp.com/news/hong-kong/article/3051571/macau-casinos-reopen-after-coronavirus-shutdown-gamblers-keep-their|title=Gamblers hedge their bets as Macau casinos reopen to small crowds|date=20 February 2020|website=South China Morning Post|language=en|access-date=21 February 2020}}</ref> and suffered a year-on-year revenue drop of 88%, the worst ever recorded in the territory.<ref name="88 percent">{{cite news |last1=Sullivan |first1=Lewis |title=Macau's gaming revenue fell 88 percent in February |url=https://www.casino-review.co/macau-gaming-revenue/ |access-date=19 March 2020 |work=Casino Review |archive-date=24 November 2020 |archive-url=https://web.archive.org/web/20201124030834/https://www.casino-review.co/macau-gaming-revenue/ |url-status=dead }}</ref>

==Unemployment==
[[File:Jobs and quits rate.webp|thumb|380px|right|{{legend-line|#AA4643 solid 3px|Total unemployed people}}
{{legend-line|#89A54E solid 3px|Total job openings}}
{{legend-line|#4572A7 solid 3px|[[Turnover (employment)|Total quits]]}}
]]
{{quote box|quote=The COVID-19 pandemic has demonstrated the interconnectedness of a diverse world. [...] Already at a disadvantage pre-pandemic, women, ethnic minorities, indigenous and tribal peoples, young people, persons with disabilities and migrant workers are among those who have been hardest hit.|source=[[Guy Ryder]], Director-General of the International Labour Organization<ref>{{cite book |last=Ryder |first=Guy |title=UNESCO The Universal Declaration on Cultural Diversity: Marking the 20th Anniversary |publisher=[[Khalili Foundation]] |year=2021 |isbn=978-1-3999-1149-8 |location=London |pages=124–125 |language=en |chapter=Valuing diversity in building a human-centred recovery |author-link=Guy Ryder}}</ref> | width=30% |align=right}}

The [[International Labour Organization]] stated on 7 April that it predicted a 6.7% loss of job hours globally in the second quarter of 2020, equivalent to 195&nbsp;million full-time jobs. They also estimated that 30&nbsp;million jobs were lost in the first quarter alone, compared to 25&nbsp;million during the [[Great Recession]].<ref>{{cite news |url=https://www.ft.com/content/d78b8183-ade7-49c2-a8b5-c40fb031b801  | title=Loss of working hours to equal 195m full-time jobs, UN agency warns  |work=[[Financial Times]] |date=7 April 2020 | url-access=subscription}}</ref> The effects of COVID-19 on unemployment lasted much longer than was initially expecting. Almost 18 months after the start of the pandemic, the state of New York was still down almost a quarter of the jobs that were available in the hospitality industry pre-pandemic. This was the largest percent in any state in the United States, but other states still faced a similar issue.<ref>{{cite web |date=16 September 2021 |title=COVID-19 Economic Crisis: By State |url=https://carsey.unh.edu/publication/COVID-19-Economic-Impact-By-State |access-date=2022-11-11 |website=Carsey School of Public Policy {{!}} UNH |language=en}}</ref>

In January and February 2020, during the height of the epidemic in Wuhan, about 5&nbsp;million people in China lost their jobs.<ref>{{cite news |title=Roughly 5 million people in China lost their jobs in the first 2 months of 2020 |url=https://www.cnbc.com/2020/03/16/china-economy-millions-lose-their-jobs-as-unemployment-spikes.html |work=CNBC |date=16 March 2020}}</ref> Many of China's nearly 300&nbsp;million [[Migration in China|rural migrant workers]] have been stranded at home in inland provinces or trapped in Hubei province.<ref>{{cite news |title=Coronavirus Lockdowns Torment an Army of Poor Migrant Workers in China |url=https://www.nytimes.com/2020/02/23/business/economy/coronavirus-china-migrant-workers.html |work=The New York Times |date=23 February 2020}}</ref><ref>{{cite news |title=Coronavirus: Hubei's migrant workers 'living in fear' as debts mount under lockdown |url=https://www.scmp.com/economy/china-economy/article/3075732/coronavirus-hubeis-migrant-workers-living-fear-debts-mount |work=South China Morning Post |date=18 March 2020}}</ref>

[[File:US payrolls 2005 to 2022.png|thumb|upright=1.5|US non-farm payrolls, 2005 – January 2022]]
In March 2020, more than 10&nbsp;million Americans lost their jobs and applied for government aid.<ref>{{cite news |title=6.6&nbsp;Million Americans Filed for Unemployment Last Week |url=https://slate.com/business/2020/04/unemployment-jobs-numbers-economy-coronavirus.html |work=Slate |date=2 April 2020}}</ref> Total nonfarm jobs fell from a high of 152.5&nbsp;million in February 2020 to 130.2&nbsp;million in April. {{As of|February 2021}}, the US had about 143 million nonfarm jobs.<ref>{{cite web |title=All Employees, Total Nonfarm |url=https://fred.stlouisfed.org/series/PAYEMS |website=FRED, Federal Reserve Bank of St. Louis |access-date=5 August 2022 |date=1 January 1939}}</ref>

The [[COVID-19 lockdown in India|lockdown in India]] has left tens of millions of [[migrant worker]]s unemployed.<ref>{{cite news |title=Coronavirus: India's pandemic lockdown turns into a human tragedy |url=https://www.bbc.com/news/world-asia-india-52086274 |work=BBC News |date=30 March 2020}}</ref><ref>{{cite news |title=Hungry, desperate: India virus controls trap its migrant workers |url=https://www.aljazeera.com/ajimpact/hungry-desperate-india-virus-controls-trap-migrant-workers-200402031123631.html |work=Al-Jazeera |date=2 April 2020}}</ref>

The survey from the [[Angus Reid Institute]] found that 44% of Canadian households have experienced some type of job loss.<ref>{{cite news |title=44% of Canadian households report lost work amid COVID-19 pandemic: poll |url=https://globalnews.ca/news/6726202/coronavirus-canada-job-loss-poll/ |publisher=[[Global News]] |date=25 March 2020}}</ref><ref>{{cite news |title=COVID-19: Canada layoff tracker |url=https://www.macleans.ca/economy/covid-19-canada-layoff-tracker/ |work=Macleans.ca |date=30 March 2020}}</ref>

Nearly 900,000 workers lost their jobs in Spain since it went into lockdown in mid-March 2020.<ref>{{cite news |title=Spain sees historic rise in unemployment as nearly 900,000 lose jobs since coronavirus lockdown |url=https://www.independent.co.uk/news/world/europe/spain-coronavirus-lockdown-unemployment-job-loss-update-a9442146.html |work=The Independent |date=2 April 2020}}</ref> During the second half of March, 4&nbsp;million French workers applied for temporary unemployment benefits and 1&nbsp;million British workers applied for a universal credit scheme.<ref>{{cite news |title=Global lay-offs surge as 6.6m Americans file jobless claims |url=https://www.ft.com/content/230d7695-b29a-45f2-a920-a72924f5e384 |access-date=3 April 2020 |work=Financial Times |date=2 April 2020}}</ref>

Almost half a million companies in Germany have sent their workers on a government-subsidized [[Kurzarbeit|short-time working]] schemes known as Kurzarbeit.<ref>{{cite news |title=Nearly Half A Million Companies In Germany File For State Funds To Pay Workers |url=https://www.npr.org/sections/coronavirus-live-updates/2020/04/01/825163403/nearly-half-a-million-companies-in-germany-file-for-state-funds-to-pay-workers |work=NPR |date=1 April 2020}}</ref><ref>{{cite news |title=Short-time work: A vital tool in Germany's economic armory against coronavirus |url=https://www.dw.com/en/short-time-work-a-vital-tool-in-germanys-economic-armory-against-coronavirus/a-52952657 |work=Deutsche Welle |date=30 March 2020}}</ref> The German short-time work compensation scheme has been copied by France and Britain.<ref>{{cite news |title=Kurzarbeit: Germany bets on tried-and-tested tool for coronavirus jobs crisis |url=https://www.thelocal.de/20200401/kurzarbeit-germany-bets-on-tried-and-tested-tool-to-weather-jobs-crisis |work=The Local |date=1 April 2020}}</ref>

The pandemic's economic impacts are likely to increase sexual exploitation and child marriage, leaving women and girls in fragile economies and refugee contexts particularly vulnerable.<ref name="UN Women-2020e">{{cite web|title=UN Secretary-General's policy brief: The impact of COVID-19 on women {{!}} Digital library: Publications|url=https://www.unwomen.org/en/digital-library/publications/2020/04/policy-brief-the-impact-of-covid-19-on-women|access-date=12 June 2020|website=UN Women|language=en}}</ref><ref name="UN Women-2020d">{{cite web|title=EVAW COVID-19 brief series {{!}} Digital library: Publications|url=https://www.unwomen.org/en/digital-library/publications/2020/04/series-evaw-covid-19-briefs|access-date=1 July 2020|website=UN Women|language=en}}</ref><ref name="UN Women-2020c">{{cite web|title=COVID-19: Emerging gender data and why it matters {{!}} UN Women Data Hub|url=https://data.unwomen.org/resources/covid-19-emerging-gender-data-and-why-it-matters|access-date=12 June 2020|website=data.unwomen.org|language=en}}</ref>

The potential combined impact of COVID-19 on unemployment, households’ purchasing power, food prices, and food availability in local markets could severely jeopardize access to food in the most vulnerable countries.<ref name="FAO-2020" />

== Impact by gender ==
Around the world, women generally earn less and save less, are the majority of single-parent households and disproportionately hold more insecure jobs in the informal economy or service sector with less access to social protections. This leaves them less able to absorb the economic shocks than men.<ref name="UN Women-2020">{{cite web|title=Spotlight on SDG 8: The impact of marriage and children on labour market participation |url=https://www.unwomen.org/en/digital-library/publications/2020/05/the-impact-of-marriage-and-children-on-labour-market-participation|access-date=1 July 2020|website=UN Women|language=en}}</ref><ref name="UN Women-2020a">{{cite web|title=Gender equality matters in COVID-19 response|url=https://www.unwomen.org/en/news/in-focus/in-focus-gender-equality-in-covid-19-response|access-date=1 July 2020|website=UN Women|language=en}}</ref><ref name="UN Women-2020b">{{cite web|title=Surveys show that COVID-19 has gendered effects in Asia and the Pacific {{!}} UN Women Data Hub|url=https://data.unwomen.org/resources/surveys-show-covid-19-has-gendered-effects-asia-and-pacific|access-date=1 July 2020|website=data.unwomen.org|date=29 April 2020 |language=en}}</ref><ref name="ILO-2020">{{cite book|url=https://www.ilo.org/wcmsp5/groups/public/---dgreports/---dcomm/documents/briefingnote/wcms_738753.pdf|title=COVID-19 and the world of work: Impact and policy responses|publisher=International Labor Office|year=2020}}</ref><ref name="Women and men in the informal economy-2018">{{cite book|title=Women and men in the informal economy : a statistical picture|others=Internationales Arbeitsamt|year = 2018|isbn=978-92-2-131581-0|edition= Third|location=Geneva, Switzerland|oclc=1035828913}}</ref><ref name="UN Women-2020e" /><ref name="Women-2020">{{cite web|last=Women|first=U. N.|title=How COVID-19 impacts women and girls|url=https://interactive.unwomen.org/multimedia/explainer/covid19/en/index.html|access-date=1 July 2020|website=interactive.unwomen.org|language=en}}</ref> For many families, school closures and social distancing measures have increased the unpaid care and domestic load of women at home, making them less able to take on or balance paid work. The situation is worse in developing economies, where a larger share of people are employed in the informal economy in which there are far fewer social protections for health insurance, paid sick leave and more. Although globally informal employment is a greater source of employment for men (63 per cent) than for women (58 per cent), in low and lower-middle income countries a higher proportion of women are in informal employment than men.<ref name="UN Women-2020" /><ref name="UN Women-2020a" /><ref name="UN Women-2020b" /><ref name="ILO-2020" /><ref name="Women and men in the informal economy-2018" /><ref name="UN Women-2020e" /><ref name="Women-2020" /> Unlike previous crisis', the COVID-19 pandemic affected more women dominated industries rather than male dominated industries: women were in the forefront in the fight against COVID-19 as most healthcare workers are women.<ref>{{cite journal |last=Shaikh |first=Imlak |date=2022 |title=Impact of COVID-19 pandemic on the energy markets |journal=Economic Change and Restructuring |language=en |volume=55 |issue=1 |pages=433–484 |doi=10.1007/s10644-021-09320-0 |issn=1573-9414 |pmc=7886648}}</ref>

In Sub-Saharan Africa, for example, around 92 per cent of employed women are in informal employment compared to 86 per cent of men. It is likely that the pandemic could result in a prolonged dip in women's incomes and labour force participation. The ILO estimates global unemployment to rise between 5.3&nbsp;million ("low" scenario) and 24.7&nbsp;million ("high" scenario) from a base level of 188 million in 2019 as a result of COVID-19's impact on global GDP growth. By comparison, global unemployment went up by 22&nbsp;million during the [[Great Recession]]. Women informal workers, migrants, youth and the world's poorest, among other vulnerable groups, are more susceptible to lay-offs and job cuts. For example, UN Women survey results from Asia and the Pacific are showing that women are losing their livelihoods faster than men and have fewer alternatives to generate income. And, in the U.S., men's unemployment went up from 3.55&nbsp;million in February to 11 million in April in 2020 while women's unemployment – which was lower than men's before the crisis – went up from 2.7&nbsp;million to 11.5&nbsp;million over the same period, according to the U.S. Bureau of Labor Statistics. The picture is even bleaker for young women and men aged 16–19, whose unemployment rate jumped from 11.5 per cent in February to 32.2 per cent in April.<ref name="UN Women-2020" /><ref name="UN Women-2020a" /><ref name="UN Women-2020b" /><ref name="ILO-2020" /><ref name="Women and men in the informal economy-2018" /><ref name="UN Women-2020e" /><ref name="Women-2020" />

In Japan, women have been disproportionately hit by the Covid pandemic because sectors like retail and hospitality employ many women and have been heavily affected by the pandemic recession. According to the health ministry, the suicide rate among Japanese women rose 14.5% in 2020, while it fell by 1% among men.<ref>
{{cite web
|url=https://www.theguardian.com/world/2021/mar/29/i-cant-go-on-women-in-japan-suffer-isolation-and-despair-amid-covid-job-losses
|title='I can't go on': women in Japan suffer isolation and despair amid Covid job losses
|date=29 March 2021
|author=J. McCurry
|work=The Guardian
|access-date= 29 March 2021
}}
</ref>

== Economic inequality ==
Since most of the workforce who preserved their jobs had the option of switching to an online modality, and the online workforce is considerably higher paid on average, the pandemic exacerbated income inequality by hitting harder on low-paid workers.<ref>{{cite journal |last1=Sachs |first1=Jeffrey D |last2=Karim |first2=Salim S Abdool |last3=Aknin |first3=Lara |last4=Allen |first4=Joseph |last5=Brosbøl |first5=Kirsten |last6=Colombo |first6=Francesca |last7=Barron |first7=Gabriela Cuevas |last8=Espinosa |first8=María Fernanda |last9=Gaspar |first9=Vitor |last10=Gaviria |first10=Alejandro |last11=Haines |first11=Andy |last12=Hotez |first12=Peter J |last13=Koundouri |first13=Phoebe |last14=Bascuñán |first14=Felipe Larraín |last15=Lee |first15=Jong-Koo |last16=Pate |first16=Muhammad Ali |last17=Ramos |first17=Gabriela |last18=Reddy |first18=K Srinath |last19=Serageldin |first19=Ismail |last20=Thwaites |first20=John |last21=Vike-Freiberga |first21=Vaira |last22=Wang |first22=Chen |last23=Were |first23=Miriam Khamadi |last24=Xue |first24=Lan |last25=Bahadur |first25=Chandrika |last26=Bottazzi |first26=Maria Elena |last27=Bullen |first27=Chris |last28=Laryea-Adjei |first28=George |last29=Amor |first29=Yanis Ben |last30=Karadag |first30=Ozge |last31=Lafortune |first31=Guillaume |last32=Torres |first32=Emma |last33=Barredo |first33=Lauren |last34=Bartels |first34=Juliana G E |last35=Joshi |first35=Neena |last36=Hellard |first36=Margaret |last37=Huynh |first37=Uyen Kim |last38=Khandelwal |first38=Shweta |last39=Lazarus |first39=Jeffrey V |last40=Michie |first40=Susan |title=The Lancet Commission on lessons for the future from the COVID-19 pandemic |journal=The Lancet |date=September 2022 |volume=400 |issue=10359 |pages=1224–1280 |doi=10.1016/S0140-6736(22)01585-9|pmid=36115368 |pmc=9539542 }}</ref><ref>{{cite web |title=How not to save the economy? The interplay of economics and health during the COVID-19 pandemic {{!}} Exploring Economics |url=https://www.exploring-economics.org/de/entdecken/how-not-to-save-the-economy-the-interplay-of-ec/ |access-date=2022-11-13 |website=www.exploring-economics.org |language=de}}</ref>

==Economic impact by continent, region and country==
{{Update section|date=August 2022|reason=Most of this section does not reflect the developments since August 2022}}

A weekly update on the impact of the COVID-19 pandemic on the world economy, and on major individual economies such as the US, China, Japan, other Asian economies, Europe, Australia and New Zealand has been produced by [[Saul Eslake]], one of Australia's best-known economists, since late April 2020.<ref>{{cite web|last=Eslake|first=Saul|date=22 May 2020|title=Coronavirus Impact Chart Pack 2020-05-22|url=https://www.saul-eslake.com/corona-virus-impact-chart-pack-2020-05-22/|website=[Saul Eslake {{!}} Economist]}}</ref>

The global GDP total had shrunk by nearly $22&nbsp;trillion as of January 2021, during the course of the pandemic.<ref>{{cite web|website=Deutsche Welle|title=Coronavirus: Global GDP to sink by $22 trillion over COVID, says IMF |date=26 January 2021|url=https://www.dw.com/en/coronavirus-global-gdp-to-sink-by-22-trillion-over-covid-says-imf/a-56349323|access-date=27 January 2021|language=en-GB}}</ref> According to Chief IMF Economist [[Gita Gopinath]], the long-term consequences have not fully played out but could be expected to be in the trillions from 2020 to 2025.{{citation needed|date=July 2021}}
[[File:Share of firms (in %) that changed how they did business during the COVID-19 pandemic, by action.png|thumb|Share of firms that changed how they did business during the COVID-19 pandemic.]]
Post-COVID economic recovery prospects are high, and most countries are expected to see higher than usual economic growth. This is different from conventional economic recessions, according to the IMF.<ref name="IMF-2021">{{cite web|title=World Economic Outlook Update, January 2021: Policy Support and Vaccines Expected to Lift Activity|url=https://www.imf.org/en/Publications/WEO/Issues/2021/01/26/2021-world-economic-outlook-update|access-date=27 January 2021|website=IMF|language=en}}</ref> The China, India, [[ASEAN]] nations and other emerging Asian economies are expected to continue growing most significantly throughout the 2020s, and is expected to dominate global economic growth following the pandemic.<ref name="IMF-2021" />

=== Asia ===

==== East Asia ====

===== Mainland China =====
{{Main|COVID-19 pandemic in mainland China}}

The [[economy of China]] was anticipated to generate billions in economic output. [[Morgan Stanley]] expected the economy of China to grow by between 5.6% (worst-case scenario) to 5.9% for 2020.<ref name="AutoDW-277"/> For reference, China generated US$143&nbsp;billion in February 2019, the month of Chinese New Year.<ref>{{cite web|date=3 February 2020|title=Coronavirus Wipes Out a $140 Billion Spending Week in China|url=https://www.bloomberg.com/news/articles/2020-02-03/coronavirus-wipes-out-a-140-billion-spending-week-in-china|access-date=5 February 2020|website=Bloomberg.com}}</ref> The Chinese [[Ministry of Transport of the People's Republic of China|Ministry of Transport]] reported that trips on trains dropped 73% to 190&nbsp;million trips from the previous year. Factories, retailers, and restaurant chains closed.<ref>{{cite news|url=https://www.cnn.com/2020/02/08/business/coronavirus-global-economy/index.html|title=The coronavirus is already hurting the world economy. Here's why it could get really scary|author=Analysis by Charles Riley and Julia Horowitz|website=CNN|access-date=12 February 2020|archive-url=https://web.archive.org/web/20200211122818/https://www.cnn.com/2020/02/08/business/coronavirus-global-economy/index.html|archive-date=11 February 2020|url-status=live}}</ref>

All 70,000 theatre screens in the country were shuttered, wiping out the entire box office. This is drastically in stark difference from the week of Chinese New Year in 2019 that generated $836&nbsp;million.<ref>{{cite news |url=https://deadline.com/2020/01/chinese-new-year-films-cancellation-impact-global-hollywood-box-office-analysis-1202838847/ |title=Chinese New Year Films Cancellation Could Mean A $1B+ Loss For Global Box Office In 2020; What's The Impact On Hollywood |last=Tartaglione |first=Nancy | website=[[Deadline Hollywood]] |date=23 January 2020 |archive-url=https://web.archive.org/web/20200201012008/https://deadline.com/2020/01/chinese-new-year-films-cancellation-impact-global-hollywood-box-office-analysis-1202838847/ |archive-date=1 February 2020 |url-status=live}}</ref>

Though cautioning that the economic impact would be short-term, PRC [[National Development and Reform Commission]] party secretary Cong Liang views small and medium businesses encountering more difficulties in their operations. Human Resources and Social Security Assistant Minister You Jun specified that agricultural workers and college graduates would have difficulties.<ref name="AutoDW-278"/> [[File:COVID-19 Confirmed Cases Animated Map.webm|thumb|300px|Animated map showing confirmed COVID-19 cases spreading from 22 January (high resolution)]]

