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The impact of the first wave of the COVID-19 pandemic on employment and firm revenues in Hungary

Author

Listed:
  • Magdolna Sass

    (Hungarian Academy of Sciences Institute of Economics, Centre for Economic and Regional Studies Budapest Hungary)

  • János Köllő

    (Institute of Economics, Centre for Economic and Regional Studies, Tóth Kálmán u. 4, H-1097, Budapest, Hungary)

  • Balázs Reizer

    (Institute of Economics, Centre for Economic and Regional Studies, Tóth Kálmán u. 4, H-1097, Budapest, Hungary
    Institute of Economics and Public Policy, Department of Economic Policy and Labour Economics, Corvinus University of Budapest, Budapest, Hungary)

Abstract

Relying on the Labour Force Survey and the monthly revenue statistics of the Hungarian Central Statistical Office, we assess the immediate economic impact of the first wave of the COVID-19 pandemic in the first two quarters of 2020. We first analyse the role of job loss, working time reduction, downtime, and telework in adjustment to the crisis. The findings reveal an even more serious setback and increase in inequality than in 2008–2009. School leavers, young workers and unskilled laborers were particularly severely affected. Graduates were less likely to lose their jobs, more likely to switch to telework, and their employers faced a smaller decrease in sales revenue. The revenues of foreign-owned exporters fell more than the average in March but recovered by June. The decline experienced by businesses in the Hungarian ownership was slower but more prolonged.

Suggested Citation

  • Magdolna Sass & János Köllő & Balázs Reizer, 2021. "The impact of the first wave of the COVID-19 pandemic on employment and firm revenues in Hungary," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 71(supplemen), pages 93-117, November.
    • Handle: RePEc:aka:aoecon:v:71:y:2021:i:supplement1:p:93-117
    DOI: 10.1556/032.2021.00031
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    Citations

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    Cited by:

    1. Csaba G. TÓTH, 2022. "Narrowing the gap in regional and age-specific excess mortality during the COVID-19 in Hungary," Eastern Journal of European Studies, Centre for European Studies, Alexandru Ioan Cuza University, vol. 13, pages 185-207, June.
    2. Carmen-Alexandra Stoian & Chirața Caraiani & Ionuț Florin Anica-Popa & Cornelia Dascălu & Camelia Iuliana Lungu, 2022. "Telework Systematic Model Design for the Future of Work," Sustainability, MDPI, vol. 14(12), pages 1-22, June.
    3. Zoltán Tánczos & Borbála Bernadett Zala & Zsolt Szakály & László Tóth & József Bognár, 2022. "Home Office, Health Behavior and Workplace Health Promotion of Employees in the Telecommunications Sector during the Pandemic," IJERPH, MDPI, vol. 19(18), pages 1-11, September.

    More about this item

    Keywords

    COVID; employment; firm revenue;
    All these keywords.

    JEL classification:

    • E0 - Macroeconomics and Monetary Economics - - General
    • J0 - Labor and Demographic Economics - - General
    • L0 - Industrial Organization - - General

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