Pandemic Economics: A Case Study of the Economic Effects of COVID-19 Mitigation Strategies in the United States and the European Union
Loading...
Date
2021
Authors
Hudson, Lucy
Journal Title
Journal ISSN
Volume Title
Publisher
University of Oregon
Abstract
The economic effects of the COVID-19 pandemic and the non-pharmaceutical interventions which were implemented to mitigate the spread have not yet been fully studied and evaluated due to the lack of published economic indicators. This paper provides statistics which reveal whether non-pharmaceutical interventions implemented during 2020 are correlated with economic indicators. This study utilizes statistical economic data of the United States and the European Union due to the fact that they both are large economic powers which have been impacted substantially more than other countries and unions regarding COVID-19 outbreaks and the economic costs. Ultimately, the three chosen non-pharmaceutical interventions (statewide lockdowns, school closures, and restaurant shutdowns) showed no strong correlation with the two chosen economic indicators (GDP and unemployment rate), suggesting a lack of evidence that non-pharmaceutical interventions have a significant impact on the economy.
Description
90 pages
Keywords
Pandemic, COVID-19, Non-pharmaceutical interventions, Economics, GDP