| ID | 182755 |
| Title Proper | Hit of the novel coronavirus outbreak to China's economy |
| Language | ENG |
| Author | Duan, Hongbo |
| Summary / Abstract (Note) | Broke out at the end of 2019, the novel coronavirus pneumonia (COVID-19) has been spreading throughout the world, leading to more than 87 million confirmed infections and 1.88 million fatalities. Motivated by this, we evaluate the economic impacts of COVID-19 outbreak on both national and industrial levels by employing quarterly computable general equilibrium (CGE) model. Our results reveal that the epidemic may lower China's economic growth in 2020 by 3.5%, versus 4.4% for final consumption (relative to baseline). The service industry suffers the most from the outbreak, and the Accommodation-Food-Beverage service, Wholesale-Retail Trade, and Transport-Storage-Post are identified as the most vulnerable sectors, with the negative impact on output reaching as high as 14.6%. When moving to 2021, the hit to economy shrinks to 2% (1.2–2.7%), with industry estimated to be the most affected sector instead. This study indicates that implementing effective measures for preventing and controlling the epidemic and policies for post-disease economic recovery play critical role in curbing the potential economic damage. |
| `In' analytical Note | China Economic Review Vol. 67, Jun 2021: p.101606 |
| Journal Source | China Economic Review 2021-05 67, 67 |
| Key Words | China ; General Equilibrium Modeling ; COVID-19 ; Economic Impact Assessment |