[[Tourism in China]] has been hit hard by travel restrictions and fears of contagion, including a ban on both domestic and international tour groups.<ref name="20200128cnbc"/> Many airlines have either cancelled or greatly reduced flights to China and several travel advisories now warn against travel to China. Many countries, including France, Japan, Australia, New Zealand, the United Kingdom and the United States, have evacuated their nationals from the Wuhan and Hubei provinces.<ref name="Hunter"/>

The majority of schools and universities have extended their annual holidays to mid-February.<ref name="20200125pennlive"/> Overseas students enrolled at Chinese universities have been returning home over fears of being infected—the first cases to be reported by Nepal and [[Kerala]], a southern state of India, were both of students who had returned home.<ref name="auto4"/><ref name="AutoDW-279"/> Nearly 200&nbsp;million students have been affected by the in-school closures, with the second semester after the Chunyun resuming on 17 February through online classes for students to follow from their homes instead. The Ministry of Education has introduced a 7,000-server supported "national Internet cloud classroom" to cater to the 50&nbsp;million elementary and middle school student populations.<ref>{{cite news|url=https://www.washingtonpost.com/world/asia_pacific/in-china-200-million-kids-have-gone-back-to-school-online/2020/02/17/e5cc6f10-5131-11ea-80ce-37a8d4266c09_story.html|title=In China, 200&nbsp;million kids have gone back to school. |first=Anna |last=Fifield |newspaper=Washington Post|language=en|access-date=27 February 2020|archive-url=https://web.archive.org/web/20200227121010/https://www.washingtonpost.com/world/asia_pacific/in-china-200-million-kids-have-gone-back-to-school-online/2020/02/17/e5cc6f10-5131-11ea-80ce-37a8d4266c09_story.html|archive-date=27 February 2020|url-status=live}}</ref>

The [[Ministry of Finance of the People's Republic of China|Finance Ministry of China]] announced it would fully subsidise personal medical costs incurred by patients.<ref name="AutoDW-280"/>

CNN reported that some people from Wuhan "have become outcasts in their own country, shunned by hotels, neighbors and – in some areas – placed under controversial quarantine measures."<ref name="AutoDW-281"/>

The sale of new cars in China has been affected due to the outbreak. There was a 92% reduction on the volume of cars sold during the first two weeks of February 2020.<ref name="AutoDW-282"/>

On 24 February, China's [[Standing Committee of the National People's Congress|Standing Committee]] declared an immediate and "comprehensive" ban on its US$74&nbsp;billion wildlife trade industry, citing the "prominent problem of excessive consumption of wild animals, and the huge hidden dangers to public health and safety" that has been revealed by the outbreak. This permanently extends the temporary ban already in place since the end of January.<ref name="AutoDW-283"/><ref name="AutoDW-284"/>

According to [[Carbon Brief]], the coronavirus pandemic has resulted in China's [[greenhouse gas emissions]] being reduced by 25%.<ref>{{cite news |last=Dalton |first=Jane |date=22 February 2020 |title=Coronavirus cuts China's greenhouse gas emissions by a quarter |url=https://www.independent.co.uk/environment/coronavirus-china-co2-climate-crisis-greenhouse-gas-carbon-emissions-coal-a9351436.html |work=[[The Independent]] |access-date=28 February 2020 |archive-url=https://web.archive.org/web/20200228165015/https://www.independent.co.uk/environment/coronavirus-china-co2-climate-crisis-greenhouse-gas-carbon-emissions-coal-a9351436.html |archive-date=28 February 2020 |url-status=live }}</ref> In March 2020, satellite images from space provided by [[NASA]] revealed that pollution has dropped significantly, which has been attributed in part to the slowdown of economic activity as a result of the outbreak.<ref>{{cite news |last=Davies |first=Caroline |date=1 March 2020 |title=Dramatic fall in China pollution levels 'partly related' to coronavirus |url=https://www.theguardian.com/environment/2020/mar/01/dramatic-fall-in-china-pollution-levels-partly-related-to-coronavirus |work=[[The Guardian]] |access-date=1 March 2020 |archive-url=https://web.archive.org/web/20200301171940/https://www.theguardian.com/environment/2020/mar/01/dramatic-fall-in-china-pollution-levels-partly-related-to-coronavirus |archive-date=1 March 2020 |url-status=live }}</ref>

====== Shortages of medical supplies ======
{{Main|Shortages related to the COVID-19 pandemic}}
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[[File:Citizens of Wuhan lining up outside of a drug store to buy masks during the Wuhan coronavirus outbreak.jpg|thumb|People in Wuhan lining up in front of a drug store to buy [[surgical mask]]s]]
[[File:Surgical mask and 84 disinfectant liquid purchase limit notice at a CSF Market (20200202155633).jpg|thumb|A notice at a supermarket in Beijing, which says each person can only buy one pack of surgical masks and one bottle of 84 disinfectant liquid a day]]

As the epidemic accelerated, the mainland market saw a shortage of [[Surgical mask|face masks]] due to the increased need from the public.<ref>{{cite news|author=谢斌 张纯|url=http://www.sohu.com/a/368299105_161795|title=一罩难求：南都民调实测走访发现，线上线下口罩基本卖脱销|date=21 January 2020|access-date=21 January 2020|agency=南方都市报}}</ref> It was reported that Shanghai customers had to queue for nearly an hour to buy a pack of face masks which was sold out in another half an hour.<ref>{{cite news|author1=徐榆涵|url=https://money.udn.com/money/story/5648/4304194|title=全球各地瘋搶口罩 專家：不必買N95|date=23 January 2020|access-date=25 January 2020|archive-url=https://web.archive.org/web/20200125103023/https://money.udn.com/money/story/5648/4304194|archive-date=25 January 2020|publisher=聯合報|url-status=live}}</ref> Some stores hoarded supplies, driving up prices, so the market regulator cracked down on such acts.<ref>{{cite news|author=刘灏|url=http://economy.southcn.com/e/2020-01/21/content_190111854.htm|title=广东市场监管部门：将坚决打击囤积居奇、哄抬价格等行为|date=21 January 2020|access-date=21 January 2020|agency=南方网}}</ref><ref>{{cite web|url=http://scjgj.beijing.gov.cn/zwxx/ttgg/202001/t20200122_1620613.html|title=市场价格行为提醒书|archive-url=https://web.archive.org/web/20200127080911/http://scjgj.beijing.gov.cn/zwxx/ttgg/202001/t20200122_1620613.html|archive-date=27 January 2020|url-status=live}}</ref> The shortage will not be relieved until late February, when most workers return from the New Year vacation, according to Lei Limin, an expert in the industry.<ref>{{cite web|url=http://www.chinanews.com/sh/2020/01-31/9074410.shtml|title=专家：口罩短缺2月底或缓解|last=Liu|first=Yuying|date=31 January 2020|website=中新网|url-status=live|archive-url=https://web.archive.org/web/20200202154104/http://www.chinanews.com/sh/2020/01-31/9074410.shtml|archive-date=2 February 2020|access-date=2 February 2020}}</ref>{{update inline|date=April 2020}}

On 22 January 2020, [[Taobao]], China's largest e-commerce platform owned by [[Alibaba Group]], said that all face masks on [[Taobao]] and [[Tmall]] would not be allowed to increase in price. Special subsidies would be provided to the retailers. Also, Alibaba Health's "urgent drug delivery" service would not be closed during the Spring Festival.<ref>{{cite news|author=陈泽云|url=http://news.ycwb.com/2020-01/22/content_30486944.htm|title=口罩买不到怎么办？这些药店平台春节期间持续供应|date=22 January 2020|access-date=22 January 2020|archive-url=https://web.archive.org/web/20200122102833/http://news.ycwb.com/2020-01/22/content_30486944.htm|archive-date=22 January 2020|agency=金羊网|url-status=live}}</ref> [[JD.com|JD]], another leading Chinese e-commerce platform, said, "We are actively working to ensure supply and price stability from sources, storage and distribution, platform control and so on" and "while fully ensuring price stability for JD's own commodities, JD.com has also exercised strict control over the commodities on JD's platform. Third-party vendors selling face masks are prohibited from raising prices. Once it is confirmed that the prices of third-party vendors have increased abnormally, JD will immediately remove the offending commodities from shelves and deal with the offending vendors accordingly."<ref>{{cite web|url=http://www.bjnews.com.cn/finance/2020/01/22/677805.html|title=京东：禁止第三方商家口罩涨价|author=新京报|date=22 January 2020|website=新京报网|archive-url=https://web.archive.org/web/20200127082917/http://www.bjnews.com.cn/finance/2020/01/22/677805.html|archive-date=27 January 2020|access-date=22 January 2020|url-status=live}}</ref> Other major e-commerce platforms including Sunning.com and [[Pinduoduo]] also promised to keep the prices of health products stable.<ref>{{cite web|url=http://www.bjnews.com.cn/finance/2020/01/22/677744.html|title=拼多多：对口罩等产品进行监测，恶意涨价者将下架|author=新京报|date=22 January 2020|website=新京报网|archive-url=https://web.archive.org/web/20200122023043/http://www.bjnews.com.cn/finance/2020/01/22/677744.html|archive-date=22 January 2020|access-date=22 January 2020|url-status=live}}</ref><ref>{{cite web|url=http://www.bjnews.com.cn/finance/2020/01/22/677740.html|title=苏宁易购：口罩等健康类商品禁涨价，并开展百亿补贴|author=新京报|date=22 January 2020|website=新京报网|archive-url=https://web.archive.org/web/20200122023040/http://www.bjnews.com.cn/finance/2020/01/22/677740.html|archive-date=22 January 2020|access-date=22 January 2020|url-status=live}}</ref>

====== Economy ======
China's economic growth is expected to slow by up to 1.1% in the first half of 2020 as economic activity is negatively affected by the new coronavirus pandemic, according to a Morgan Stanley study cited by [[Reuters]].<ref>{{cite web|url=http://www.rfi.fr/cn/%E4%B8%AD%E5%9B%BD/20200129-%E6%AD%A6%E6%B1%89%E8%82%BA%E7%82%8E%E7%B4%AF%E7%BB%8F%E6%B5%8E%E4%BA%AE%E7%BA%A2%E7%81%AF-%E4%B8%8A%E5%8D%8A%E5%B9%B4%E5%87%8F%E8%87%B3%E5%B0%91%E4%B8%80%E4%B8%AA%E7%99%BE%E5%88%86%E7%82%B9|title=武汉肺炎累经济亮红灯 上半年减至少一个百分点|date=29 January 2020|website=法广|archive-url=https://web.archive.org/web/20200129180818/http://www.rfi.fr/cn/%E4%B8%AD%E5%9B%BD/20200129-%E6%AD%A6%E6%B1%89%E8%82%BA%E7%82%8E%E7%B4%AF%E7%BB%8F%E6%B5%8E%E4%BA%AE%E7%BA%A2%E7%81%AF-%E4%B8%8A%E5%8D%8A%E5%B9%B4%E5%87%8F%E8%87%B3%E5%B0%91%E4%B8%80%E4%B8%AA%E7%99%BE%E5%88%86%E7%82%B9|archive-date=29 January 2020|access-date=1 February 2020|url-status=live}}</ref> But on 1 February 2020, the [[People's Bank of China]] said that the impact of the epidemic on China's economy was temporary and that the fundamentals of China's long-term positive and high-quality growth remained unchanged.<ref>{{cite web|url=http://www.bjd.com.cn/a/202002/01/WS5e353b8de4b002ffe99402c6.html|title=人民银行：疫情对中国经济的影响是暂时的|author=吴雨|date=1 February 2020|website=@新华视点|access-date=1 February 2020|archive-date=1 February 2020|archive-url=https://web.archive.org/web/20200201095850/http://www.bjd.com.cn/a/202002/01/WS5e353b8de4b002ffe99402c6.html|url-status=dead}}</ref> In late January, economists predicted a V-shaped recovery. By March, it was much more uncertain.<ref>The Economist, 28 March 2020, page 37.</ref>

Due to the outbreak, the [[Shanghai Stock Exchange]] and the [[Shenzhen Stock Exchange]] announced that with the approval of the [[China Securities Regulatory Commission]], the closing time for the Spring Festival will be extended to 2 February and trading will resume on 3 February.<ref name="BBC-2020">{{cite news|url=https://www.bbc.com/news/world-asia-china-51217455|title=Lockdowns rise as China tries to control virus|date=23 January 2020|access-date=23 January 2020|url-status=live|archive-url=https://web.archive.org/web/20200123181250/https://www.bbc.com/news/world-asia-china-51217455|archive-date=23 January 2020|publisher=BBC|location=United Kingdom}}</ref><ref name="Cnstock-2020">{{cite web|url=http://news.cnstock.com/news,bwkx-202001-4482785.htm|title=深交所：延长2020年春节休市至2月2日 2月3日起照常开市|date=27 January 2020|website=上海证券报·中国证券网|archive-url=https://web.archive.org/web/20200127153351/http://news.cnstock.com/news,bwkx-202001-4482785.htm|archive-date=27 January 2020|access-date=27 January 2020|url-status=live}}</ref> Before that, on 23 January, the last trading day of a shares before the Spring Festival, all three major stock indexes opened lower, creating a drop of about 3%, and the [[SSE Composite Index|Shanghai Composite Index]] fell below 3000.<ref>{{cite web|url=http://www.chinanews.com/cj/2020/01-23/9068183.shtml|title=股市猪年收官日：A股大跌 沪指跌破3000点关口|archive-url=https://web.archive.org/web/20200203101408/http://www.chinanews.com/cj/2020/01-23/9068183.shtml|archive-date=3 February 2020|url-status=live}}</ref> On 2 February, the first trading day after the holiday, the three major indexes even set a record low opening of about 8%.<ref>{{cite web|url=https://equitybazar.com/why-is-the-stock-market-dropping/|archive-url=https://web.archive.org/web/20200212195938/https://equitybazar.com/why-is-the-stock-market-dropping/|archive-date=12 February 2020|title=Why is the stock market dropping?|website=EquityBAZAR|url-status=dead|access-date=9 February 2020}}</ref> By the end of the day, the decline narrowed slightly to about 7%, the Shenzhen index fell below 10,000 points, a total of 3,177 stocks in the two markets fell.<ref>{{cite web|url=http://finance.chinanews.com/cj/2020/02-03/9077187.shtml|title=A股鼠年开市3177只个股跌停 外资200亿资金抄底|archive-url=https://web.archive.org/web/20200203101410/http://finance.chinanews.com/cj/2020/02-03/9077187.shtml|archive-date=3 February 2020|url-status=live}}</ref>

The People's Bank of China and the [[State Administration of Foreign Exchange]] have announced that the inter-bank [[Renminbi]] foreign exchange market, the foreign currency-to-market and the foreign currency market will extend their holiday closed until 2 February 2020.<ref>{{cite web|url=https://news.sina.com.cn/o/2020-01-28/doc-iihnzhha5108712.shtml|title=央行、外汇局：延长银行间市场休市时间，2月3日起恢复|last=澎湃新闻|date=28 January 2020|work=news.sina.com.cn|access-date=3 February 2020|archive-url=https://web.archive.org/web/20200203101408/https://news.sina.com.cn/o/2020-01-28/doc-iihnzhha5108712.shtml|archive-date=3 February 2020|url-status=live}}</ref> When the market opened on 3 February, the Renminbi was now depreciating against major foreign currencies. The central parity rate of the Renminbi against the US dollar opened at 6.9249, a drop of 373 [[basis point]]s from the previous trading day.<ref>{{cite web|url=http://www.xinhuanet.com/fortune/2020-02/03/c_1125525254.htm|title=3日人民币对美元汇率中间价下调373个基点|archive-url=https://web.archive.org/web/20200203113055/http://www.xinhuanet.com/fortune/2020-02/03/c_1125525254.htm|archive-date=3 February 2020|url-status=dead}}</ref> It fell below the 7.00 than an hour after the opening,<ref>{{cite web|url=https://www.thepaper.cn/newsDetail_forward_5753802|title=双双破"7"，在岸、离岸人民币对美元汇率跌破7.01_金改实验室_澎湃新闻-The Paper|work=thepaper.cn|access-date=3 February 2020|archive-url=https://web.archive.org/web/20200203101405/https://www.thepaper.cn/newsDetail_forward_5753802|archive-date=3 February 2020|url-status=live}}</ref> and closed at 7.0257.<ref>{{cite web|url=http://www.cs.com.cn/xwzx/hg/202002/t20200204_6021968.html|title=避险情绪释放 人民币对美元汇率破"7"_中证网|work=cs.com.cn|access-date=4 February 2020|archive-url=https://web.archive.org/web/20200204070948/http://www.cs.com.cn/xwzx/hg/202002/t20200204_6021968.html|archive-date=4 February 2020|url-status=live}}</ref>

The [[World Bank]] expects China to grow by just 0.1–2.3%, the lowest growth rate in decades.<ref>{{cite web|author=EFE |url=https://www.telemetro.com/economia/2020/03/31/bid-cree-que-latinoamerica-sufrira-una-recesion-muy-importante-por-covid-19/2733914.html |title=BID cree que Latinoamérica sufrirá "una recesión muy importante" por COVID-19 |date=April 2020 |publisher=Telemetro |access-date=3 April 2020}}</ref>

On 22 May, [[Premier of the People's Republic of China|Chinese Premier]] [[Li Keqiang]] announced that, for the first time in history, the [[State Council of the People's Republic of China|central government]] wouldn't set an economic growth target for 2020, with the economy having contracted by 6.8% compared to 2019 and China facing an "unpredictable" time. However, the government also stated an intention to create 9 million new urban jobs until the end of 2020.<ref>{{cite web|title=South China Morning Post – China GDP: Beijing abandons 2020 economic growth target, Premier Li Keqiang confirms at NPC|url=https://www.scmp.com/economy/china-economy/article/3085553/china-gdp-beijing-abandons-economic-growth-target-2020-work|website=South China Morning Post|date=22 May 2020|url-status=live|archive-url=https://web.archive.org/web/20200522031912/https://www.scmp.com/news/china/politics/article/3085552/two-sessions-2020-live-national-peoples-congress-gets-under-way|archive-date=22 May 2020}}</ref>

In October 2020, it was announced that China's third-quarter GDP has grown with 4.9%, hereby missing analysts expectations (which was set at 5,2%). However, it does show that China's economy has indeed been steadily recovering from the coronavirus shock that caused decades-low growth.<ref>{{cite news|url=https://www.reuters.com/article/china-economy-gdp-int-idUSKBN27405B|title=China's third-quarter GDP grows 4.9% year-on-year, misses expectations|author=((Reuters Staff))|newspaper=Reuters|date=19 October 2020|via=www.reuters.com}}</ref> To fuel economic growth, the country set aside hundreds of billions of dollars for major infrastructure projects and used [[Alipay Health Code|population tracking policies]] and [[Enforcement|enforced]] the stringent lockdown to contain the virus.<ref>{{cite news|url=https://www.cnn.com/2020/10/18/economy/china-q3-gdp-intl-hnk/index.html|title=China's economic recovery gains even more momentum|first=Laura|last=He |website=CNN Business}}</ref> It is the only major economy that is expected to grow in 2020, according to the International Monetary Fund.<ref>{{cite web|url=https://www.forbes.com/sites/sarahhansen/2020/10/19/chinas-economy-continues-rebound-with-49-growth-in-third-quarter/|title=China's Economy Continues Rebound With 4.9% Growth In Third Quarter|first=Sarah|last=Hansen|website=Forbes}}</ref>

By December 2020, China's economic recovery was accelerating amid increasing demand for manufactured goods.<ref>{{cite news |title=China's factory recovery steps up as export, consumer demand grows |url=https://www.reuters.com/article/us-china-economy-activity/chinas-november-industrial-output-steps-up-as-recovery-gathers-pace-idINKBN28P07C |access-date=27 December 2020 |work=Reuters |date=15 December 2020 |language=en}}</ref> The UK-based [[Centre for Economics and Business Research]] projected that China's "skilful management of the pandemic" would cause the Chinese economy to surpass the United States and become the world's largest economy by nominal GDP in 2028, five years sooner than previously expected.<ref>{{cite news |title=China set to surpass U.S. as world's biggest economy by 2028, says report |url=https://www.cnbc.com/2020/12/26/china-set-to-surpass-us-as-worlds-biggest-economy-by-2028-says-report.html |access-date=27 December 2020 |work=CNBC |date=26 December 2020 |language=en}}</ref><ref>{{cite news |title=China to leapfrog U.S. as world's biggest economy by 2028: think tank |url=https://www.reuters.com/article/us-health-coronavirus-china-economy/china-to-leapfrog-u-s-as-worlds-biggest-economy-by-2028-think-tank-idUSKBN29000C |access-date=27 December 2020 |work=Reuters |date=26 December 2020 |language=en}}</ref>

===== Hong Kong =====
{{main|COVID-19 pandemic in Hong Kong}}
Hong Kong has seen [[2019–2020 Hong Kong protests|high-profile protests]] that saw tourist arrivals from mainland China plummet over an eight-month period. The viral epidemic put additional pressure on the travel sector to withstand a prolonged period of downturn.<ref name="wsj1158011318" /> A drop in arrivals from third countries more resilient during the previous months has also been cited as a concern.<ref name="Hunter" /> The city is already in recession<ref name="wsj1158011318"/> and Moody has lowered the city's credit rating.<ref name="wsj1157953437"/><ref name="AutoDW-293"/>

