EFFECTS OF COVID PANDEMIC WORLDWIDE

From the Fraser Institute:  The key event of 2020 was the COVID19 virus and its impacts on health, mortality rates, economies, and government budgets. From the first reports of a pneumonia of unknown origin in Wuhan, China, the COVID19 pandemic grew and spread to countries around the world, becoming a global storm affecting health and economic performance. Indeed, there is some debate amongst public health officials and epidemiologists as to when the virus began spreading from its origin point. By April of 2021, the tally reached 129 million infections and 2.8 million deaths. This study examines the pandemic by comparing the performance of countries in terms of (1) infection rates and mortality rates; (2) the response to dealing with the pandemic in terms of the strategies employed—testing and restrictions; (3) the severity of the economic shock (changes in GDP); and (4) the economic and fiscal response by governments to the economic shock brought about by the pandemic. As well, regression analysis is employed to assess the relationship between key indicators of the effect of the pandemic on the economy and the response of mitigating measures on the pandemic and the economy. The evidence and results in this study offer some early and tentative analysis as to the effects of the pandemic, differences in international impacts and containment efforts, and the economic and fiscal impacts and effectiveness of associated responses.