Spiders by Slidesgo - an introduction to arachnids
Economic Impact of COVID-19 Recovery Packages
1. ECONOMIC ASSESSMENT OF THE
COVID-19 PANDEMIC: INSIGHTS
FROM THE METRO MODEL
Session 2: Quantifying the impacts of recovery
packages on economic activity
13-14 April 2021 – Technical Workshop
2. COVID-19 related factors behind the
economic developments in 2020
• Effects of COVID-19 containment measures, government support
policies and changes in agents’ behaviour on:
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Highly unequal across countries
and sectors, impact quite
uncertain
Labour markets
(productivity)
Consumer demand
Goods and services trade
costs
Government support to
Households and corporate
sector
3. COVID-19 related factors behind the
economic developments in 2020
• A CGE framework (OECD METRO) allows to combine different
pieces of information in an analytically consistent framework and
obtain a coherent global picture.
Labour markets (productivity) 4% decline in productivity (adjusted
for teleworkability)
Goods and services trade costs increase increase in AVEs of TFI and
STRI
Consumer demand calibrated
Government support measures in 2020
Given to household and firms (labour and capital) as direct
subsidies
Total dollar amount = change in government balance between
2019-2020.
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