There has also been a renewed increase in protest activity as hostile sentiment against mainland Chinese strengthened over fears of viral transmission from mainland China, with many calling for the border ports to be closed and for all mainland Chinese travellers to be refused entry. Incidents have included a number of petrol bombs being thrown at police stations,<ref name="scmp3048133"/> a homemade bomb exploding in a toilet,<ref name="scmp3047898"/> and foreign objects being thrown onto transit rail tracks between Hong Kong and the mainland Chinese border.<ref name="scmp3047983"/> Political issues raised have included concerns that mainland Chinese may prefer to travel to Hong Kong to seek free medical help (which has since been addressed by the Hong Kong government).<ref name="AutoDW-294"/><ref name="20191115google"/>

Since the outbreak of the virus, a significant number of products have been sold out across the city, including face masks and disinfectant products (such as alcohol and bleach).<ref name="scmp3048097"/> An ongoing period of panic buying has also caused many stores to be cleared of non-medical products such as bottled water, vegetables and rice.<ref name="scmp3048121"/> The [[Government of Hong Kong]] had its imports of face masks cancelled as global face mask stockpiles decline.<ref name="scmp3048332"/>

In view of the coronavirus pandemic, the [[Education Bureau]] closed all kindergartens, primary schools, secondary schools, and special schools until 17 February.<ref name="AutoDW-295"/> This has been extended for multiple times due to the development of the epidemic,<ref name="AutoDW-296"/><ref name="auto">{{cite web|url=https://www.edb.gov.hk/attachment/en/sch-admin/admin/about-sch/diseases-prevention/edb_20200213_eng.pdf |title=Arrangements on Deferral of Class Resumption for All Schools |website=Education Bureau |access-date=6 April 2020}}</ref><ref>{{cite web|url=https://www.edb.gov.hk/attachment/en/sch-admin/admin/about-sch/diseases-prevention/edb_20200225_eng.pdf |title=Arrangements on Deferral of Class Resumption for All Schools |website=Education Bureau |access-date=6 April 2020}}</ref> until the Bureau announced that all schools would be indefinitely suspended until further notice on 31 March.<ref>{{cite web|url=https://www.edb.gov.hk/attachment/en/sch-admin/admin/about-sch/diseases-prevention/edb_20200331_eng.pdf |title=Deferral of Class Resumption for All Schools Together, We Fight the Virus  |website=Education Bureau |access-date=6 April 2020}}</ref> The disruption has raised concerns over the situation of students who are due to take examinations at the end of the year, especially in light of the protest-related disruption that happened in 2019.<ref name="scmp3047662"/>

On 5 February, flag carrier [[Cathay Pacific]] requested its 27,000 employees to voluntarily take three weeks of unpaid leave by the end of June. The airline had previously reduced flights to mainland China by 90% and to overall flights by 30%.<ref name="AutoDW-297"/>

===== Macau =====
{{main|COVID-19 pandemic in Macau}}
On 4 February 2020, all [[casino]]s in Macau were ordered shut down for 15 days.<ref name="AutoDW-298" /><ref name="AutoDW-299" />
All casinos reopened on 20 February 2020,<ref name="AutoDW-300" /> but visitor numbers remained low due to the pandemic, with hotels at less than 12% occupancy at the end of February.<ref name="88 percent" />

===== Japan =====
{{main|COVID-19 pandemic in Japan}}
[[File:NoMasksLeft2020.jpg|thumb|Shelves in a pharmacy in Japan sold out of masks on 3 February 2020]]
Former Prime Minister [[Shinzō Abe]] has said that "the new coronavirus is having a major impact on tourism, the economy and our society as a whole".<ref name="20200201japantimesA" /><ref name="20200201japantimesB" /> Face masks have sold out across the nation and stocks of face masks are depleted within a day of new arrivals.<ref name="20200131japantimes" /> There has been pressure placed on the healthcare system as demands for [[physical examination|medical checkups]] increase.<ref name="20200201reutersB" /> Chinese people have reported increasing discrimination.<ref>{{cite news |last=Pfanner |first=Eric |url=https://www.japantimes.co.jp/news/2020/01/30/world/chinese-tourists-finding-no-longer-welcome-fear-coronavirus-takes-hold/ |title=Chinese tourists finding they are no longer welcome as fear over coronavirus takes hold |date=30 January 2020 |work=Japan Times |access-date=31 January 2020 |issn=0447-5763 |archive-url=https://web.archive.org/web/20200131064332/https://www.japantimes.co.jp/news/2020/01/30/world/chinese-tourists-finding-no-longer-welcome-fear-coronavirus-takes-hold/ |archive-date=31 January 2020 |url-status=live}}</ref> The [[Ministry of Health, Labour and Welfare|health minister]] has pointed out that the situation has not reached a point where mass gatherings must be called off 1 February 2020.<ref>{{cite web |url=https://japantoday.com/category/national/3-Japanese-returnees-from-Wuhan-test-positive-for-new-coronavirus |title=3 Japanese returnees from Wuhan test positive for new coronavirus |website=Japan Today |date=30 January 2020 |access-date=1 February 2020 |archive-url=https://web.archive.org/web/20200130140241/https://japantoday.com/category/national/3-Japanese-returnees-from-Wuhan-test-positive-for-new-coronavirus |archive-date=30 January 2020 |url-status=live}}</ref>

Aviation, retail and tourism sectors have reported decreased sales and some manufactures have complained about disruption to Chinese factories, logistics and supply chains.<ref>{{cite web|url=https://thediplomat.com/2020/02/will-japans-economy-buckle-under-the-coronavirus-outbreak/|title=Will Japan's Economy Buckle Under the coronavirus pandemic?|last=Siripala|first=Thisanka|website=thediplomat.com|access-date=14 February 2020|archive-url=https://web.archive.org/web/20200214140209/https://thediplomat.com/2020/02/will-japans-economy-buckle-under-the-coronavirus-outbreak/|archive-date=14 February 2020|url-status=live}}</ref> Prime Minister Abe has considered using emergency funds to mitigate the outbreak's impact on tourism, of which Chinese nationals account for 40%.<ref>{{cite web |url=https://www.msn.com/en-us/news/world/japan-considers-extra-spending-over-coronavirus-e2-80-99s-impact-on-tourism/ar-BBZvrUa |title=Japan Considers Extra Spending Over Coronavirus's Impact on Tourism |publisher=MSN |access-date=31 January 2020 |archive-url=https://web.archive.org/web/20200131083426/http://www.msn.com/en-us/news/world/japan-considers-extra-spending-over-coronavirus-e2-80-99s-impact-on-tourism/ar-BBZvrUa |archive-date=31 January 2020 |url-status=live}}</ref> S&P Global noted that the worst hit shares were from companies spanning travel, cosmetics and retail sectors which are most exposed to Chinese tourism.<ref>{{cite web |url=https://www.spglobal.com/en/research-insights/articles/chinese-coronavirus-fear-spreads-over-luxury-retail-sectors |title=Chinese coronavirus fear spreads over luxury, retail sectors |website=spglobal.com |access-date=1 February 2020 |archive-url=https://web.archive.org/web/20200201140526/https://www.spglobal.com/en/research-insights/articles/chinese-coronavirus-fear-spreads-over-luxury-retail-sectors |archive-date=1 February 2020 |url-status=live}}</ref> Nintendo announced that they would delay shipment of the [[Nintendo Switch]], which is manufactured in China, to Japan.<ref>{{cite web|url=https://www.animenewsnetwork.com/daily-briefs/2020-02-06/coronavirus-delays-nintendo-switch-production-shipments-for-japan/.156176|title=Coronavirus Delays Nintendo Switch Production, Shipments for Japan|website=Anime News Network|access-date=25 February 2020|archive-url=https://web.archive.org/web/20200215171758/https://www.animenewsnetwork.com/daily-briefs/2020-02-06/coronavirus-delays-nintendo-switch-production-shipments-for-japan/.156176|archive-date=15 February 2020|url-status=live}}</ref>

The outbreak itself was a concern for the [[2020 Summer Olympics]] which was scheduled to take place in Tokyo starting at the end of July. The [[Government of Japan|national government]] thus took extra precautions to help minimise the outbreak's impact.<ref name="auto1" /><ref>{{cite news |url=https://www.theguardian.com/world/2020/feb/01/tokyo-2020-organisers-fight-false-rumours-olympics-cancelled-over-coronavirus-crisis |title=Tokyo 2020 organizers fight false rumors Olympics cancelled over coronavirus crisis |last=McCurry |first=Justin |date=1 February 2020 |website=[[The Guardian]] |access-date=10 February 2020 |archive-url=https://web.archive.org/web/20200206150540/https://www.theguardian.com/world/2020/feb/01/tokyo-2020-organisers-fight-false-rumours-olympics-cancelled-over-coronavirus-crisis |archive-date=6 February 2020 |url-status=live}}</ref> The Tokyo organising committee and the [[International Olympic Committee]] monitored the outbreak's impact in Japan.<ref name="auto1" />

On 27 February 2020, Prime Minister [[Shinzo Abe]] requested that all Japanese elementary, junior high, and high schools close until late March, the end of the school year, to help contain the virus. Schools will only reopen for the next term after spring break in early April and the nationwide closures will affect 13&nbsp;million students.<ref>{{cite web |url=https://english.kyodonews.net/news/2020/02/c3c57bbce11d-breaking-news-govt-will-ask-all-schools-in-japan-to-shut-for-virus-fears-abe.html |title=PM Abe asks all schools in Japan to temporarily close over coronavirus |publisher=Kyodo News |date=23 February 2020 |access-date=27 February 2020 |archive-url=https://web.archive.org/web/20200228045542/https://english.kyodonews.net/news/2020/02/c3c57bbce11d-breaking-news-govt-will-ask-all-schools-in-japan-to-shut-for-virus-fears-abe.html |archive-date=28 February 2020 |url-status=live }}</ref><ref>{{cite news|url=https://www.bbc.com/news/world-asia-51663182|title=Japan to close all schools to halt virus spread|date=27 February 2020|work=BBC News|access-date=27 February 2020|language=en-GB|archive-url=https://web.archive.org/web/20200229020910/https://www.bbc.com/news/world-asia-51663182|archive-date=29 February 2020|url-status=live}}</ref>

===== South Korea =====
{{main|COVID-19 pandemic in South Korea}}
[[File:Coronavirus Jongno 1.jpg|thumb|Coronavirus infection prevention tips banner in Seoul]]
On 5 February 2020, [[Hyundai Motor Company]] was forced to suspend production in South Korea due to shortage in supply of parts.<ref>{{cite news|url=https://www.reuters.com/article/us-hyundai-motor-virus-china-idUSKBN1ZY0GG|title=Hyundai to halt South Korea output as China virus disrupts parts supply|date=4 February 2020|work=Reuters|access-date=5 February 2020|language=en|archive-url=https://web.archive.org/web/20200204142738/https://www.reuters.com/article/us-hyundai-motor-virus-china-idUSKBN1ZY0GG|archive-date=4 February 2020|url-status=live}}</ref><ref>{{cite web|url=https://www.aljazeera.com/ajimpact/hyundai-halt-south-korea-output-coronavirus-200204190943934.html|title=Hyundai to halt South Korea output because of coronavirus|website=aljazeera.com|access-date=5 February 2020}}</ref>

South Korea has been reporting increasing human-to-human community transmission of COVID-19 since 19 February 2020, traced to a church of [[Shincheonji Church of Jesus|Shincheonji]], located near the city of Daegu. Apart from the city of Daegu and the church community involved, most of South Korea is operating close to normality, although nine planned festivals have been closed and tax-free retailers are closing.<ref name="Duddu-2020"/> South Korean military manpower agency made an announcement that conscription from the Daegu will temporarily be suspended.<ref name="AutoDW-301"/> The ''Daegu Office of Education'' decided to postpone the start of every school in the region by one week.<ref name="AutoDW-302"/>

Numerous educational institutes have temporarily shut down, including dozens of kindergartens in [[Daegu]] and several elementary schools in [[Seoul]].<ref name="AutoDW-303"/> As of 18 February, most universities in South Korea had announced plans to postpone the start of the spring semester. This included 155 universities planning to delay the semester start by 2 weeks to 16 and 22 March universities planning to delay the semester start by 1 week to 9 March.<ref name="AutoDW-304"/> Also, on 23 February 2020, all kindergartens, elementary schools, middle schools, and high schools were announced to delay the semester start from 2 to 9 March.<ref name="AutoDW-305"/>

The economy of South Korea is forecast to grow 1.9%, which is down from 2.1%. The government has provided 136.7&nbsp;billion won for local governments as support.<ref name="Duddu-2020" /> The government has also organised the procurement of masks and other hygiene equipment.<ref name="Duddu-2020" />

===== Taiwan =====
{{main|COVID-19 pandemic in Taiwan}}
[[File:Taiwan -i---i- (49436628738).jpg|thumb|Surgical masks used by people in Taiwan]]
[[File:Masks, alcohol and hand sanitizers sold out in Watsons Taiwan 20200214.jpg|thumb|Surgical masks and other medical equipment sold out in Taiwan]]
On 24 January, the [[Government of the Republic of China|Taiwanese government]] announced a temporary ban on the export of face masks for a month to secure a supply of masks for its own citizens.<ref name="BBCTW06Feb2020"/><ref name="Reuters27Jan2020"/> On 2 February 2020, Taiwan's Central Epidemic Command Center postponed the opening of primary and secondary schools until 25 February.<ref name="TWCDC02Feb2020"/><ref name="FTW02Feb2020"/> Taiwan has also announced a ban of cruise ships from entering all Taiwanese ports.<ref name="1TWCDC06Feb2020"/> In January, Italy has banned flights from mainland China, Hong Kong, Macau, and Taiwan. On 10 February, the Philippines announced it will ban the entry of Taiwanese citizens due to the [[One-China Policy]].<ref name="CNNPH10Feb2020"/> Later on 14 February, Presidential Spokesperson of Philippines, [[Salvador Panelo]], announced the lifting of the temporary ban on Taiwan.<ref name="CNNPH14Feb2020"/> In early February 2020 Taiwan's Central Epidemic Command Center requested the mobilisation of the [[Taiwanese Armed Forces]] to contain the spread of the virus and to build up the defences against it. Soldiers were dispatched to the factory floors of major mask manufacturers to help staff the 62 additional mask production lines being set up at the time.<ref name="AutoDW-306"/>

In the aviation industry, Taiwanese carrier [[China Airlines]]'s direct flights to Rome have been rejected and cancelled since Italy has announced the ban on Taiwanese flights.<ref name="Reuters05Feb2020"/> On the other hand, the second-largest Taiwanese carrier, [[Eva Air]], has also postponed the launch of [[Milan]] and [[Phuket]] flights.<ref name="FTW06Feb2020"/> Both Taiwanese airlines have cut numerous [[Cross-Strait relations|cross-strait]] destinations, leaving just three Chinese cities still served.<ref name="TWaviation12Feb2020"/>

==== South Asia ====

===== India =====
{{main|Economic impact of the COVID-19 pandemic in India|COVID-19 pandemic in India}}
In India, economists expect the near-term impact of the outbreak to be limited to the supply chains of major conglomerates, especially pharmaceuticals, fertilisers, automobiles, textiles and electronics. A severe impact on global trade logistics is also expected due to disruption of logistics in mainland China, but due to the combined risk with regional geopolitical tensions, wider trade wars and [[Brexit]].<ref name="AutoDW-307" /> The stock market took a bearish mode in response to COVID-19. The [[BSE SENSEX]] fell 2919 and [[NIFTY 50]] fell 950 points in a single day on 12 March 2020.<ref>{{cite web|url=https://www.ndtv.com/business/bse-sensex-today-live-market-news-sensex-ends-2919-points-lower-nifty-at-9590-amid-coronavirus-fear-2193751|title=Sensex Crashes 2,919 Points, Nifty Ends At 9,590 In Worst Day For Markets Ever|website=NDTV.com|date=12 March 2020 |access-date=13 March 2020|archive-url=https://web.archive.org/web/20200312174743/https://www.ndtv.com/business/bse-sensex-today-live-market-news-sensex-ends-2919-points-lower-nifty-at-9590-amid-coronavirus-fear-2193751|archive-date=12 March 2020|url-status=live}}</ref>

On 19 March 2020, the Indian government has banned the export of ventilators, surgical/disposable masks and textile raw materials out of the country.<ref>{{cite news | url = https://economictimes.indiatimes.com/news/politics-and-nation/coronavirus-cases-in-india-live-news-latest-updates-march19/liveblog/74701965.cms | title = Coronavirus Updates: Number of cases in Mumbai region goes up to 18 | date = 19 March 2020 | journal = [[The Economic Times]] | archive-url = https://web.archive.org/web/20200319193206/https://economictimes.indiatimes.com/news/politics-and-nation/coronavirus-cases-in-india-live-news-latest-updates-march19/liveblog/74701965.cms | archive-date = 19 March 2020 | url-status = live | access-date = 19 March 2020 }}</ref>
Oil has plummeted to 18-year low of $22 per barrel in March, and Foreign Portfolio Investors (FPIs) have withdrawn huge amounts from India, about US$571.4&nbsp;million. While lower oil prices will shrink the current account deficit, reverse capital flows will expand it. Rupee is continuously depreciating. MSMEs will undergo a severe cash crunch.<ref>{url=https://journals.sagepub.com/doi/full/10.1177/0972063420935541}</ref>

===== Pakistan =====
{{main|COVID-19 pandemic in Pakistan}}

The [[Pakistani economy|economy of Pakistan]] faced a devastating impact from the coronavirus outbreak because it was in recessionary conditions in the quarter prior to the pandemic.<ref>{{cite journal |title=What Ails Pakistan's Economy? The Problems beyond Coronavirus. |journal=Political Economy – Development: Underdevelopment & Poverty EJournal. |year=2019 |ssrn = 3573466|last1=Safdar |first1=Aneeqa |last2=Chohan |first2=Usman W. }}</ref> Weak social protections and low investment in healthcare meant that most citizens were vulnerable to pandemic conditions at the time of the outbreak.<ref>{{cite web |url=https://www.unescap.org/publications/social-outlook-asia-and-pacific-2018 |title=Social Outlook for Asia and the Pacific 2018: Poorly Protected |publisher=United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) |access-date=24 May 2020}}</ref> Forecasts of the economic loss from the three-month lockdown, which was subsequently eased in late May 2020, indicated that Pakistan would face its first annual economic recession since 1952.<ref>{{cite journal |title=Forecasting the Economic Impact of Coronavirus on Developing Countries: Case of Pakistan. |journal=Development Economics: Macroeconomic Issues in Developing Economies eJournal|date=28 March 2020|ssrn = 3563616|last1=Chohan|first1=Usman W.}}</ref> Given the strained government resources, civil society and charity organizations became much more active in providing relief to the public during the national lockdown.<ref>{{cite web |url=https://foreignpolicy.com/2020/05/11/on-coronavirus-pakistans-government-is-missing-in-action/ |title=On the Coronavirus, Pakistan's Government Is Missing in Action |website=ForeignPolicy |date=11 May 2020 |access-date=25 May 2020}}</ref>

===== Sri Lanka =====
{{Main|COVID-19 pandemic in Sri Lanka}}
In February 2020, research houses expected the economic impact in Sri Lanka to be limited to a short-term impact on the tourism and transport sectors.<ref name="AutoDW-308" />

==== Southeast Asia ====
[[File:Ntuc super store, Singapore (49505410793).jpg|thumb|Coronavirus fears lead to panic buying of essentials in Singapore]]
Among [[Association of Southeast Asian Nations]] countries, the city-state of Singapore was forecast to be one of the worst-hit countries by [[Maybank]].<ref name="AutoDW-309" /> The tourism sector was considered to be an "immediate concern" along with the effects on production lines due to disruption to factories and logistics in mainland China.<ref name="channelnewsasia12361746" /> Singapore has witnessed panic buying of essential groceries,<ref name="AutoDW-310" /> and of masks, thermometers and sanitation products despite being advised against doing so by the [[Government of Singapore|Government]].<ref name="orlandosentinel20200130" /><ref name="channelnewsasia12364268" /> Prime Minister [[Lee Hsien Loong]] said that a recession in the country is a possibility and that the country's economy "would definitely take a hit".<ref name="AutoDW-311" /> On 17 February, the [[Ministry of Trade and Industry (Singapore)|Ministry of Trade and Industry]] (MTI) downgraded Singapore's forecast [[GDP growth]] to between −0.5% and 1.5%.<ref name="MTIForecast">{{cite news|title=Singapore cuts 2020 GDP forecast range to −0.5% to 1.5% due to COVID-19 outbreak|language=en|url=https://www.channelnewsasia.com/news/singapore/singapore-cuts-2020-gdp-forecast-covid-19-economy-12440764|url-status=live|access-date=5 March 2020|archive-url=https://web.archive.org/web/20200302172134/https://www.channelnewsasia.com/news/singapore/singapore-cuts-2020-gdp-forecast-covid-19-economy-12440764|archive-date=2 March 2020}}</ref> This is largely due to the fall in tourism and social distancing restrictions.<ref name="MTIForecast" /> On 26 March, MTI said it believed that the economy would contract by between 1% and 4% in 2020. This was after the economy shrank some 2.2% in the first quarter of 2020 from the same quarter in 2019.<ref>{{cite web|last=Lee|first=Yen Nee|date=26 March 2020|title=Singapore expects its economy to shrink in 2020 due to the coronavirus pandemic|url=https://www.cnbc.com/2020/03/26/coronavirus-singapore-releases-first-quarter-gdp-advance-estimates.html|url-status=live|archive-url=https://web.archive.org/web/20200326080729/https://www.cnbc.com/2020/03/26/coronavirus-singapore-releases-first-quarter-gdp-advance-estimates.html|archive-date=26 March 2020|access-date=26 March 2020|website=CNBC|language=en}}</ref> On 26 May, the Singapore economy contracted 0.7%YoY, which was better than the expected contraction of 2.2%. However, MTI said that it was revising down its expectation for the Singapore economy in 2020 to shrink by 4% to 7%.<ref>{{cite web|last=hermesauto|date=26 May 2020|title=S'pore heads for deeper recession: 2020 growth forecast cut to between −7 and −4% on Covid-19 impact|url=https://www.straitstimes.com/business/economy/spore-to-sink-into-deeper-recession-than-expected-2020-growth-forecast-cut-to|access-date=26 May 2020|website=The Straits Times|language=en}}</ref> Economists were behind the curve in downgrading their numbers.<ref>{{cite web|last=hermes|date=23 April 2020|title=Citi: Singapore economy set to shrink by 8.5% this year|url=https://www.straitstimes.com/business/economy/citi-spore-economy-set-to-shrink-by-85-this-year|access-date=15 September 2020|website=The Straits Times|language=en}}</ref> Euben Paracuelles, at Nomura argued that while some ASEAN economies had success in containing the virus, the presence of global uncertainties meant that any regional recovery would be restrained. For example, while Thailand had managed to contain the virus, it was not open to tourism, which forms a substantial part of its economy.<ref>{{cite web|last=Lee|first=Yen Nee|date=6 August 2020|title=Most Southeast Asian economies will struggle to grow — even if some saw success in containing the virus|url=https://www.cnbc.com/2020/08/06/most-southeast-asian-economies-struggling-to-grow-amid-the-coronavirus.html|access-date=11 December 2020|website=CNBC|language=en}}</ref>

