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The Macroeconomic Impact of COVID-19 in EMEs

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  • Marco Hernandez-Vega

Abstract

The COVID-19 pandemic caused severe losses in the world economy, particularly in emerging market economies (EMEs), which had to withstand the challenges of the pandemic and its domestic repercussions while also facing the deterioration of external demand. Using a panel data model, we estimate how the number of deaths and lockdown measures affected GDP growth, the unemployment rate, and export growth from January 2020 to September 2021, based on a sample of 25 countries grouped into three regions. The results indicate that lockdown measures had a negative and statistically significant impact on GDP growth across all regions, with some variation in the size of the estimated coefficients. Consequently, Latin America was the region most sensitive to these measures, followed by Asia and the Middle East.

Suggested Citation

  • Marco Hernandez-Vega, 2024. "The Macroeconomic Impact of COVID-19 in EMEs," Working Papers 2024-07, Banco de México.
    • Handle: RePEc:bdm:wpaper:2024-07
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    File URL: https://www.banxico.org.mx/publications-and-press/banco-de-mexico-working-papers/%7B4C5B2139-816B-34CB-68E2-F57385B8E750%7D.pdf
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    More about this item

    Keywords

    COVID-19; Economic Impact; Growth; Lockdown Policies;
    All these keywords.

    JEL classification:

    • C01 - Mathematical and Quantitative Methods - - General - - - Econometrics
    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • I00 - Health, Education, and Welfare - - General - - - General

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