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ARTICLE · 07 AUGUST 2020

Economic Impact Of Covid-19 And Policy Response

MJ Hudson
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Following the recent political and geopolitical tensions driven by Brexit, Sino-US relations, raised trade tariffs and reduced global trade, the major economies had been relatively weak even before the current Covid-19 crisis erupted.

GlobalGovernment, Public Sector
Thanos Papasavvas
Thanos Papasavvas
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Inflation is not dead. but merely hibernating and about to wake up

Following the recent political and geopolitical tensions driven by Brexit, Sino-US relations, raised trade tariffs and reduced global trade, the major economies had been relatively weak even before the current Covid-19 crisis erupted. This year's 'black swan' event could therefore have an historic and unprecedented impact on the fragile economies with significant socio-political consequences without the necessary policy support; particularly for Small and Medium Enterprises (SMEs) which form the backbone of the economies across the UK, Europe and US.

Similar to the global financial crisis (GFC), the current pandemic is also expected to hit the advanced economies harder. The latest forecasts from the IMF, European Commission (EC) and ECB depicted in Figure-1 below highlight the relatively shallow recession for the global economy compared to those of the Euro Area and more specifically the

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