Prime Minister [[Hun Sen]] of Cambodia made a special visit to China with an aim to showcase Cambodia's support to China in fighting the outbreak of the epidemic.<ref name="AutoDW-315" />

Maybank economists rated Thailand as being most at risk, with the threat of the viral outbreak's impact on tourism causing the [[Thai baht]] to fall to a seven-month low.<ref name="bangkokpost1847089"/>
[[File:Panic buying in Jakarta due to COVID-19.jpg|thumb|Panic buying in a supermarket in Indonesia]]
In Indonesia, over 10,000 Chinese tourists cancelled trips and flights to major destinations such as [[Bali]], [[Jakarta]], [[Bandung]], etc., over coronavirus fears. Many existing Chinese visitors are queuing up with the Indonesian authority appealing for extended stay.<ref name="AutoDW-314"/> Panic buying has also hit the capital city, Jakarta. As the first reported cases of COVID-19 was announced by the government at 3 March.<ref>{{cite web |author=The Jakarta Post |url=https://www.thejakartapost.com/news/2020/03/03/panic-buying-hits-jakarta-supermarkets-as-govt-announces-first-covid-19-cases.html |title=Panic buying hits Jakarta supermarkets as govt announces first COVID-19 cases – City |publisher=The Jakarta Post |date=3 March 2020 |access-date=14 March 2020 |archive-url=https://web.archive.org/web/20200312125324/https://www.thejakartapost.com/news/2020/03/03/panic-buying-hits-jakarta-supermarkets-as-govt-announces-first-covid-19-cases.html |archive-date=12 March 2020 |url-status=live }}</ref>

In Malaysia, economists predicted that the outbreak would affect the country's GDP, trade and investment flows, commodity prices and tourist arrivals.<ref name="20200201thestar"/> Initially, the [[Road bicycle racing|cycling race event]] [[2020 Tour de Langkawi|Le Tour de Langkawi]] was rumoured to be cancelled, but the organiser stated that it would continue to be held as usual. Despite this, two cycling teams, the [[Hengxiang Cycling Team]] and the [[Giant Cycling Team]], both from China, were pulled from participating in this race due to fear of the coronavirus pandemic.<ref name="AutoDW-312"/> As the outbreak situation has worsened, some of the upcoming concerts held in the country, such as [[Kenny G]], [[Jay Chou]], [[Joey Yung]], [[The Wynners]], [[Super Junior]], Rockaway Festival and [[Miriam Yeung]], were postponed to a future date, and the upcoming [[Seventeen (South Korean band)|Seventeen]] concert was cancelled.<ref name="AutoDW-313"/>

The Philippines reported that its GDP contracted by 9.5% in 2020, its worst contraction since World War II. The last full-year contraction in the country was in 1998 amidst the Asian financial crisis where its GDP grew by −0.5%. The 2020 contraction was also worse than the 7% contraction in 1984.<ref>{{cite web|date=28 January 2021|title=PH posts worst GDP contraction since World War 2 with −9.5 pct growth in 2020|url=https://news.abs-cbn.com/business/01/28/21/philippine-economy-shrinks-83-percent-in-fourth-quarter-full-2020-growth-at-95-pct|access-date=28 January 2021|website=ABS-CBN News|language=en}}</ref>

Vietnam, who had clamped down early to prevent the spread of the coronavirus, was expected to be the only country in the South East Asia region that was expected to grow in 2020.<ref>{{cite news|date=19 November 2020|title=Vietnam economy is Asia's shining star during Covid|language=en-GB|work=BBC News|url=https://www.bbc.com/news/business-54997796|access-date=23 November 2020}}</ref>

==== Middle East ====

===== Iran =====
{{main|COVID-19 pandemic in Iran}}On 26 March, Rouhani requested to withdraw 1&nbsp;billion dollars from [[National Development Fund of Iran|National Development Fund]] and Khamenei allowed the withdrawal within eleven days. On 28 March, Rouhani announced that 20% of the country's annual budget would be allocated to fight the virus. The following day, he defended against criticisms of the government's response to the outbreak, saying that he needed to weigh protecting the country's economy that was already affected by US sanctions while fighting the worst outbreak of the region.

===== Israel =====
{{Main|COVID-19 pandemic in Israel}}
At its peak, Israel was one of the world's worst hit countries from the COVID-19 pandemic. By 1 April 2020, the national unemployment rate had reached 24.4 percent. In the month of March alone, more than 844,000 individuals applied for unemployment benefits—90% of whom had been placed on unpaid leave due to the pandemic. Following the world's fastest and most successful vaccination campaigns by far using the [[Pfizer–BioNTech COVID-19 vaccine|Pfizer-BioNTech]] jab,<ref name="BBC News">{{cite news|date=21 February 2021|title=Israel eases restrictions following vaccine success|language=en-GB|work=BBC News|url=https://www.bbc.com/news/world-middle-east-56143126|access-date=29 March 2021}}</ref> Israel currently issues 'green passports' for individuals who have received their 2nd vaccine dose; which allow indefinite access to many places and amenities formerly only accessible to those with a negative COVID-19 test result. The subsequent low-infection rates have eased restrictions and the economic tension in the country.<ref name="BBC News"/>

As of 29 March 2021; 5,227,689 Israelis have received at least 1 dose of the vaccine, out of which 4,739,694 have had 2 doses.<ref>{{cite web|title=Data Dashboard- COVID-19 pandemic in Israel statistics|url=https://datadashboard.health.gov.il/COVID-19/general|website=Data Dashboard, Israel Health Ministry|language=Hebrew}}</ref>

On 30 March 2020, Prime Minister Netanyahu announced an economic rescue package totaling 80&nbsp;billion shekels ($22&nbsp;billion), saying that was 6% of the country's GDP. The money will be allocated to health care (10&nbsp;billion₪); welfare and unemployment (30&nbsp;billion₪) aid for small and large businesses (32&nbsp;billion₪), and to financial stimulus (8&nbsp;billion₪).<ref>{{cite news|title=Israeli army to provide aid to ultra-Orthodox city under coronavirus closure|url=https://www.haaretz.com/israel-news/coronavirus-israeli-health-minister-netanyahu-mossad-chief-quarantine-1.8720108|access-date=29 March 2021|newspaper=Haaretz|language=en}}</ref>

Israel agreed to pay Russia to send Russian-made [[Sputnik V COVID-19 vaccine|Sputnik V]] vaccine doses to Syria as part of a Russia-mediated prisoner swap agreement.<ref>{{cite news|last1=Kingsley|first1=Patrick|last2=Bergman|first2=Ronen|last3=Kramer|first3=Andrew E.|date=21 February 2021|title=Israel Secretly Agrees to Fund Vaccines for Syria as Part of Prisoner Swap|language=en-US|work=The New York Times|url=https://www.nytimes.com/2021/02/20/world/middleeast/israel-syria-prisoner-swap-vaccines.html |archive-url=https://ghostarchive.org/archive/20211228/https://www.nytimes.com/2021/02/20/world/middleeast/israel-syria-prisoner-swap-vaccines.html |archive-date=28 December 2021 |url-access=limited|access-date=29 March 2021|issn=0362-4331}}{{cbignore}}</ref>

In 2020, Israel's economy shrank by 2.4%, following 3.4% and 3.5% growth in 2019 and 2018 respectively. This is considerably below the Euro-bloc where the economy shrank by 5%.<ref>{{cite news|date=16 February 2021|title=Israel's economy shrank only 2.4% in 2020|language=en|work=Globes|url=https://en.globes.co.il/en/article-israels-economy-shrank-24-in-2020-1001360873#:~:text=Israel%27s%20Gross%20Domestic%20Product%20(GDP,Bureau%20of%20Statistics%20has%20reported.|access-date=29 March 2021}}</ref>

===== Saudi Arabia =====
{{Main|COVID-19 pandemic in Saudi Arabia}}
On 27 February, Saudi Arabia halted travel to [[Mecca]] and [[Medina]] over coronavirus. This has prevented foreigners from reaching the holy city of Mecca and the [[Kaaba]]. Travel was also suspended to [[Al-Masjid an-Nabawi|Muhammad's mosque]] in Medina.<ref>{{cite web|url=https://www.aljazeera.com/news/2020/02/saudi-arabia-halts-travel-mecca-medina-coronavirus-200227054424029.html|title=Saudi Arabia halts travel to Mecca, Medina over coronavirus|website=www.aljazeera.com|access-date=28 February 2020|archive-url=https://web.archive.org/web/20200229052156/https://www.aljazeera.com/news/2020/02/saudi-arabia-halts-travel-mecca-medina-coronavirus-200227054424029.html|archive-date=29 February 2020|url-status=live}}</ref> Images of the emptied [[Sahn|''ṣaḥn'']] of the [[Great Mosque of Mecca]], where pilgrims are ordinarily performing the ''[[tawaf]]'' around the [[Kaaba]], went viral on social media.<ref>{{cite web|url=https://arabic.cnn.com/middle-east/article/2020/03/08/almaghamsi-kaaba-coronavirus|script-title=ar:المغامسي يعلق على مشهد خلو الكعبة ويبرز أهميتها بحديث هدمها بآخر الزمن|date=8 March 2020|website=CNN Arabic|language=ar|access-date=23 March 2020|archive-url=https://web.archive.org/web/20200320162558/https://arabic.cnn.com/middle-east/article/2020/03/08/almaghamsi-kaaba-coronavirus|archive-date=20 March 2020|url-status=live}}</ref>

===== United Arab Emirates =====
{{Main|COVID-19 pandemic in the United Arab Emirates}}

The COVID-19 pandemic reportedly pressured the property sector, which has already been dealing with the imbalance between supply and demand for years. Dubai's property firms, Emaar Properties, and DAMAC Properties reported losses following the surge in COVID-19. Emaar reported a 58% loss in net profit while DAMAC Properties reported a net loss of 1.04&nbsp;billion [[dirhams]] in the year 2020.<ref>{{cite news|url=https://www.reuters.com/article/damac-dubai-results-int/dubais-damac-sees-at-least-1-2-years-before-property-market-recovers-idUSKBN2AE03X|title=Dubai property firm Emaar's 2020 profit plunges, DAMAC posts wider loss|access-date=14 February 2021|website=Reuters|date=14 February 2021}}</ref>

In March 2021, the restrictions on global supply-chain caused a great impact on Dubai's business activities, which were struggling to recover from the impact of the [[COVID-19 pandemic]]. The IHS Markit compiled Dubai's Purchasing Managers’ Index that rose to 51 from 50.9 in February 2021, saving from landing in the contraction zone by only one point. The global supply difficulties also led to "constraint profit margins", as the need of demand recovery forced firms to lower output charges.<ref>{{cite news|url=https://www.bloomberg.com/news/articles/2021-04-11/dubai-business-activity-flat-as-supply-shortages-tourism-weigh?sref=nAHOTXiV|title=Global Supply-Chain Glitches Hinder Dubai Business Activity|access-date=11 April 2021|newspaper=Bloomberg.com|date=11 April 2021 }}</ref>

==== Jordan ====
{{Main|COVID-19 pandemic in Jordan}}
Jordan's [[Real gross domestic product|real GDP]] fell by 1.6% in 2020, with a dramatic reduction in tourism, one of its most crucial economic sectors. The sector's GDP fell by 3%.<ref>{{cite book |last=Bank |first=European Investment |url=https://www.eib.org/en/publications/economic-report-banking-in-jordan |title=Banking in Jordan: Financing corporates and SMEs in the era of COVID-19 |date=17 March 2022 |publisher=European Investment Bank |isbn=978-92-861-5224-5 |language=EN}}</ref><ref>{{cite web |title=Impact of the Pandemic on Tourism – IMF F&D |url=https://www.imf.org/en/Publications/fandd/issues/2020/12/impact-of-the-pandemic-on-tourism-behsudi |access-date=2022-08-02 |website=IMF |language=en}}</ref>

[[Small and medium-sized enterprises|SMEs]] appeared less affected by the pandemic than bigger enterprises. 50% of banks questioned reported an increase in loan supply to SMEs, while 25% reported a reduction. For corporates, the increase in loan supply was 25% and 45% reported a reduction.<ref>{{cite web |date=18 October 2009 |title=Monetary policy, credit flows and small and medium-sized enterprises |url=https://www.ecb.europa.eu/press/key/date/2009/html/sp091018.en.html |access-date=2022-08-02 |website=European Central Bank |language=en}}</ref> The country's unemployment rate hit 25% in 2021, the highest in more than 25 years.<ref>{{cite web |author=Staff Writer |last2=Times |first2=The Jordan |title=Unemployment rate up by 0.1% in Q4 of 2021 — Jordan |url=https://www.zawya.com/en/economy/levant/unemployment-rate-up-by-01-in-q4-of-2021-jordan-kzt7nvcd |access-date=2022-08-02 |website=www.zawya.com |language=en}}</ref>

Macroeconomic stability, however, has been maintained, and the [[International Monetary Fund]] expects modest growth rates for 2022 (2.7%) and 2023 (2.7%) in predictions provided in the October 2021 [[International Monetary Fund|World Economic Outlook]]. In the first half of 2021, [[Real gross domestic product|real GDP]] increased by 3.2%.<ref>{{cite web |title=World Economic Outlook Update, July 2022: Gloomy and More Uncertain |url=https://www.imf.org/en/Publications/WEO/Issues/2022/07/26/world-economic-outlook-update-july-2022 |access-date=2022-08-02 |website=IMF |language=en}}</ref>

=== Europe ===
{{main|COVID-19 pandemic in Europe}}
[[File:Firms that plan to cut investment as a result of the COVID-19 crisis.png|thumb|315x315px|[[European Investment Bank]] Investment Survey 2020<ref>{{cite web|title=Corporate investment in Europe was having a renaissance– then COVID-19 hit|url=https://www.eib.org/en/essays/corporate-investment-in-europe-was-having-a-renaissance-then-covid19-hit|access-date=12 October 2021|website=European Investment Bank|language=en}}</ref>]]
In Spain, a large number of exhibitors (including Chinese firms [[Huawei]] and [[Vivo (technology company)|Vivo]]) announced plans to pull out of or reduce their presence at [[Mobile World Congress]], a [[Mobile telephony|wireless]] industry trade show in [[Barcelona]], due to concerns over coronavirus.<ref name="AutoDW-317"/><ref name="AutoDW-318"/><ref name="AutoDW-319"/> On 12 February 2020, [[GSMA]] CEO John Hoffman announced that the event had been cancelled, as the concerns had made it "impossible" to host.<ref name="AutoDW-320"/>

Owing to an increase in the demand for masks,<ref name="AutoDW-322"/> on 1 February most masks were sold out in Portuguese pharmacies.<ref name="AutoDW-323"/> On 4 February, President [[Marcelo Rebelo de Sousa]] admitted that the epidemic of the new coronavirus in China "affects the economic activity of a very powerful economy and thus affects the world's economic activity or could affect". He also admitted the possibility of economic upheavals due to the break in production."<ref name="AutoDW-324"/> On 28 February, the Swiss government has banned all public and private gatherings of more than 1,000 people until 15 March, including forcing through a cancellation of the [[Geneva Motor Show|Geneva International Motor Show]].<ref>{{cite web|url=https://www.thestar.com/business/2020/02/28/swiss-government-bans-all-events-over-1000-people.html|title=Geneva auto show, other big events cancelled amid virus fears|date=28 February 2020|website=thestar.com|language=en|access-date=28 February 2020|archive-url=https://web.archive.org/web/20200228211055/https://www.thestar.com/business/2020/02/28/swiss-government-bans-all-events-over-1000-people.html|archive-date=28 February 2020|url-status=live}}</ref>

[[European Commissioner for Internal Market and Services]] [[Thierry Breton]] has asked streaming video services operating in the EU to reduce the amount of [[Bandwidth (computing)|bandwidth]] used by their services to preserve capacity and infrastructure. [[Netflix]] and YouTube havecomplied with this request.<ref>{{cite web|url=https://www.theverge.com/2020/3/20/21187930/youtube-reduces-streaming-quality-european-union-coronavirus-bandwidth-internet-traffic|title=YouTube joins Netflix in reducing video quality in Europe|last=Porter|first=Jon|date=20 March 2020|website=The Verge|language=en|access-date=20 March 2020|archive-url=https://web.archive.org/web/20200320110203/https://www.theverge.com/2020/3/20/21187930/youtube-reduces-streaming-quality-european-union-coronavirus-bandwidth-internet-traffic|archive-date=20 March 2020|url-status=live}}</ref><ref>{{cite web|url=https://www.theverge.com/2020/3/19/21187078/netflix-europe-streaming-european-union-bit-rate-broadband-coronavirus|title=Netflix will reduce its European network traffic by 25 percent to manage surge|last=Alexander|first=Julia|date=19 March 2020|website=The Verge|language=en|access-date=20 March 2020|archive-url=https://web.archive.org/web/20200320155015/https://www.theverge.com/2020/3/19/21187078/netflix-europe-streaming-european-union-bit-rate-broadband-coronavirus|archive-date=20 March 2020|url-status=live}}</ref>

Before the COVID-19 pandemic, about 86% of EU enterprises were making investments. In 2021 this remained mostly steady compared to 2020 (81%). EU businesses were optimistic for investment throughout 2022, with 20% more anticipating investment to rise than fall.<ref name="EIB-2022g">{{cite book |last=Bank |first=European Investment |url=https://www.eib.org/en/publications/20220219-econ-eibis-2022-eu |title=EIB Investment Survey 2022 – EU overview |date=8 November 2022 |publisher=European Investment Bank |isbn=978-92-861-5397-6 |language=EN}}</ref><ref name="mckinsey.com">{{cite web |title=The impact of COVID-19 on capital markets {{!}} McKinsey |url=https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/the-impact-of-covid-19-on-capital-markets-one-year-in |access-date=2022-11-28 |website=www.mckinsey.com}}</ref>

According to the a survey on investment conducted by the [[European Investment Bank]], European firms lost one-quarter of their gross income on average in the second quarter of 2020.<ref name="eib.org">{{cite web |title=Corporate investment in Europe was having a renaissance– then COVID-19 hit |url=https://www.eib.org/en/essays/corporate-investment-in-europe-was-having-a-renaissance-then-covid19-hit |access-date=2022-05-30 |website=European Investment Bank |language=en}}</ref><ref>{{cite web |title=The EU in 2020 – General Report on the Activities of the European Union |url=https://op.europa.eu/webpub/com/general-report-2020/en/ |access-date=2022-05-30 |website=op.europa.eu |language=en-GB}}</ref> The loss was substantially greater than the drop experienced by enterprises during the [[Global financial crisis in 2009|global financial crisis in 2008]] and the European sovereign [[debt crisis]] in 2010.<ref name="eib.org"/><ref>{{cite web |title=A decade on from the crisis |url=https://www.europarl.europa.eu/RegData/etudes/BRIE/2019/642253/EPRS_BRI(2019)642253_EN.pdf}}</ref>

