IDEAS home Printed from https://ideas.repec.org/a/wfo/wblltn/y2020i4p29-36.html
   My bibliography  Save this article

Worldwide Economic Downturn as a Result of the COVID-19 Pandemic. Business Cycle Report of May 2020

Author

Listed:
  • Sandra Bilek-Steindl

Abstract

The global economy was hit strongly by the effects of the COVID-19 related restrictions imposed worldwide to contain the pandemic. Initial data already show a decline in GDP in all major economic regions in the first quarter. Confidence indicators deteriorated to a level similar to that during the financial market crisis in 2008-09. In Austria, too, economic output already declined in the first quarter. Consumption as well as accommodation and food service activities, transportation, wholesale and retail trade, repair of motor vehicles and motorcycles and other service activities were particularly affected. After rising strongly within two weeks at the end of March, unemployment continued to rise in April, albeit at a slower pace. Inflation fell in March.

Suggested Citation

  • Sandra Bilek-Steindl, 2020. "Worldwide Economic Downturn as a Result of the COVID-19 Pandemic. Business Cycle Report of May 2020," WIFO Bulletin, WIFO, vol. 25(4), pages 29-36, July.
    • Handle: RePEc:wfo:wblltn:y:2020:i:4:p:29-36
    as

    Download full text from publisher

    File URL: https://www.wifo.ac.at/wwa/pubid/66260
    File Function: abstract
    Download Restriction: Payment required
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wfo:wblltn:y:2020:i:4:p:29-36. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Florian Mayr (email available below). General contact details of provider: https://edirc.repec.org/data/wifooat.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.