The [[European Investment Bank]] estimates that corporate investment in the EU could fall by between 31% and 52%, even in more favourable scenarios due to the pandemic. They also estimate that even after strong policy intervention, 51–58% of EU firms face liquidity shortfalls after 3 months of lockdown.<ref>{{cite web|title=The economy post-COVID-19: How to support investment without too much debt?|url=https://www.eib.org/en/stories/economic-recovery-after-coronavirus|access-date=24 August 2020|website=European Investment Bank|language=en}}</ref> 34% of enterprises also projected their capacity to fund internal investments to decline in the coming 12 months. The European Investment Bank Group created a €25&nbsp;billion Pan-European Guarantee fund to help small businesses recover from the COVID-19 crisis. As a result of this guarantee fund, the EIB Group, in partnership with local lenders and national promotional institutions, is able to increase its support to [[Small and medium-sized enterprises|small and medium-sized companies.]]
[[File:Firms' expectations of COVID-19's long-term impact.png|thumb|Expectations of the pandemic's long-term impact in EU firms.<ref>{{cite book|last=Bank|first=European Investment|url=https://www.eib.org/en/publications/investment-report-2021|title=EIB Investment Report 2021/2022: Recovery as a springboard for change|date=12 January 2022|publisher=European Investment Bank|isbn=978-92-861-5155-2|language=EN}}</ref>]]
Small businesses have been hit hard by the COVID-19 pandemic and its lockdowns. Many of them also lacked the technological tools to survive in an unprecedented environment. To make things worse, in the European regions most affected by the coronavirus pandemic small businesses are usually less digitalised.<ref name="EIB-2021">{{cite web|title=Digital innovation hubs to the rescue|url=https://www.eib.org/en/stories/digital-innovation-hubs|access-date=29 July 2021|website=European Investment Bank|language=en}}</ref><ref name="mckinsey-2021">{{cite web|title=Which small businesses are most vulnerable to COVID-19—and when {{!}} McKinsey|url=https://www.mckinsey.com/featured-insights/americas/which-small-businesses-are-most-vulnerable-to-covid-19-and-when|access-date=29 July 2021|website=www.mckinsey.com}}</ref><ref name="Union-2020">{{cite book|last=Union|first=Publications Office of the European|date=30 December 2020|title=Financing the digitalisation of small and medium-sized enterprises : the enabling role of digital innovation hubs.|url=http://op.europa.eu/fr/publication-detail/-/publication/6dfedaf2-6118-11eb-8146-01aa75ed71a1/language-de|access-date=29 July 2021|website=op.europa.eu|publisher=European Investment Bank |isbn=9789286145780|language=fr}}</ref>

Less than 20% of European [[small and medium-sized enterprises]] (SMEs) are highly digitalised, whereas almost 50% of large corporations are digitalised, having an economic impact. Small businesses are the engine of the European economy and they play a vital role in our economic recovery and growth. These businesses need financial support for their [[digital transformation|digitalisation]].<ref name="EIB-2021" /><ref name="mckinsey-2021" /><ref name="Union-2020" /> In response to COVID-19, almost 60% of EU businesses have received financial help – subsidies or other non-repayable aid. Enterprises that incurred sales losses were more likely to get policy help (about 73% received financial assistance, compared to 47% of firms that did not see any sales declines).<ref name="EIB-2022g"/><ref>{{cite web |title=Policy Responses to COVID19 |url=https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 |access-date=2022-11-28 |website=IMF |language=en}}</ref>

Due to the [[COVID-19 pandemic]], 49% of enterprises in the [[European Union]] saw a drop in sales in 2021, compared to 21% who saw a boost.<ref name="EIB-2022">{{cite book|url=https://www.eib.org/en/publications/investment-report-2021|title=EIB Investment Report 2021/2022: Recovery as a springboard for change|date=12 January 2022|publisher=European Investment Bank|doi=10.2867/82061 |isbn=978-92-861-5155-2|language=EN |author1=European Investment Bank. }}</ref><ref name="Revoltella-2021">{{cite web|last1=Revoltella|first1=Debora|last2=Delanote|first2=Julie|last3=Bending|first3=Tessa|date=3 December 2021|title=EU firms and the COVID crisis: So far so good, but uncertainty, lack of skills, and pockets of vulnerability remain|url=https://voxeu.org/article/eu-firms-and-covid-crisis|access-date=31 January 2022|website=VoxEU.org}}</ref><ref name="OECD-2022">{{cite web|title=Coronavirus (COVID-19): SME policy responses|url=https://www.oecd.org/coronavirus/policy-responses/coronavirus-covid-19-sme-policy-responses-04440101/|access-date=31 January 2022|website=OECD|language=en}}</ref> Digital businesses withstood the pandemic better than enterprises that were less productive before the crisis.<ref name="EIB-2022" /><ref>{{cite web|title=Strategic resilience during the COVID-19 crisis {{!}} McKinsey|url=https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/strategic-resilience-during-the-covid-19-crisis|access-date=31 January 2022|website=www.mckinsey.com}}</ref> Sales were down more for [[Small business]]es, by at least 25%, than for medium or large businesses.<ref name="EIB-2022" /><ref name="Revoltella-2021" /><ref name="OECD-2022" /> In response to fewer sales, 23% reduced their investment intentions, while just 3% intended to increase their investment.<ref name="EIB-2022" /><ref>{{cite web|date=28 November 2019|title=Entering a new decade, changing investor appetites and other market dynamics force alternative asset managers to chart unique paths in the pursuit of asset growth|url=https://www.bcc.lu/news/entering-a-new-decade-changing-investor-appetites-and-other-market-dynamics-force-alternative-asset-managers-to-chart-unique-paths-in-the-pursuit-of-asset-growth/|access-date=31 January 2022|website=The British Chamber of Commerce for Luxembourg|language=en}}</ref> The share of companies that invested dropped from 86% in 2019 to 79% in 2021.<ref name="EIB-2022" /><ref>{{cite web|title=EIB Investment Bank Investment Survey 2021|url=https://www.eib.org/en/publications-research/economics/surveys-data/eu-overview-2021.htm|access-date=31 January 2022|website=EIB.org|language=en}}</ref>

Furlough and short-term employment programmes in the European Union kept people employed, while bankruptcy filing rules for businesses were reduced, allowing workers to keep their jobs.<ref name="EIB-2022c">{{cite book |last=Bank |first=European Investment |url=https://www.eib.org/en/publications/digitalisation-in-europe-2021-2022 |title=Digitalisation in Europe 2021–2022: Evidence from the EIB Investment Survey |date=5 May 2022 |publisher=European Investment Bank |isbn=978-92-861-5233-7 |language=EN}}</ref><ref name="OECD-2022a">{{cite web |title=Coronavirus (COVID-19): SME policy responses |url=https://www.oecd.org/coronavirus/policy-responses/coronavirus-covid-19-sme-policy-responses-04440101/ |access-date=2022-06-05 |website=OECD |language=en}}</ref><ref name="Giupponi-2020">{{cite web |last1=Giupponi |first1=Giulia |last2=Landais |first2=Camille |date=1 April 2020 |title=Building effective short-time work schemes for the COVID-19 crisis |url=https://voxeu.org/article/building-effective-short-time-work-schemes-covid-19-crisis |access-date=2022-06-05 |website=VoxEU.org}}</ref><ref name="IMF-2022">{{cite web |title=Policy Responses to COVID19 |url=https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 |access-date=2022-06-05 |website=IMF |language=en}}</ref> A significant portion of businesses benefited from the policy support for the COVID-19 shock across all EU regions. The most prevalent forms of assistance across all areas were subsidies or other non-repayable support measures, including support for furlough programs. Inequality existed across EU regions. Compared to enterprises in less developed [[Region (Europe)|regions]] (40%) or non-cohesion regions (37%) firms in transition regions were less likely to get subsidies (28%).<ref name="Europa-2022">{{cite web |title=Cohesion policy action against coronavirus |url=https://ec.europa.eu/regional_policy/en/newsroom/coronavirus-response/ |access-date=2022-08-16 |website=ec.europa.eu |language=en}}</ref><ref name="Bruegel-2022">{{cite web |title=The role of Cohesion policy in the fight against COVID-19 with Elisa Ferreira |url=https://www.bruegel.org/event/role-cohesion-policy-fight-against-covid-19-elisa-ferreira |access-date=2022-08-16 |website=Bruegel {{!}} The Brussels-based economic think tank |language=en}}</ref>

Since the beginning of 2020, EU enterprises that embraced advanced digital technology and invested in becoming more digital during the pandemic have increased the number of employees they employ.<ref name="EIB-2022c"/><ref>{{cite web |title=COVID-19 and digitalisation |url=https://www.eurofound.europa.eu/data/digitalisation/research-digests/covid-19-and-digitalisation |access-date=2022-06-05 |website=Eurofound |language=en}}</ref><ref>{{cite news |title=Productivity gains from teleworking in the post COVID-19 era: How can public policies make it happen? |url=https://www.oecd.org/coronavirus/policy-responses/productivity-gains-from-teleworking-in-the-post-covid-19-era-a5d52e99/ |access-date=2022-06-05 |website=OECD |language=en}}</ref> After the COVID-19 outbreak, the number of non-digital enterprises that downsized was also greater than the share of non-digital firms that had positive job growth. Non-digital companies had a negative net employment balance.<ref name="EIB-2022c"/><ref>{{cite web |title=How Firms are Responding and Adapting During COVID-19 and Recovery |url=https://www.ifc.org/wps/wcm/connect/08f1c445-87af-4868-a77c-29dee3e1ac4e/Report_How_Firms_Are_Responding_And_Adapting_During_COVID-19_And_Recovery_March21-web.pdf?MOD=AJPERES&CVID=nwjXW4G}}</ref>

Eastern Europe (together with [[Central Asia]]) saw a dramatic drop in economic activity as a result of COVID-19. GDP in the region fell by 4% on average in 2020, with businesses in contact-intensive service industries being particularly adversely impacted. However, the level of governmental support was vast, with fiscal measures totaling about 6% of GDP.<ref name="EIB-2022d"/><ref>{{cite book |last=Bank |first=World |date=30 March 2021 |title=Europe and Central Asia Economic Update, Spring 2021 |doi=10.1596/978-1-4648-1698-7 |hdl=10986/35273 |isbn=978-1-4648-1698-7 |s2cid=242221610 |url=https://openknowledge.worldbank.org/handle/10986/35273 |language=en}}</ref> The majority of businesses suffered losses in 2020 and/or 2021, with 13% still predicting that they won't be able to recover from the pandemic-era loss of business until 2022.<ref name="EIB-2022g"/><ref name="mckinsey.com"/>

When compared to the final quarter of 2019, investment levels in several nations decreased or were flat in the second quarter of 2022. Denmark, Italy, Ireland, and Sweden are exceptions, with investment levels increasing by more than 10%. Other nations had drops in investment of up to 13%, such as Slovakia and Bulgaria.<ref name="EIB-2022g"/> By mid-2022, Bulgaria and Slovakia had recovered the least from the pandemic, while Slovenia, Lithuania, and Estonia had recovered the most.'''<ref name="EIB-2023a">{{cite book |last=Bank |first=European Investment |url=https://www.eib.org/en/publications/20220265-econ-eibis-2022-cesee |title=EIB Investment Survey 2022 - CESEE overview |date=2023-01-11 |publisher=European Investment Bank |isbn=978-92-861-5435-5 |language=EN}}</ref>'''<ref>{{cite web |title=The territorial impact of COVID-19: Managing the crisis across levels of government |url=https://www.oecd.org/coronavirus/policy-responses/the-territorial-impact-of-covid-19-managing-the-crisis-across-levels-of-government-d3e314e1/ |access-date=2023-02-27 |website=OECD |language=en}}</ref>

The proportion of EU enterprises that have invested in 2023 has returned to pre-pandemic levels (85%), and investment per employee is even higher.<ref name=":1772">{{cite web |title=EIB Investment Survey 2023: European Union overview |url=https://www.eib.org/eib-investment-survey-2023 |access-date=2023-10-13 |website=European Investment Bank |language=en}}</ref> Government assistance has also decreased, with 16% of European firms making use of government grants to finance investment. Only 21% of firms (that took part in a survey conducted in the EU) received grants the previous year.<ref name=":1772"/>

During the COVID-19 pandemic, there was less extensive help provided to mid-caps than to SMEs and large enterprises. In response to COVID-19, 51% of major mid-caps in the European Union obtained financial assistance, compared to 60% for SMEs, small mid-caps, and 56% for the largest enterprises.<ref name=":188">{{cite book |last=Bank |first=European Investment |url=https://www.eib.org/en/publications/20230277-hidden-champions-missed-opportunities-mid-caps-crucial-role-in-europe-s-economic-transition |title=Hidden champions, missed opportunities: Mid-caps' crucial role in Europe's economic transition |date=2024-01-10 |publisher=European Investment Bank |isbn=978-92-861-5731-8 |language=EN}}</ref><ref>{{cite web |title=Press corner |url=https://ec.europa.eu/commission/presscorner/home/en |access-date=2024-01-29 |website=European Commission - European Commission}}</ref>

Among firms that received at least one type of support during the COVID-19 pandemic, only about 13% of large and small mid-caps reported receiving government support in response to COVID-19, compared to nearly 20% in SMEs and 15% in large firms. In 2022, mid-caps were less likely to get government funding for COVID-19 compared to SMEs and XL businesses.<ref name=":1882">{{cite book |last=Bank |first=European Investment |url=https://www.eib.org/en/publications/20230277-hidden-champions-missed-opportunities-mid-caps-crucial-role-in-europe-s-economic-transition |title=Hidden champions, missed opportunities: Mid-caps' crucial role in Europe's economic transition |date=2024-01-10 |publisher=European Investment Bank |isbn=978-92-861-5731-8 |language=EN}}</ref><ref>{{cite web |title=Crisis costs for European SMEs: How COVID-19 changed the playing field for European SMEs |url=https://www.eesc.europa.eu/sites/default/files/files/qe-04-22-239-en-n.pdf}}</ref> On average, 67% of small mid-caps and 63% of big mid-caps cited trade barriers connected to the Russia-Ukraine conflict, with 54% of small and 54% of large mid-caps suffering obstacles caused by both COVID-19 and Ukraine.<ref>{{cite web |title=Study to map, measure and portray the EU mid-cap landscape |url=https://www.esri.ie/system/files/publications/BKMNEXT429.pdf}}</ref>

Mid-caps are nearly twice as likely as SMEs to boost investment post-pandemic, but at a lower rate than large enterprises. Firms anticipating a rise in investment minus those expecting a decline post-pandemic have a net balance of 20% for small mid-caps and 26% for big mid-caps, while SMEs report just 10%.<ref>{{cite web |title=https://www.franklintempleton.lu/articles/2023/etf/mid-cap-stock-diversification-for-the-market-environment-ahead |url=https://www.franklintempleton.lu/articles/2023/etf/mid-cap-stock-diversification-for-the-market-environment-ahead |access-date=2024-01-29 |website=www.franklintempleton.lu |language=en}}</ref>

As of 2023, real investment is up 5% from before the COVID-19 crisis. It was down 11% at the same time following the global financial crisis.<ref>{{Cite web |title=EIB Investment Report: Transforming for competitiveness |url=https://www.eib.org/investment-report-2023-2024 |access-date=2024-02-12 |website=European Investment Bank |language=en}}</ref>

==== Armenia ====
{{main|COVID-19 pandemic in Armenia}}

The [[Government of Armenia|Armenian Government]] tried to confront the influence of the pandemic by implementing mitigation measures plus a lockdown. This adversely impacted businesses in [[Armenia]], which either shut down or did not work with the same capacity as before. One of the consequences of this was [[supply shock]].<ref name="UNArmenia">{{cite web |title=Socio-Economic Impact Assessment of the COVID-19 outbreak in Armenian communities {{!}} United Nations in Armenia |url=https://armenia.un.org/index.php/en/134665-socio-economic-impact-assessment-covid-19-outbreak-armenian-communities|date=16 September 2020|access-date=2022-12-08 |website=United Nations Armenia|language=en}}</ref> The supply shock caused a sharp decrease in sales. Companies adopted policies like reduction of working hours and wages, and workforce reductions. This led to the reduction in per capita income.<ref name="UNArmenia" />

The [[International Monetary Fund|IMF]] estimated that the contribution of the final consumption expenditure had diminished in 2020 by 2.1% (from 3.3% up to 1.2%). The production decreases led to a drop in corporate tax revenue. Moreover, public expenditures sharply increased to help companies and households. However, this caused a [[Deficit spending|budget deficit]] and increasing external debt.<ref name=UNArmenia/>

The financial difficulties caused by the pandemic also affected loan repayments and led to a sharp decrease in savings. The Armenian National Statistical Service mentioned that in the first 3–4 months of 2020, wages were increased by 6.8%, which helped citizens during the pandemic.<ref name="Voskanyan"/> The United Nations assessed that the loan/GDP ratio, which stood at 52.1% as of September 2020, would lead to an overall decrease in loan portfolio performance, as many loans would go unpaid.<ref name=UNArmenia/> The limitations on international travel during the pandemic affected the [[international trade]] of [[goods]] and [[Services of Supply, American Expeditionary Forces|services]]. Predictions of the IMF in 2020 assumed that there would be a decline (60% in total) of the influx of the personal [[remittance]]s and [[foreign direct investment]]s.<ref name=UNArmenia/>

Among all enterprises affected by international trade interruptions in the Central, Eastern regions, 63% reported taking steps to limit the damage, which is higher than the EU average. Central European enterprises are more likely than the EU generally to increase the number of trading partners to diversify risks from trade interruptions (45% against 37% in the EU).'''<ref name="EIB-2023a"/>'''

Around AMD 26&nbsp;billion (US$55 million), according to official cost estimates, has been set aside for the implementation of the thirteen social assistance programs. The majority of spending (US$25&nbsp;million) has gone toward providing salary support to workers in the impacted industry, followed by family benefits (US$15&nbsp;million) and electricity bill subsidies (US$10&nbsp;million). Each participant received a one-time benefit of between US$53 and US$270.<ref>Aslanyan, Gurgen and Baghdasaryan, Vardan and Shakhmuradyan, Gayane, Armenia's Social Policy Response to COVID-19: Mitigating Expectations, Financial Stress, and Anxiety (8 February 2021). Aslanyan, G., Baghdasaryan, V, Shakhmuradyan, G. (2021). Armenia's Social Policy Response to Covid-19: Mitigating Expectations, Financial Stress, and Anxiety. CRC 1342 Covid-19 Social Policy Response Series, 10, Bremen: CRC 1342, Available at SSRN: [https://ssrn.com/abstract=3781590] or [http://dx.doi.org/10.2139/ssrn.3781590]</ref>

Because of the pandemic, the [[economy of Armenia]] wasn't able to generate enough savings to finance investments. Concurrently, the Armenian economy was unable to generate enough exports to finance the imports, which caused an expanding trade deficit of around US$2.9&nbsp;billion in 2019. The COVID-19 pandemic impacted the Armenian economy, and as a result the GDP dropped on average by 5.3% from January to August 2020.

==== France ====
{{main|COVID-19 pandemic in France}}
On 8 April, the [[Bank of France]] officially declared that the [[French economy]] was in recession, shrinking by 6 percent in the first quarter of 2020.<ref>{{cite web|url=https://www.france24.com/en/20200408-french-economy-drops-by-6-in-first-quarter-officially-in-recession|title=French economy enters recession with 6% drop in first quarter, its worst since 1945|date=8 April 2020|website=France 24|language=en|access-date=9 April 2020}}</ref>

==== Germany ====
{{Main|COVID-19 pandemic in Germany}}
According to the [[Deutsche Bank]] the outbreak of the novel coronavirus / COVID-19 May contribute to a recession in Germany.<ref name="AutoDW-321"/>

==== Ireland ====
{{Main|Economic impact of the COVID-19 pandemic in the Republic of Ireland}}
By mid-March, nearly 3% of Ireland's population—140,000 people (including 70,000 restaurant staff, 50,000 pub and bar staff)—had lost their jobs due to restrictions brought in to delay the virus's spread.<ref>{{cite news|url=https://www.irishpost.com/news/140000-people-ireland-lose-jobs-due-coronavirus-crisis-forcing-businesses-close-181717|title=140,000 people in Ireland lose their jobs due to coronavirus crisis forcing businesses to close|work=[[The Irish Post]]|first=Rachael|last=O'Connor|date=16 March 2020|access-date=9 June 2020}}</ref> The numbers of people in normally busy [[Dublin]] areas such as [[Grafton Street]] dropped by percentages in the sixties, seventies and eighties.<ref>{{cite news|url=https://www.thejournal.ie/footfall-dublin-town-5054679-Mar2020/|title=Grafton Street footfall plummets by 75% as people stay away from Dublin city centre|work=[[TheJournal.ie]]|first=Sean|last=Murray|date=23 March 2020|access-date=9 June 2020}}</ref><ref>{{cite news|url=https://www.rte.ie/news/business/2020/0323/1124816-dublintown-footfall-slumps/|title=Dublin city footfall slumps by 66% due to Covid-19|publisher=[[RTÉ News and Current Affairs]]|date=23 March 2020|access-date=9 June 2020}}</ref>

On 16 March, [[Minister for Social Protection|Minister for Employment Affairs and Social Protection]] [[Regina Doherty]] announced the [[COVID-19 Pandemic Unemployment Payment]].<ref>{{cite news|url=https://www.thejournal.ie/pandemic-unemployment-payment-coronavirus-jobseekers-5047512-Mar2020/|title=Pandemic unemployment payment set up to help people out of work due to coronavirus closures|publisher=[[TheJournal.ie]]|language=en|first=Ceimin|last=Burke|date=16 March 2020|access-date=9 June 2020}}</ref> Initially available for six weeks, it was extended for another nine weeks on 5 June.<ref>{{cite web|url=https://www.gov.ie/en/press-release/3baec-minister-doherty-announces-pandemic-unemployment-payment-to-continue/|title=Minister Doherty announces Pandemic Unemployment Payment to continue|publisher=[[Government of Ireland]]|website=gov.ie|date=5 June 2020|access-date=9 June 2020}}</ref> On 24 March, the [[Temporary COVID-19 Wage Subsidy Scheme]] was announced for a twelve-week run beginning on 26 March.<ref>{{cite web|url=https://www.citizensinformation.ie/en/employment/unemployment_and_redundancy/covid19_temporary_wage_subsidy_scheme.html|title=COVID-19 Wage Subsidy Scheme|website=www.citizensinformation.ie|publisher=Citizens Information|access-date=9 June 2020}}</ref>

On 15 May, [[Minister for Enterprise, Trade and Employment|Minister for Business, Enterprise and Innovation]] [[Heather Humphreys]] announced details of a new €250m "Restart Grant" which would give direct grant aid of between €2,000 and €10,000 to small businesses to help them with the costs associated with reopening and re-employing workers following the COVID-19 closures.<ref>{{cite news|url=https://www.rte.ie/news/business/2020/0515/1138720-cabinet-approves-250m-restart-grant-fund/|title=Cabinet approves €250m Restart Grant fund|publisher=[[RTÉ News and Current Affairs]]|first=Will|last=Goodbody|date=15 May 2020|access-date=9 June 2020}}</ref>

On 22 May, the [[Government of Ireland]] had signed off on €6.8&nbsp;billion in extra funding for the [[Department of Social Protection|Department of Employment Affairs and Social Protection]], as it was due to reach this year's spending limit early the following month.<ref>{{cite news|url=https://www.rte.ie/news/politics/2020/0522/1140073-public-finances/|title=Govt approves €6.8bn extra funding for social protection as spending limit nears|publisher=[[RTÉ News and Current Affairs]]|first=Sandra|last=Hurley|date=22 May 2020|access-date=9 June 2020}}</ref>

On 23 July, the [[Government of Ireland]] launched a €7.4&nbsp;billion [[July Jobs Stimulus]] package of 50 measures to boost economic recovery and get people back to work.<ref>{{cite web|url=https://www.gov.ie/en/press-release/07aef-government-launches-74-billion-jobs-stimulus-to-help-businesses-re-open-get-people-back-to-work-and-promote-confidence/|title=Government launches €7.4 billion Jobs Stimulus to help businesses re-open, get people back to work and promote confidence|publisher=[[Department of the Taoiseach]]|website=gov.ie|date=23 July 2020|access-date=23 July 2020}}</ref> The measures include the extension of the [[COVID-19 Pandemic Unemployment Payment]] to April 2021, and the replacement of the [[Temporary COVID-19 Wage Subsidy Scheme]] to the [[Employment Wage Subsidy Scheme]] from September 2020 and will run until April 2021.<ref>{{cite news|url=https://www.rte.ie/news/business/2020/0723/1155187-july-stimulus-explainer/|title=Government announces €5bn package to reboot economy|publisher=[[RTÉ News and Current Affairs]]|first=Ingrid|last=Miley|date=23 July 2020|access-date=23 July 2020}}</ref>

On 7 September, it was announced that Ireland was now officially in recession after the economy shrank by 6.1% between April and June as the [[Impact of COVID-19 pandemic|impact of COVID-19]] brought the largest quarterly drop on record, following new figures published by the [[Central Statistics Office (Ireland)|Central Statistics Office]].<ref>{{cite news|url=https://www.thejournal.ie/gdp-ireland-5197914-Sep2020/|title=Ireland now officially in recession after largest ever quarterly GDP drop|publisher=[[TheJournal.ie]]<br />[[PA Media|Press Association]]|date=7 September 2020|access-date=7 September 2020}}</ref><ref>{{cite news|url=https://www.rte.ie/news/business/2020/0907/1163668-cso-second-quarter-gdp-figures/|title=Economy contracted by record 6.1% in second quarter – CSO|publisher=[[RTÉ News and Current Affairs]]|date=7 September 2020|access-date=7 September 2020}}</ref>

==== Italy ====
{{Main|COVID-19 pandemic in Italy}}
[[File:Emergenza coronavirus (49496308758).jpg|thumb|right|[[Protezione Civile|Civil Protection]] volunteers carrying out health checks at the [[Guglielmo Marconi Airport]] in [[Bologna]], Italy]]
[[File:EsseLunga Bergamo coronavirus 2020.jpg|thumb|right|Empty shelves at the [[Esselunga]] supermarket in [[Bergamo]], Italy]]
On 21 February, at least ten towns in the [[Lombardy]] and [[Veneto]] regions of Italy, with a total population of 50,000, were locked down in quarantine procedure following an outbreak in the town of [[Codogno]] in Lombardy. Police mandated a curfew closing all public buildings and controlling access through police checkpoints to the so-called 'red zone' which is enforced under penalty by fines against trespassers who are not health or supply workers.<ref name="AutoDW-325"/> The government of Italian Prime Minister [[Giuseppe Conte]] vowed that sending in "the armed forces" to enforce the lockdown was within possibility.<ref name="AutoDW-326"/> Schools and universities have been closed throughout Northern Italy along with museums, and various festivities, concerts, sporting events and church masses have been cancelled as of 23 February.<ref name="AutoDW-327"/> On 4 March, these closures were extended to all schools and universities nationwide.<ref>{{cite news|last1=Palermo|first1=Angela Giuffrida Lorenzo Tondo in|url=https://www.theguardian.com/world/2020/mar/04/italy-orders-closure-of-schools-and-universities-due-to-coronavirus|title=Italy orders closure of all schools and universities due to coronavirus|date=4 March 2020|work=The Guardian|access-date=5 March 2020|last2=Beaumont|first2=Peter|language=en-GB|issn=0261-3077|archive-url=https://web.archive.org/web/20200305024438/https://www.theguardian.com/world/2020/mar/04/italy-orders-closure-of-schools-and-universities-due-to-coronavirus|archive-date=5 March 2020|url-status=live}}</ref>

Sustained panic buying of groceries has reportedly cleared out supermarkets, and several major events were cancelled, such as the annual [[Carnival of Venice]], along with the cancellation of [[Serie A]] football matches on 23 February by the Sports Ministry.<ref name="AutoDW-328"/> Concerns about the [[Milan Fashion Week]] has led to several fashion houses declaring that they will only hold broadcast, closed-door shows with no spectators. As of 26 February 2020, there have been 456 coronavirus cases in Italy, 190 of which have been also confirmed by the Istituto Superiore di Sanità.<ref name="AutoDW-329"/><ref name="AutoDW-330"/>

By 12 March 2020, the number of cases in Italy had risen to 15,113, including 1,016 fatalities.<ref>{{cite web|url=http://opendatadpc.maps.arcgis.com/apps/opsdashboard/index.html#/b0c68bce2cce478eaac82fe38d4138b1|author=Dipartimento della Protezione Civile|title=COVID-19 Italia – Monitoraggio della situazione|website=opendatadpc.maps.arcgis.com|access-date=13 March 2020|archive-url=https://web.archive.org/web/20200312210255/https://opendatadpc.maps.arcgis.com/apps/opsdashboard/index.html#/b0c68bce2cce478eaac82fe38d4138b1|archive-date=12 March 2020|url-status=live}}</ref> On 9 March 2020, Italy declared a nationwide quarantine.<ref>{{cite web|url=https://www.dw.com/en/coronavirus-italy-imposes-nationwide-restrictions/a-52687246|title=Coronavirus: Italy imposes nationwide restrictions|date=9 March 2020|work=Deutsche Welle|access-date=13 March 2020|archive-url=https://web.archive.org/web/20200312184851/https://www.dw.com/en/coronavirus-italy-imposes-nationwide-restrictions/a-52687246|archive-date=12 March 2020|url-status=live}}</ref> Since 10 March 2020, all residents need a special form to be allowed to leave their homes.<ref>{{cite news|url=https://www.thelocal.it/20200310/the-form-you-need-to-travel-in-italy-under-new-coronavirus-rules|title=UPDATED: The form you need to go outside under Italy's new coronavirus rules|date=10 March 2020|work=The Local}}</ref> On 11 March 2020, all shops and businesses were closed except food shops and pharmacies.<ref>{{cite news|url=https://www.thelocal.it/20200311/breaking-italy-to-close-all-stores-apart-from-food-shops-and-pharmacies|title=Coronavirus LATEST: Italy shuts all stores except food shops and pharmacies|date=11 March 2020|work=The Local|access-date=13 March 2020|archive-url=https://web.archive.org/web/20200313181215/https://www.thelocal.it/20200311/breaking-italy-to-close-all-stores-apart-from-food-shops-and-pharmacies|archive-date=13 March 2020|url-status=live}}</ref> After the "Sostegni Decree" of 23 March 2021,<ref>{{cite web|url=https://www.roedl.com/insights/italy-salary-integrations-labour-law-measures|title=	Salary integrations and labour law measures relating to Covid-19 in the "Sostegni Decree" and Law Decree no. 30/2021
|date=24 March 2021|access-date=14 July 2021}}</ref> the Italian government has ended the ban on collective dismissals since 1 July,<ref>{{cite web|url=https://www.corriere.it/economia/professionisti/consulenti-del-lavoro/cards/finisce-blocco-licenziamenti-cosa-succede-dall-1-luglio/scadenza-30-giugno_principale.shtml|title=La scadenza del 30 giugno|website=Il Corriere della Sera|date=29 June 2021|archive-url=https://archive.today/20210629100819/https://www.corriere.it/economia/professionisti/consulenti-del-lavoro/cards/finisce-blocco-licenziamenti-cosa-succede-dall-1-luglio/scadenza-30-giugno_principale.shtml|archive-date=29 June 2021|url-status=live}}</ref> except for the textile, fashion and footwear economic sectors for which it has been extended until 31 October.<ref>{{cite web|url=https://quifinanza.it/lavoro/video/licenziamenti-blocco-covid/505224/|title=Licenziamenti, finisce il blocco Covid: solo in tre settori non si può ancora licenziare|date=28 June 2021|access-date=14 July 2021|archive-date=14 July 2021|archive-url=https://web.archive.org/web/20210714134709/https://quifinanza.it/lavoro/video/licenziamenti-blocco-covid/505224/|url-status=dead}}</ref>

==== Portugal ====
{{Main|COVID-19 pandemic in Portugal}}
Due to an increase in the demand for masks,<ref name="AutoDW-322"/> on 1 February most masks were sold out in Portuguese pharmacies.<ref name="AutoDW-323"/>

On 4 February, [[Marcelo Rebelo de Sousa]], the [[President of Portugal|President of the Portuguese Republic]], admitted that the epidemic of the new coronavirus in China "affects the economic activity of a very powerful economy and thus affects the world's economic activity or could affect". He also admitted the possibility of economic upheavals due to the break in production."<ref name="AutoDW-324"/>

==== Turkey ====
{{Main|2018–2022 Turkish currency and debt crisis}}
An [[2018–2022 Turkish currency and debt crisis|ongoing economic crisis in Turkey]] was exacerbated by the [[COVID-19 pandemic in Turkey|COVID-19 pandemic]]. Sale of Turkish goods worldwide fell due to the global economic slowdown. President [[Recep Tayyip Erdoğan]] cut interest rates in late 2021 in response to a [[2021–2022 inflation surge|surge in inflation]] of the [[Turkish lira]].<ref>{{cite news|last=Cohen|first=Patricia|date=14 December 2021|title=How Did Turkey's Economy Go So Wrong?|language=en-US|work=The New York Times|url=https://www.nytimes.com/2021/12/14/business/economy/turkey-inflation-economy-lira.html|access-date=19 January 2022|issn=0362-4331}}</ref><ref>{{cite web|date=16 November 2021|title='We don't deserve this': Inflation hits Turkish people hard|url=https://apnews.com/article/coronavirus-pandemic-lifestyle-business-europe-inflation-1150617ef29c2d4c9eef14844b165f52|access-date=19 January 2022|website=AP NEWS|language=en}}</ref>

==== United Kingdom ====
{{Main|Economic impact of the COVID-19 pandemic in the United Kingdom|COVID-19 pandemic in the United Kingdom}}
[[File:Pensive shopper during the Coronavirus Covid-19 outbreak.jpg|thumb|upright|Pensive shopper during the Coronavirus Covid-19 outbreak in the U.K.]]
On 13 February, heavy equipment manufacturer [[JCB (heavy equipment manufacturer)|JCB]] announced its plan to reduce working hours and production due to shortages in their supply chain caused by the outbreak.<ref name="AutoDW-316"/>

On 5 March, British airline [[Flybe (1979–2020)|Flybe]] finally collapsed into administration with the loss of 2,000 jobs after failing to secure financial support. The airline said the impact of the coronavirus pandemic is partly to blame for its collapse. Flybe provided more than half of UK domestic flights outside London.<ref>{{cite web|url=https://www.bbc.co.uk/news/business-51746564|title=Collapsed Flybe tells passengers not to travel to airports|date=5 March 2020|website=BBC|access-date=5 March 2020|archive-url=https://web.archive.org/web/20200305000425/https://www.bbc.co.uk/news/business-51746564|archive-date=5 March 2020|url-status=live}}</ref>

During the pandemic, exports of many food and drink products from the UK declined significantly,<ref>{{cite web|url=https://www.theguardian.com/business/2021/mar/22/data-shows-collapse-of-uk-food-and-drink-exports-post-brexit#:~:text=Chocolate%20exports%20went%20from%20%C2%A3,other%20hospitality%20outlets%20remain%20closed.
|title=Data shows collapse of UK food and drink exports post-Brexit|website=[[TheGuardian.com]]|date=22 March 2021|access-date=23 March 2021}}</ref> and that included Scotch whisky. Distillers were required to close for some time and the hospitality industry worldwide experienced a major slump.<ref>{{cite news|url=https://www.cnn.com/travel/article/scotland-whisky-islands-covid/index.html
|title=Scotland's whisky islands are dealing with a major Covid hangover|website=[[CNN]]|access-date=23 March 2021}}</ref> According to news reports in February 2021, the Scotch whisky sector had experienced £1.1&nbsp;billion in lost sales.  A [[BBC News]] headline on 12 February 2021 summarized the situation: "Scotch whisky exports slump to 'lowest in a decade'".<ref>{{cite news|url=https://www.bbc.com/news/uk-scotland-scotland-business-56040014
|title=Scotch whisky exports slump to 'lowest in a decade'|work=BBC News|date=12 February 2021|access-date=23 March 2021}}</ref>

Tourism in the UK (by visitors from both the UK and from other countries) declined substantially due to travel restrictions and lockdowns. For much of 2020, and into 2021, vacation travel was not permitted and entry into the UK was very strictly limited. Business travel, for example, declined by nearly 90% over previous years.<ref>{{cite news|url=https://www.bbc.com/news/explainers-52646738
|title=Covid: When can I go on holiday abroad or in the UK?|work=BBC News |date=14 May 2020 |access-date=23 March 2021}}</ref><ref>{{cite web|url=https://www.traveldailynews.com/post/the-global-effects-of-covid-on-the-uk-travel-industry
|title=The global effects of Covid on the UK travel industry|date=19 March 2021 |access-date=23 March 2021}}</ref> This not only affected revenue from tourism but also led to numerous job losses.<ref>{{cite news|url=https://www.bbc.com/news/uk-56127385
|title=Tourism hotspots hit hard by Covid-19 jobs crisis industry|work=BBC News|date=2 March 2021|access-date=23 March 2021}}</ref>

=== North America ===

==== Canada ====
{{main|Economic impact of the COVID-19 pandemic in Canada|COVID-19 pandemic in Canada}}

On 4 March, Canadian Prime Minister [[Justin Trudeau]] announced the creation of a new [[Cabinet committee (Canada)|cabinet committee]] to manage the federal response to the coronavirus disease.<ref>{{cite press release| url=https://pm.gc.ca/en/news/news-releases/2020/03/04/prime-minister-creates-committee-covid-19| title=Prime Minister creates committee on COVID-19| publisher=[[Office of the Prime Minister (Canada)|PMO]]| date=4 March 2020| website=pm.gc.ca| archive-url=https://web.archive.org/web/20200304131041/https://pm.gc.ca/en/news/news-releases/2020/03/04/prime-minister-creates-committee-covid-19| archive-date=4 March 2020| url-status=live| access-date=4 March 2020}}</ref> A week later, on 11 March, the government announced a {{CAD|1}} billion COVID-19 Response Fund that included a $50&nbsp;million contribution to the [[World Health Organization]] and an additional $275&nbsp;million to fund coronavirus research in Canada.<ref>{{cite press release| url=https://pm.gc.ca/en/news/news-releases/2020/03/11/prime-minister-outlines-canadas-covid-19-response| title=Prime Minister outlines Canada's COVID-19 response| date=11 March 2020| website=pm.gc.ca| publisher=[[Office of the Prime Minister (Canada)|PMO]]| url-status=live| archive-date=11 March 2020| archive-url=https://web.archive.org/web/20200311143823/https://pm.gc.ca/en/news/news-releases/2020/03/11/prime-minister-outlines-canadas-covid-19-response}}</ref><ref>{{cite web| url=https://www.thestar.com/politics/federal/2020/03/11/ottawa-unveils-1b-response-fund-for-coronavirus-outbreak.html| title='We get it, and we're on it': Ottawa unveils $1B response fund for coronavirus pandemic| first1=Tonda| last1=MacCharles| first2=Alex| last2=Ballingall| website=thestar.com| date=11 March 2020| access-date=13 March 2020| archive-url=https://web.archive.org/web/20200312154755/https://www.thestar.com/politics/federal/2020/03/11/ottawa-unveils-1b-response-fund-for-coronavirus-outbreak.html| archive-date=12 March 2020| url-status=live}}</ref>

On 13 March, the [[Bank of Canada]] lowered the overnight rate target by 50 basis points to 0.75 percent in an unscheduled rate decision citing the "negative shocks to Canada's economy arising from the COVID-19 pandemic and the recent [[2020 Russia–Saudi Arabia oil price war|sharp drop in oil prices]]."<ref>{{cite news| url=https://business.financialpost.com/news/economy/bank-of-canada-lower-interest-rate-read-the-official-statement| title=Bank of Canada lowers interest rate| newspaper=Financial Post| date=13 March 2020| url-status=live| archive-date=13 March 2020| archive-url=https://web.archive.org/web/20200313191524/https://business.financialpost.com/news/economy/bank-of-canada-lower-interest-rate-read-the-official-statement| access-date=13 March 2020}}</ref><ref>{{cite press release| url=https://www.bankofcanada.ca/2020/03/bank-of-canada-lowers-overnight-rate-target-to-%c2%be-percent/| title=Bank of Canada lowers overnight rate target to ¾ percent| publisher=Bank of Canada| date=13 March 2020| website=bankofcanada.ca| url-status=live| archive-date=13 March 2020| archive-url=https://web.archive.org/web/20200313191529/https://www.bankofcanada.ca/2020/03/bank-of-canada-lowers-overnight-rate-target-to-%c2%be-percent/| access-date=13 March 2020}}</ref> In June 2020, Canada lost its triple "A" credit rating.<ref name=reuters>{{cite news|url=https://www.reuters.com/article/us-health-coronavirus-ratings-graphic/how-the-coronavirus-is-crushing-credit-ratings-idUSKCN24U18Y|title=How the coronavirus is crushing credit ratings|date=29 July 2020|work=Reuters|last1=Jones|first1=Marc}}</ref>

==== Mexico ====
{{Main|COVID-19 pandemic in Mexico}}

The [[National Institute of Statistics and Geography (Mexico)|National Institute of Statistics and Geography (INEGI)]] said the unemployment rate in Mexico increased from 3.6% in January 2020 to 3.7% in February 2020. The informal sector increased to 56.3% in February compared to 56.0% in February 2019. Fewer than half of Mexicans have paid sick leave or health care.<ref>{{cite web |url=https://www.tvazteca.com/aztecanoticias/finanzas/notas/aumenta-el-desempleo-en-mexico |title=Unemployment increases in Mexico |language=es |website=Azteca Noticias |date=26 March 2020}}</ref> [[BBVA México]] predicted a 4.5% economic contraction in 2020, while analysts at [[Capital Economics]] in London argued that the government had to do more to support the economy. They forecast a 6% contraction in 2020. HR Ratings, Latin America's first credit rating agency, said that the performance of the economy would depend on the government's response to the COVID-19 crisis.<ref>{{cite web |website=Mexico News Daily|title=While WHO praises virus response, financial analysts say it's too slow|date=26 March 2020|language=en |url=https://mexiconewsdaily.com/news/coronavirus/who-praises-virus-response/}}</ref>

The [[Mexican Stock Exchange]] fell to a record low on 10 March due to fears of the coronavirus and because of [[2020 Russia–Saudi Arabia oil price war|falling oil prices]]. The [[Bank of Mexico]] (Banxico) stepped in to prop up the value of the peso, which fell 14%.<ref>{{cite web |url=https://www.eluniversal.com.mx/english/mexicos-stock-market-hits-record-low-over-coronavirus-crisis-and-collapsing-oil-prices |title=Mexico's stock market hits record low over coronavirus crisis and collapsing oil prices |language=en |website=El Universal |date=10 March 2020}}</ref> World markets are seeing falls similar to those of 1987.<ref>{{cite web |url=https://www.dineroenimagen.com/blogs/colegio-de-contadores-publicos-de-mexico-ac/historico-el-covid-19-provoca-la-mayor-crisis-en |title=Historical! Covid-19 causes the biggest crisis in global financial markets |language=es |author=Colegio de Contadores Públicos de México, A.C. |website=Dinero en Imagen |date=18 March 2020}}</ref>

The ''Consejo Nacional Empresarial Turístico'' (National Tourism Business Council, CNET) sent two letters in March to [[Alfonso Romo]], Chief of Staff to the [[President of Mexico]], outlining the importance of tourism to the economy and asking for government support for the sector. Tourism provides 4&nbsp;million jobs in Mexico, and 93% of the companies have ten or fewer employees. COVID-19 forced the closure of 4,000 hotels (52,400 rooms) and 2,000 restaurants, while the airline industry lost MXN $30&nbsp;billion (US$1.3&nbsp;billion) through March.<ref>{{cite web |url=https://www.dineroenimagen.com/carlos-velazquez/el-cnet-pide-apoyo-mientras-sus-empresas-salvan-empleos/120918 |title=El CNET pide apoyo mientras sus empresas salvan empleos |language=es |first=Carlos |last=Velazquez |website=Dinero en Imagen |date=26 March 2020}}</ref> The association of car dealers, ADMA, predicted a decrease in domestic sales between 16% and 25% in 2020.<ref>{{cite web |url=https://www.dineroenimagen.com/jose-yuste/desesperacion-de-industrias/120857 |title=Desesperación de industrias |language=es |first=José |last=Yuste |website=Dinero en Imagen |date=25 March 2020}}</ref>

==== Panama ====
COVID-19 is expected to subtract US$5.8&nbsp;billion from Panama's GDP.<ref>{{cite web|url=https://www.laestrella.com.pa/amp/nacional/200327/covid-le-cuesta-panama-5-800-millones|title=COVID-19 deja un hueco de $5,800 millones en Panamá|website=laestrella.com|language=es|date=27 March 2020|access-date=13 May 2020|archive-date=9 April 2022|archive-url=https://web.archive.org/web/20220409040201/https://www.laestrella.com.pa/amp/nacional/200327/covid-le-cuesta-panama-5-800-millones|url-status=dead}}</ref>

==== United States ====
{{main|Economic impact of the COVID-19 pandemic in the United States|COVID-19 pandemic in the United States}}
[[File:Personal savings rate & revolving credit.webp|thumb|260px|
{{legend-line|#4572A7 solid 3px|Personal [[saving]]s rate (left)}}
{{legend-line|#AA4643 solid 3px|[[Revolving credit]] (right)}}
]]
[[File:Panic buying in Texas in response to the coronavirus pandemic.jpg|thumb|upright|Empty shelves from [[panic buying]] at the [[Sams Club]] in [[Lufkin, Texas]], on 13 March 2020.]]
[[File:Sign outlining toilet-paper sales policy during COVID-19 pandemic at Cornucopia Deli, Red Hook, NY.jpg|thumb|upright|Sign warning customers not to circumvent limits on toilet paper purchases at an [[upstate New York]] convenience store]]

The viral outbreak was cited by many companies in their briefings to shareholders, but several maintained confidence that they would not be too adversely affected by short-term disruption due to "limited" exposure to the Chinese consumer market. Those with manufacturing lines in mainland China warned about possible exposure to supply shortages,<ref name="20200129cnbc"/> while others cautioned that large corporations and the wealthy could exploit the crisis for economic gain in line with [[the Shock Doctrine]], as has occurred after past pandemics<ref>{{Citation|last1=Weitzel|first1=Elic|title=Are Pandemics Good for the Environment?|date=2020|url=https://www.sapiens.org/archaeology/covid-19-environment/|journal=Sapiens|access-date=7 July 2020}}</ref>

Silicon Valley representatives expressed worries about serious disruption to production lines, as much of the technology sector relies on factories in mainland China. Since there had been a scheduled holiday over Lunar New Year, the full effects of the outbreak on the tech sector were considered to be unknown {{as of|2020|01|31|lc=yes}}, according to ''[[The Wall Street Journal]]''.<ref name="wsj1158048418"/>

Cities with high populations of Chinese residents have seen an increase in demand for face masks to protect against the virus;<ref name="AutoDW-331"/> many are purchasing masks to mail to relatives in mainland China, Hong Kong, and Macau, where there is a shortage of masks.<ref name="Paolicelli-2020"/> {{as of|2020|2}}, many stores in the United States had sold out of masks.<ref name="Paolicelli-2020" /><ref>{{cite web |title=As coronavirus spreads, suppliers are rationing face masks – CNN Video |url=https://edition.cnn.com/videos/business/2020/03/05/medical-supply-shortage-coronavirus-quest-means-business.cnn |publisher=[[Quest Means Business]] |date=5 March 2020}}</ref> This mask shortage has caused an increase in prices.<ref name="AutoDW-332"/>

Universities in the United States have warned about a significant impact on their income due to a large number of Chinese international students potentially unable to attend classes.<ref name="AutoDW-333"/>

''The Washington Post'' reported in February that President Donald Trump told advisors that he did not want the government to say or do anything that might spook the stock market, on concerns a large-scale outbreak could hurt his reelection chances.<ref name="AutoDW-334"/>

On 26 February, ''The New York Times'' (NYT) reported a case in California which the [[Center for Disease Control]] confirmed as the first possible community transmission of coronavirus in the United States.<ref name="AutoDW-195" />

[[File:Closed Barber On P St.jpg|thumb|Closed Barber On P St NW in Washington DC]]
On 27 February, the NYT reported delay in diagnosis of the community transmission case in California.<ref name="AutoDW-196" /> A later article in the NYT on 27 February discussed a [[whistleblower]]'s allegation's of the ineptitude of preparedness at [[Travis Air Force Base]] near [[Fairfield, California]] and [[March Air Reserve Base]] in [[Riverside County, California]] to receive possible coronavirus transmitters for diagnosis and treatment.<ref name="AutoDW-197" /> The same day, a report by [[Goldman Sachs]] forecast that it believes American companies "will generate no earnings growth in 2020," wiping out an earnings recovery that was expected for the year after "lackluster profit reports for most of 2019"<ref>{{cite news|url=https://www.cnn.com/2020/02/27/investing/earnings-coronavirus/index.html |title=Goldman Sachs: American companies will have zero profit growth this year|last=La Monica|first=Paul R. |website=CNN|access-date=28 February 2020|archive-url= https://web.archive.org/web/20200229054507/https://www.cnn.com/2020/02/27/investing/earnings-coronavirus/index.html |archive-date=29 February 2020|url-status=live}}</ref>

On 27 February, U.S. stocks were on their way to the largest loss for a week since 2008, and the [[Dow Jones Industrial Average]] fell 1190 points in one day. On 28 February the average dropped below 25000 briefly.<ref>{{cite news|url=https://www.marketwatch.com/story/us-stock-futures-point-to-further-sharp-declines-as-asia-follows-wall-street-plunge-2020-02-28 |title=Stock market heads lower, on track for worst weekly slide in 12 years as coronavirus stokes volatility|last=Watts|first=William |work=[[Market Watch]]|date=28 February 2020|access-date=28 February 2020|archive-url= https://web.archive.org/web/20200228220938/https://www.marketwatch.com/story/us-stock-futures-point-to-further-sharp-declines-as-asia-follows-wall-street-plunge-2020-02-28 |archive-date=28 February 2020|url-status=live}}</ref><ref>{{cite news|url= https://www.marketwatch.com/story/us-stock-futures-retreat-after-trump-fails-to-reassure-traders-2020-02-26 |title=Stocks tumble for sixth straight day, finish in correction territory, on fears coronavirus will slow economy|last=Watts|first=William |work=Market Watch|date=27 February 2020|access-date=28 February 2020|archive-url= https://web.archive.org/web/20200228023814/https://www.marketwatch.com/story/us-stock-futures-retreat-after-trump-fails-to-reassure-traders-2020-02-26 |archive-date=28 February 2020|url-status=live}}</ref> The Dow Jones ended the week down 12.4 percent, the [[S&P 500 Index]] 11.5 percent, and the [[Nasdaq Composite]] down 10.5 percent.<ref>{{cite news|url=https://www.marketwatch.com/story/stocks-record-worst-week-since-financial-crisis-as-coronavirus-concerns-heat-up-2020-02-28 |title=Stocks record worst week since financial crisis as coronavirus concerns heat up|last=Oh|first=Sunny |work=Market Watch|date=28 February 2020|access-date=28 February 2020|archive-url= https://web.archive.org/web/20200228220234/https://www.marketwatch.com/story/stocks-record-worst-week-since-financial-crisis-as-coronavirus-concerns-heat-up-2020-02-28 |archive-date=28 February 2020|url-status=live}}</ref> Stocks fell to 18,592 points (Dow average) on 23 March after a procedural Senate vote on a coronavirus economic stimulus bill failed for the second time in two days.<ref>{{cite news |url=https://edition.cnn.com/2020/03/23/investing/global-stocks-monday/index.html |title=US stock futures up after ending another day in the red |archive-url=https://web.archive.org/web/20200324014256/https://edition.cnn.com/2020/03/23/investing/global-stocks-monday/index.html |archive-date=24 March 2020 |first=Clare |last=Duffy |website=CNN Business |date=23 March 2020}}</ref>

On 7 March, US stocks fell by 7 percent, triggering a temporary halt in trading, which was also aided by the 2020 Russia–Saudi Arabia oil price war.<ref>{{cite web|url=https://www.latimes.com/politics/story/2020-03-09/economic-impact-coronavirus-oil-prices-stock-markets |title=U.S. stocks dive more than 7% as oil war and coronavirus fears slam markets|date=9 March 2020|website=Los Angeles Times}}</ref>

On the evening of 11 March, the [[National Basketball Association]] announced that the rest of its season would be [[Suspension of the 2019–20 NBA season|suspended indefinitely]], and the [[National Collegiate Athletic Association]] (NCAA) announced that its [[NCAA Division I men's basketball tournament|men's]] and [[NCAA Division I women's basketball tournament|women's]] basketball tournaments would be played without fans.<ref>{{cite web|url=https://www.chicagotribune.com/coronavirus/ct-cb-coronavirus-sports-cancellations-20200310-426ude4yp5g5rjilr6iksdxlkm-story.html |title=Coronavirus and sports: NBA suspends its season, while the NCAA Tournament and rest of Big Ten Tournament will be played without fans|website=Chicago Tribune|date=12 March 2020|access-date=12 March 2020|archive-url= https://web.archive.org/web/20200312044647/https://www.chicagotribune.com/coronavirus/ct-cb-coronavirus-sports-cancellations-20200310-426ude4yp5g5rjilr6iksdxlkm-story.html |archive-date=12 March 2020|url-status=live}}</ref> The following day, the NCAA initially announced that it would cancel the basketball tournaments,<ref>{{cite web|url=https://nypost.com/2020/03/12/march-madness-2020-officially-canceled-due-to-coronavirus-outbreak/ |title=March Madness 2020 canceled due to coronavirus pandemic|last=Joyce|first=Greg|date=12 March 2020|website=New York Post|language=en|access-date=12 March 2020|archive-url= https://web.archive.org/web/20200312205022/https://nypost.com/2020/03/12/march-madness-2020-officially-canceled-due-to-coronavirus-outbreak/ |archive-date=12 March 2020|url-status=live}}</ref> but later that day announced that all championship events throughout all sports would be cancelled until 2020–21.<ref>{{cite press release |url=https://www.ncaa.org/about/resources/media-center/news/ncaa-cancels-remaining-winter-and-spring-championships |title=NCAA cancels remaining winter and spring championships |publisher=NCAA |date=12 March 2020 |access-date=12 March 2020 |archive-url= https://web.archive.org/web/20200312213051/http://www.ncaa.org/about/resources/media-center/news/ncaa-cancels-remaining-winter-and-spring-championships |archive-date=12 March 2020 |url-status=live }}</ref>

[[Deep South]] states such as Alabama, Georgia, and Louisiana reported on April{{nbsp}}6 that 70% of its reported deaths had involved African Americans.<ref>{{cite news|url=https://www.bbc.com/news/world-us-canada-52194018 |title=Coronavirus wreaks havoc in US black communities|date=7 April 2020|work=BBC News |access-date=9 April 2020|language=en-GB}}</ref><ref>{{cite news|last=Zanolli|first=Lauren |url=https://www.theguardian.com/world/2020/apr/08/black-americans-coronavirus-us-south-data |title=Data from US south shows African Americans hit hardest by Covid-19|date=8 April 2020|work=The Guardian|access-date=9 April 2020 |language=en-GB|issn=0261-3077}}</ref> It has been acknowledged that African Americans were more likely to have poor [[Habitability|living conditions]] (including dense urban environments and [[Poverty in the United States|poverty]]), employment instability, chronic [[Comorbidity|comorbidities]] influenced by these conditions, and little to no [[health insurance]] coverage—factors which can all exacerbate its impact.<ref>{{cite news|last=Eligon|first=John |url=https://www.nytimes.com/2020/04/07/us/coronavirus-race.html |title=Black Americans Face Alarming Rates of Coronavirus Infection in Some States|date=7 April 2020|work=The New York Times|access-date=9 April 2020|language=en-US|issn=0362-4331}}</ref><ref>{{cite news|url=https://www.cnn.com/2020/04/07/us/coronavirus-black-americans-race/index.html |title=Why black Americans are at higher risk for coronavirus|last=Levenson|first=Eric |website=CNN|access-date=9 April 2020}}</ref>

In April, nearly a quarter of residents (renters and homeowners) did not pay full housing costs. Some did not pay rent/mortgage at all, while others did not make full payment.<ref>{{cite web |author1=Igor Popov, Chris Salviati, Rob Warnock |title=Nearly One-Quarter of Americans Couldn't Pay Their April Housing Bill |url=https://www.apartmentlist.com/rentonomics/many-americans-couldnt-pay-april-rent/ |website=Rentonomics |archive-url=https://web.archive.org/web/20200501103222/https://www.apartmentlist.com/rentonomics/many-americans-couldnt-pay-april-rent/ |archive-date=1 May 2020 |date=8 April 2020 |url-status=live}}</ref> The difficulties experienced by many tenants during the pandemic have sparked a movement to [[cancel rent]], which is advocated by some activists, organizations, and politicians.<ref>{{cite web|last=Kasakove|first=Sophie|date=17 April 2020|title=Ilhan Omar unveils bill to cancel rent and mortgage payments amid pandemic|url=http://www.theguardian.com/us-news/2020/apr/17/ilhan-omar-rent-mortgage-bill-coronavirus-pandemic|access-date=12 July 2020|website=the Guardian|language=en}}</ref><ref>{{cite web|last=Lowrey|first=Annie|date=2 May 2020|title=Cancel Rent|url=https://www.theatlantic.com/ideas/archive/2020/05/cancel-rent/611059/|access-date=12 July 2020|website=The Atlantic|language=en-US}}</ref>

According to the US Bureau of Labor Statistics, male unemployment increased sharply from 3.55&nbsp;million in February to 11 million in April 2020, while female unemployment (lower than the pre-crisis men's) rose from 2.7&nbsp;million to 11.5&nbsp;million in the same period.<ref>{{cite web|last=Women|first=U. N.|title=How COVID-19 impacts women and girls|url=https://interactive.unwomen.org/multimedia/explainer/covid19/en/index.html|access-date=16 April 2021|website=interactive.unwomen.org|language=en}}</ref>

In early May, a Washington Post-Ipsos poll revealed racial disparities between adult workers who were laid off or furloughed since the beginning of the outbreak: layoffs affected 20 percent of Hispanic workers, 16 percent of black workers, 11 percent of white workers, and 12 percent of workers of other races.<ref>{{cite news|last1=Jan|first1=Tracy |last2=Clement|first2=Scott |date=6 May 2020|title=Hispanics are almost twice as likely as whites to have lost their jobs amid pandemic, poll finds|newspaper=[[The Washington Post]]|url=https://www.washingtonpost.com/business/2020/05/06/layoffs-race-poll-coronavirus/ |access-date=6 May 2020}}</ref>

Many workers were furloughed or laid off as a result of business and school closures and the cancellation of public events. During April more than 20&nbsp;million Americans filed for unemployment insurance, an all-time record, and the national unemployment rate was reported as 14.7% – the highest monthly rate since record keeping was begun in 1948.<ref>{{cite news|url=https://www.cnn.com/2020/05/08/economy/april-jobs-report-2020-coronavirus/index.html|title=Record 20.5 million American jobs lost in April. Unemployment rate soars to 14.7%|last=Tappe|first=Anneken|date=8 May 2020|work=CNN|access-date=9 May 2020}}</ref> The rise in unemployment may have contributed to [[George Floyd protests|protracted nationwide civil unrest]].<ref>{{cite web|last=Alberight|first=Amanda|date=31 May 2020|title=George Floyd protests hammer cities as they reopen from coronavirus lockdowns|url=https://fortune.com/2020/05/31/george-floyd-protests-cities-reopen/|access-date=9 June 2020|website=Fortune|language=en}}</ref><ref>{{cite web |url=https://www.theguardian.com/us-news/2020/jun/03/george-floyd-protests-trump-troops-esper|title=Protests continue as US defense secretary rejects Trump's demand for troops |date=3 June 2020 |work=The Guardian |language=en |access-date=22 June 2020}}</ref>

For first quarter 2020, health care spending dropped 18 percent. 42,000 health care workers lost their jobs in March, and 1.4&nbsp;million in April, as most hospitals postponed non-essential procedures. People who were left ended up doing the jobs of others who were furloughed.<ref>{{cite news|url=https://www.npr.org/2020/05/08/852435761/as-hospitals-lose-revenue-thousands-of-health-care-workers-face-furloughs-layoff|title=As Hospitals Lose Revenue, More Than A Million Health Care Workers Lose Jobs|work=[[NPR]]|date=8 May 2020|access-date=13 May 2020}}</ref>

Although the United States government is the world's largest borrower, credit card debt in the country fell below $1&nbsp;trillion in May 2020 for the first time since May 2011, declining for the previous three months. This was due to a decrease in both personal income and disposible personal income while personal savings rates nearly doubled. A job reports validated the decline after indicating that three million jobs were added in June 2020, compared to the 20 million jobs lost throughout the pandemic.<ref name=reuters/><ref>{{cite web|url=https://www.equifax.com/personal/education/covid-19/coronavirus-personal-credit/|title=How to Minimize the Impact to Your Credit Score from COVID-19 &#124; Equifax|website=www.equifax.com|access-date=29 July 2020|archive-date=18 October 2021|archive-url=https://web.archive.org/web/20211018150122/https://www.equifax.com/personal/education/covid-19/coronavirus-personal-credit/|url-status=dead}}</ref><ref>{{cite web|url=https://www.forbes.com/sites/advisor/2020/07/17/credit-card-debt-is-down-during-covid-19-heres-why/|title=Credit Card Debt Is Down During COVID-19. Here's Why|first=Robin Saks|last=Frankel|website=Forbes|date=23 March 2021}}</ref><ref>{{cite web|url=https://www.creditonebank.com/articles/protecting-your-credit-during-the-covid-19-pandemic|title=Protecting Your Credit During the Coronavirus Pandemic &#124; Credit One Bank}}</ref><ref>{{cite news|url=https://www.nytimes.com/2020/07/01/business/economic-recovery-virus-surge.html|title=The 'Rocket Ship' Economic Recovery Is Crashing|first1=Jim|last1=Tankersley|first2=Ben|last2=Casselman|newspaper=The New York Times|date=1 July 2020}}</ref>

In a ''Business Economics'' article that was published on 7 December 2020 and won [[National Association for Business Economics|NABE]]'s 2020 Edmund A. Mennis Contributed Paper Award, Xiaobing Shu, Christine Chmura & James Stinchcomb claimed that "COVID-19 has caused a significant decline in labor demand, by as much as 30%, measured by the number of job advertisements. But the pandemic did not result in noticeable changes in advertised wages."<ref>{{cite journal|last1=Shuai|first1=Xiaobing|last2=Chmura|first2=Christine|last3=Stinchcomb|first3=James|date=7 December 2020|title=COVID-19, labor demand, and government responses: evidence from job posting data|url= |journal=Business Economics|volume=56|issue=1 |pages=29–42|language=en|doi=10.1057/s11369-020-00192-2|issn=1554-432X|pmc=7719850|pmid=33311717}}</ref>

In December 2020, economist David Choi at Goldman Sachs argued that the U.S. economy would recover faster than expected as impact on the parts of the economy most susceptible to the recent coronavirus spread weren't being affected as severely.<ref>{{cite web|last=Cox|first=Jeff|date=8 December 2020|title=Economic growth will be better than expected thanks to the resilient services sector, Goldman says|url=https://www.cnbc.com/2020/12/08/economic-growth-will-be-better-than-expected-thanks-to-the-resilient-services-sector-goldman-says.html|access-date=10 December 2020|website=CNBC|language=en}}</ref> On the flipside, Alejandra Grindal at [[Ned Davis Research]], argued that the economy could get worse if the pandemic worsens prior to the deployment of vaccines in Q2 2021, after which the economy would see "a pretty sharp recovery not only in U.S. economic activity, but also global economic activity".<ref>{{cite web|last=Gurdus|first=Lizzy|date=8 December 2020|title=Even with a Covid vaccine, U.S. economy will likely get worse before it gets better: Ned Davis Research|url=https://www.cnbc.com/2020/12/08/us-economy-will-get-worse-before-it-gets-better-ned-davis-research.html|access-date=10 December 2020|website=CNBC|language=en}}</ref>

Nearly 20 million adults – 9 percent of all adults in the country – reported that their household sometimes or often didn't have enough to eat in the last seven days, according to Household Pulse Survey data collected 29 September – 11 October 2021. When asked why, 82 percent said they "couldn’t afford to buy more food," rather than (or in addition to) non-financial factors such as lack of transportation or safety concerns due to the pandemic.<ref>{{cite web|title=Tracking the COVID-19 Economy's Effects on Food, Housing, and Employment Hardships|url=https://www.cbpp.org/research/poverty-and-inequality/tracking-the-covid-19-economys-effects-on-food-housing-and|access-date=29 November 2021|website=Center on Budget and Policy Priorities|language=en}}</ref>

Even consumers with jobs have stopped spending. Retail sales plunged 20 percent from February to April, with very large declines in categories like clothing and accessory stores (down 89 percent) and department stores (down 45 percent). The personal saving rate jumped to 33 percent in March from 8 percent in February.<ref>{{cite web|title=COVID-Driven Recession Impact on Retail Industry|url=https://www2.deloitte.com/us/en/pages/consumer-business/articles/retail-recession.html|access-date=29 November 2021|website=Deloitte United States|language=en}}</ref>

Unemployment increased significantly in the United States during the COVID-19 pandemic. However, in the United States, most enterprises that adopted advanced digital technologies were able to avert worker reductions more significantly than firms who did not digitally adapt.<ref name="EIB-2022c"/><ref name="OECD-2022a"/><ref name="Giupponi-2020"/><ref name="IMF-2022"/>

=== South America ===
Latin American and Caribbean countries were already facing low economic growth before COVID-19, with the region averaging 0.4% of growth in 2019, due to what was described as "a vicious circle of low-quality jobs, deficient social protection and volatile incomes" with one out of five in the ages of 14–25 being unable to find a job. The economic impact caused by COVID-19 was exarcebated by many countries' lack of reserve funds for times of crisis. Between 35 and 50 million people in the region are expected to fall below the poverty line, which is set at US$5.60 per day. Exports have also been affected and many countries are expected to fall further into debt.<ref>{{cite web|url=https://cnnespanol.cnn.com/2020/07/26/america-latina-lucha-contra-el-covid-19-mientras-se-avecina-una-recesion-gigantesca/|title=América Latina lucha contra el covid-19 mientras se avecina una recesión gigantesca|date=26 July 2020|website=CNN}}</ref> The LAC region is experiencing the biggest contraction in the emerging markets and developing economies. The IMF World Economic Outlook has reported a GDP contraction of 8.1 per cent in Latin America in 2020. Unfortunately, since 2014, the region has been experiencing the weakest period of growth since 1950.<ref>{url=https://www.financialexpress.com/economy/covid-19-economic-impact-in-latin-america-and-caribbean/2126968/}</ref>

==== Argentina ====
{{Main|COVID-19 pandemic in Argentina}}
On 19 March, Argentina entered a nationwide lockdown. The Argentine government announced the extension of the lockdown, originally intended to end on 31 March until mid-April. On 10 April, President Alberto Fernández announced that the lockdown would be extended in major cities until 26 April.<ref name="quarantine">{{cite news|title=Argentina announces mandatory quarantine to curb coronavirus|url=https://www.reuters.com/article/us-health-coronavirus-argentina/argentina-announces-mandatory-quarantine-to-curb-coronavirus-idUSKBN216446|access-date=20 March 2020|work=[[Reuters]]|date=19 March 2020}}</ref>

In response to the economic halt, on 24 March, [[Executive (government)|the executive]] [[Necessity and Urgency Decree|decreed]] the payment of a one-time welfare benefit to the lowest earning [[self-employed]] taxpayers left with no sources of income in their household.<ref>{{cite news |title=Quiénes y cuándo cobran los 10 mil pesos anunciados por el Gobierno |url=https://www.pagina12.com.ar/254962-quienes-y-cuando-cobran-los-10-mil-pesos-anunciados-por-el-g |access-date=18 April 2020 |agency=Página 12 |date=24 March 2020}}</ref>

On 22 September, official reports showed a record 19% year-on-year drop in the GDP for the second quarter of 2020, the biggest drop in the country's history.<ref name="Indec2020">{{cite journal|date=September 2020|title=Informe de avance del nivel de actividad – Segundo trimestre de 2020|trans-title=Activity Level Report – Second Quarter 2020|url=https://www.indec.gob.ar/uploads/informesdeprensa/pib_09_203A30C37E8E.pdf|journal=Informes técnicos|language=es-AR|publisher=[[National Institute of Statistics and Census of Argentina]]|volume=4|issue=172|issn=2545-6636}}</ref><ref name="Gillespie-2020">{{cite web|last=Gillespie|first=Patrick|date=22 September 2020|title=Argentina's Economy Slumps 16.2%, Narrowly Beating Forecasts|url=https://www.bloomberg.com/news/articles/2020-09-22/argentina-s-economy-slumps-16-2-narrowly-beating-forecasts|access-date=25 September 2020|website=[[Bloomberg News]]}}</ref> Investment fell 38% from the previous year.<ref name="Indec2020" /><ref name="Gillespie-2020" />

==== Brazil ====
{{Main|COVID-19 pandemic in Brazil}}
Two Brazilian banks predicted the deceleration of economic growth in China. [[UBS]] has reviewed its estimations from 6% to 5.9%, while [[Itaú Unibanco|Itaú]] stated a reduction to 5.8%.<ref name="Veras Mota-2020"/>

A representative of some of the bigger Brazilian companies of the electronics sector, Eletros, stated that the current stock for the supply of components is enough for around 10 to 15 days.<ref name="Veras Mota-2020">{{cite web|url=https://www.bbc.com/portuguese/brasil-51452527|title=Da indústria de celulares à soja, os impactos do coronavírus na economia brasileira|last1=Veras Mota|first1=Camilla|date=12 February 2020|publisher=BBC News Brasil|location=São Paulo|language=PT-PT|access-date=12 February 2020|archive-url=https://web.archive.org/web/20200212133952/https://www.bbc.com/portuguese/brasil-51452527|archive-date=12 February 2020|url-status=live}}</ref>

The prices of soybeans, oil, and iron ore have been falling. These three goods represent 30%, 24% and 21% of the Brazilian exports to China, respectively.<ref name="Veras Mota-2020" /><ref>{{cite web|url=https://economia.estadao.com.br/noticias/geral,vendas-paradas-e-precos-em-queda,70003190650|title=Vendas paradas e preços em queda – Economia|website=Estadão|language=pt-BR|access-date=12 February 2020|archive-url=https://web.archive.org/web/20200212231131/https://economia.estadao.com.br/noticias/geral,vendas-paradas-e-precos-em-queda,70003190650|archive-date=12 February 2020|url-status=live}}</ref><ref>{{cite web|url=https://exame.abril.com.br/economia/soja-petroleo-e-ferro-coronavirus-derruba-preco-de-commodities-do-brasil/|title=Soja, petróleo e ferro: coronavírus derruba valor de commodities do Brasil|website=EXAME|language=pt-BR|access-date=12 February 2020|archive-url=https://web.archive.org/web/20200212231128/https://exame.abril.com.br/economia/soja-petroleo-e-ferro-coronavirus-derruba-preco-de-commodities-do-brasil/|archive-date=12 February 2020|url-status=live}}</ref>

====Chile====
Aiding Chile's downfall is reduced demand for copper from the US and China due to COVID-19.<ref>{{cite news|url=https://www.bbc.com/mundo/noticias-53438543|title=Coronavirus en América Latina: los países en que se prevén las mayores caídas económicas este año (y los que serán menos golpeados)|newspaper=BBC News Mundo|date=21 July 2020}}</ref>

=== Africa ===
Prior to the pandemic, average public debt in Africa was predicted to progressively drop. Instead, average net government debt increased by 2 percentage points in 2020, reaching 61% GDP. The surge in [[Sub-Saharan Africa]] was significantly greater, with over 6 percentage points on average. Countries are suffering increasing debt payment expenses as a result of this rising debt burden. Some countries have lost complete access to the global markets thus becoming reliant on relatively limited internal resources and concessional finance.<ref name="EIB-2021a">{{cite book|url=https://www.eib.org/en/publications/economic-report-finance-in-africa-green-smart-inclusive-private-sector-development|title=Finance in Africa: for green, smart and inclusive private sector development|date=18 November 2021|publisher=European Investment Bank|doi=10.2867/38529 |isbn=978-92-861-5063-0|language=EN |author1=European Investment Bank. }}</ref><ref>{{cite web|title=MENA Economies Face Rapid Accumulation of Public Debt|url=https://www.worldbank.org/en/news/press-release/2021/04/02/strong-institutions-will-be-key-to-mena-recovery-amid-rapid-accumulation-of-public-debt|access-date=6 December 2021|website=World Bank|language=en}}</ref><ref>{{cite web|title=Sovereign Borrowing Outlook for OECD Countries|url=https://www.oecd.org/daf/fin/public-debt/Sovereign-Borrowing-Outlook-in-OECD-Countries-2021.pdf}}</ref>

[[Microfinance]] services are provided by [[commercial bank]]s, commercial and regulatory microfinance institutions, informal providers, and non-governmental organizations.  One of the responses of Africa's microfinance institutions to the COVID-19 crisis was to increase reliance on digital channels to support borrowers.<ref>{{cite web|title=Financing for Development in the Era of COVID-19 and Beyond|url=https://www.un.org/sites/un2.un.org/files/financing_for_development_covid19_part_ii_hosg.pdf|access-date=6 December 2021|language=en}}</ref><ref>{{cite web|title=Coronavirus (COVID-19): SME policy responses|url=https://www.oecd.org/coronavirus/policy-responses/coronavirus-covid-19-sme-policy-responses-04440101/|access-date=6 December 2021|website=OECD|language=en}}</ref>

The [[European Investment Bank]], with the help of the Making Finance Work for Africa Partnership (MFW4A), conducted the Banking in Africa survey in early 2021. 78 banks in Sub-Saharan Africa were surveyed. The banks that took part control nearly 30% of the continent's assets. The results showed that almost two-thirds of the Banks surveyed tightened lending rules in 2020 – 2021. More than 80% expanded their restructuring or [[Moratorium (law)|loan moratoriums]].<ref name="EIB-2021a"/>

According to the [[European Investment Bank]]'s Banking in Africa study 2021, digital offerings by Sub-Saharan African banks are increasing, especially as a result of the COVID-19 pandemic. The majority of the banks polled said that the pandemic has accelerated the speed of digital transformation, and that this change is permanent.<ref name="EIB-2021a"/> 89% of the banks polled claimed that the pandemic has hastened the digital transformation of their internal operations; the same percentage believes that the consumer movement toward digital channels will continue once the virus has ended. Few banks were required to modify their employee levels, while slightly under one-third adjusted their prices. Approximately half of the answering banks had employed guarantees, the majority of which came from the central bank, the government, or an international financial institution. During the first half of 2020, the cost of overseas borrowing climbed dramatically. However, at the beginning of the pandemic, banks were well capitalized, thus they were able to resist liquidity challenges.<ref name="EIB-2021a"/>

Around 88% of enterprises in countries where COVID-19 follow-up surveys were conducted (three in Southern Africa, one in East Africa, four in West Africa, and one in North Africa) were suffering diminished liquidity, with more than 55% of them closing temporarily during the COVID-19 pandemic. Almost 8% had declared bankruptcy, and 26% of enterprises are past due on financial institution commitments. Firms that depend on equity are at 36%. rather than depending on commercial bank loans to address cash flow issues, these are more likely to succeed at 16%.<ref name="EIB-2021a" />

The [[International Monetary Fund]] predicts that average growth in the African continent would return to 4.5% in 2021 and 4.0% in 2022. All economies except the Comoros are expected to increase in 2021. However, large differences in growth rates are expected, between 0.2% in the Republic of the Congo and 7.6% in Kenya in 2021.<ref name="EIB-2021a"/><ref>{{cite web|title=Regional Economic Outlook for Sub-Saharan Africa, October 2021|url=https://www.imf.org/en/Publications/REO/SSA/Issues/2021/10/21/regional-economic-outlook-for-sub-saharan-africa-october-2021|access-date=6 December 2021|website=IMF|language=en}}</ref>

=== Oceania ===

==== Australia ====
{{Main|COVID-19 pandemic in Australia}}
Australia is expected to be heavily affected by the epidemic, with early estimations have GDP contracting by 0.2% to 0.5%<ref name="AutoDW-335"/><ref name="auto15"/> and more than 20,000 Australian jobs being lost.<ref name="AutoDW-336"/> The Australian [[Treasurer of Australia|Treasurer]], [[Josh Frydenberg]] said that the country would no longer be able to promise a [[balanced budget|budget surplus]] due to the outbreak.<ref name="AutoDW-337"/> The Australian dollar dropped to its lowest value since the [[Great Recession]].<ref name="20200125businessinsider"/>

The [[Australasian College for Emergency Medicine]] called for a calm and a fact-based response to the epidemic, asking people to avoid racism, "panic and division" and the spread of misinformation.<ref name="AutoDW-338"/> A large amount of protective face masks were purchased by foreign and domestic buyers, which has sparked a nationwide face masks shortage.<ref name="9 Now"/> In response to price increases of nearly 2000%, the Pharmaceutical Society of Australia has called on these "unethical suppliers" to keep supplies affordable.<ref name="9 Now" />

Tourism bodies have suggested that the total economic cost to the sector, as of 11 February 2020, would be A$4.5&nbsp;billion. Casino earnings are expected to fall.<ref name="Guardian2020-02-12"/> At least two localities in Australia, [[Cairns]] and the [[Gold Coast, Queensland|Gold Coast]], have reported already lost earnings of more than $600&nbsp;million.<ref name="AutoDW-339"/> The Australian Tourism Industry Council (ATIC) called on the Government of Australia for financial support especially in light of the large number of small businesses affected.<ref name="AutoDW-340"/>

Mining companies are thought to be highly exposed to the outbreak, since sales to China constitute 93% of the sales of [[Fortescue Metals]], 55% of the sales of [[BHP]], and 45% of the sales of [[Rio Tinto (corporation)|Rio Tinto]].<ref name="Guardian2020-02-12" /> The iron ore shipping gauge dropped 99.9% as a result of the outbreak,<ref name="AutoDW-341"/> and the virus has made shipping and logistic operations of mining companies more complicated.<ref name="AutoDW-342"/>

Agriculture is also experiencing negative effects from the outbreak,<ref name="AutoDW-343"/> including the Australian dairy industry,<ref name="AutoDW-344"/> fishing industry,<ref name="AutoDW-345"/> wine producers,<ref name="AutoDW-346"/> and meat producers.<ref name="auto15" /> On 13 February 2020, [[Rabobank]], which specialises in agricultural banking, warned that the agricultural sector had eight weeks for the coronavirus to be contained before facing major losses.<ref name="AutoDW-347"/> Exports were also affected by the outbreak. In May, China—which is Australia's largest trading partner—stopped accepting Australian meat and placed tariffs on Australian barley, likely a punitive response to Australia's call for an investigation into the origin of the global pandemic.<ref>{{cite news|title=Australia angered China by calling for a coronavirus investigation. Now Beijing is targeting its exports|url=https://www.cnn.com/2020/05/26/business/china-australia-coronavirus-trade-war-intl-hnk/index.html|last=Westcott|first=Ben|date=27 May 2020|website=CNN|access-date=27 May 2020}}</ref>

The education sector is expected to suffer a US$5&nbsp;billion loss according to an early government estimate,<ref name="AutoDW-348"/><ref name="AutoDW-349"/> including costs due to "tuition fee refunds, free deferral of study, realignment of teaching calendars and student accommodation costs."<ref name="IBT-2020"/> The taxpayer is likely to be required to cover the shortfall in education budgets.<ref name="AutoDW-350"/> An estimated 100,000 students were not able to enroll at the start of the semester.<ref name="AutoDW-351"/> Nearly two-thirds of Chinese students were forced to remain overseas due to visa restrictions on travellers from mainland China.<ref name="AutoDW-352"/> Salvatore Babones, associate professor at the University of Sydney, stated that "Australia will remain an attractive study destination for Chinese students, but it may take several years for Chinese student numbers to recover".<ref name="IBT-2020" />

==See also==
{{Portal|COVID-19}}
* [[COVID-19 recession]]
* [[Contactless payment]]
* [[Distance learning]]
* [[Financial market impact of the COVID-19 pandemic]]
* [[Remote work]]
* [[Shortages related to the COVID-19 pandemic]]

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<ref name="AutoDW-305">{{cite web|url=http://www.donga.com/news/article/all/20200223/99835113/2|script-title=ko:교육부 "전국 유·초·중·고 1주일 개학 연기…3월9일 개학"|date=23 February 2020|website=The Dong-a Ilbo|language=ko|access-date=24 February 2020|archive-url=https://web.archive.org/web/20200223204454/http://www.donga.com/news/article/all/20200223/99835113/2|archive-date=23 February 2020|url-status=live}}</ref>
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<ref name=CNNPH10Feb2020>{{cite web|url=https://www.cnnphilippines.com/news/2020/2/10/Taiwan-included-in-coronavirus-travel-ban.html|title=Taiwan included in coronavirus travel ban – DOH|date=10 February 2020|publisher=CNN|access-date=29 February 2020|archive-url=https://web.archive.org/web/20200215170518/https://www.cnnphilippines.com/news/2020/2/10/Taiwan-included-in-coronavirus-travel-ban.html|archive-date=15 February 2020|url-status=dead}}</ref>
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<ref name="AutoDW-312">{{cite news
| last         = Long
| first         = Jonny
| date         = 3 February 2020
| title         = Coronavirus sees Chinese teams pull out of Tour de Langkawi and all riders subjected to health-screenings
| url         = https://www.cyclingweekly.com/news/racing/coronavirus-sees-chinese-teams-pull-out-of-tour-de-langkawi-as-riders-subjected-to-health-screenings-448278
| work         = [[Cycling Weekly]]
| access-date         = 13 February 2020
| archive-url         = https://web.archive.org/web/20200213145508/https://www.cyclingweekly.com/news/racing/coronavirus-sees-chinese-teams-pull-out-of-tour-de-langkawi-as-riders-subjected-to-health-screenings-448278
| archive-date         = 13 February 2020
| url-status         = live
}}</ref>
<ref name="AutoDW-313">{{cite news
|last         = Chaw
|first        = Kenneth
|date         = 12 February 2020
|title        = List of KL concerts postponed due to Covid-19
|url          = https://www.thestar.com.my/lifestyle/entertainment/2020/02/12/list-of-kl-concerts-postponed-due-to-covid-19
|work         = [[The Star (Malaysia)|The Star]]
|location     = [[Kuala Lumpur]]
|access-date  = 13 February 2020
|archive-url  = https://web.archive.org/web/20200213144002/https://www.thestar.com.my/lifestyle/entertainment/2020/02/12/list-of-kl-concerts-postponed-due-to-covid-19
|archive-date = 13 February 2020
|url-status   = live
}}</ref>
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<ref name="AutoDW-315">{{cite web |url=https://thediplomat.com/2020/02/china-and-cambodia-love-in-the-time-of-coronavirus/ |title=China and Cambodia: Love in the Time of Coronavirus |last1=Tiezzi|first1=Shannon|date=6 February 2020|access-date=10 February 2020 |archive-url=https://web.archive.org/web/20200206005246/https://thediplomat.com/2020/02/china-and-cambodia-love-in-the-time-of-coronavirus/ |archive-date=6 February 2020 |url-status=live}}</ref>
<ref name="AutoDW-316">{{cite news|url=https://www.bbc.com/news/business-51486719|title=JCB cuts production because of coronavirus|date=13 February 2020|work=BBC News|access-date=13 February 2020|archive-url=https://web.archive.org/web/20200214182909/https://www.bbc.com/news/business-51486719|archive-date=14 February 2020|url-status=live}}</ref>
<ref name="AutoDW-317">{{cite web|url=http://social.techcrunch.com/2020/02/12/nokia-pulls-out-of-mwc-over-coronavirus-concerns/|title=MWC hangs by a thread after Nokia, DT and other big names back out|website=TechCrunch|date=12 February 2020|access-date=12 February 2020}}{{Dead link|date=September 2023 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>
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<ref name="AutoDW-319">{{cite web|url=https://www.cnet.com/news/samsung-pares-back-mwc-presence-on-coronavirus-concerns/|title=Samsung pares back MWC presence on coronavirus concerns|last=Tibken|first=Shara|publisher=CNET|access-date=12 February 2020|archive-url=https://web.archive.org/web/20200211143458/https://www.cnet.com/news/samsung-pares-back-mwc-presence-on-coronavirus-concerns/|archive-date=11 February 2020|url-status=live}}</ref>
<ref name="AutoDW-320">{{cite web|url=https://www.theverge.com/2020/2/12/21127754/mwc-2020-canceled-coronavirus-trade-show-phone-mobile-world-congress-gsma-statement|title=The world's biggest phone show has been canceled due to coronavirus concerns|last=Warren|first=Tom|date=12 February 2020|website=The Verge|access-date=12 February 2020|archive-url=https://web.archive.org/web/20200212190044/https://www.theverge.com/2020/2/12/21127754/mwc-2020-canceled-coronavirus-trade-show-phone-mobile-world-congress-gsma-statement|archive-date=12 February 2020|url-status=live}}</ref>
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<ref name="AutoDW-352">{{cite web|url=https://www.timeshighereducation.com/news/two-thirds-australias-chinese-students-stuck-home|title=Two-thirds of Australia's Chinese students 'stuck at home'|date=4 February 2020|website=Times Higher Education (THE)|url-status=live|archive-url=https://web.archive.org/web/20200205072614/https://www.timeshighereducation.com/news/two-thirds-australias-chinese-students-stuck-home|archive-date=5 February 2020|access-date=5 February 2020}}</ref>
}}

{{Free-content attribution
| title = Explainer: How COVID-19 impacts women and girls
| author =
| publisher = UN Women
| page numbers =
| source =
| documentURL = https://interactive.unwomen.org/multimedia/explainer/covid19/en/index.html
| license statement URL = https://interactive.unwomen.org/multimedia/explainer/covid19/en/index.html
| license = CC BY-SA 3.0 IGO
| howto = no
}}

{{Free-content attribution
| title = Anticipating the impacts of COVID-19 in humanitarian and food crisis contexts
| author =
| publisher = FAO
| page numbers =
| source =
| documentURL = http://www.fao.org/documents/card/en/c/ca8464en/
| license statement URL = https://commons.wikimedia.org/wiki/File:Anticipating_the_impacts_of_COVID-19_in_humanitarian_and_food_crisis_contexts.pdf#Summary
| license = CC BY-SA 3.0 IGO
}}

{{2019-nCoV}}
{{2020s}}

[[Category:Economic impact of the COVID-19 pandemic| ]]
[[Category:2020 in economic history]]
[[Category:2020 in international relations]]
[[Category:Economic history]]