Proceedings of the 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022)

A Review of the Impact of the COVID-19 on the Macroeconomy

Authors
Wenjia Han1, *, , Kaiyue Wang2, , Yichen Zhang3,
1University of Washington, Seattle
2Beijing Institute of Technology
3Simon Fraser University, Vancouver

These authors contributed equally.

*Corresponding author. Email: whan1103@uw.edu
Corresponding Author
Wenjia Han
Available Online 26 March 2022.
DOI
https://doi.org/10.2991/aebmr.k.220307.169How to use a DOI?
Keywords
Macroeconomics; Impact; COVID-19
Abstract

The outbreak of the new crown pneumonia epidemic at the end of 2019 had a huge impact on the world economy. This article is based on the actual economic development at this stage, combined with the research results on the impact of the epidemic on the economy, and the existing research results from the macroscopic and economic forecasts. After sorting it out, the research found that, on the one hand, the huge impact of the outbreak on the macro economy cannot be ignored. It will take longer for the more severely affected countries to return to their previous economic conditions, especially in terms of unemployment and employment opportunities. On the other hand, personal consumption has shown a sharp decline, while economic flows have been significantly reduced, especially for some large-scale economic sectors, such as aviation and entertainment during the epidemic. In order to effectively stimulate economic recovery, the government departments need to adopt active and effective measures to prevent and control the epidemic, and increase support for small and medium-sized enterprises in terms of the economy at the same time.

Copyright
© 2022 The Authors. Published by Atlantis Press International B.V.
Open Access
This is an open access article under the CC BY-NC license.

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Volume Title
Proceedings of the 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022)
Series
Advances in Economics, Business and Management Research
Publication Date
26 March 2022
ISBN
978-94-6239-554-1
ISSN
2352-5428
DOI
https://doi.org/10.2991/aebmr.k.220307.169How to use a DOI?
Copyright
© 2022 The Authors. Published by Atlantis Press International B.V.
Open Access
This is an open access article under the CC BY-NC license.

Cite this article

TY  - CONF
AU  - Wenjia Han
AU  - Kaiyue Wang
AU  - Yichen Zhang
PY  - 2022
DA  - 2022/03/26
TI  - A Review of the Impact of the COVID-19 on the Macroeconomy
BT  - Proceedings of the 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022)
PB  - Atlantis Press
SP  - 1029
EP  - 1033
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.220307.169
DO  - https://doi.org/10.2991/aebmr.k.220307.169
ID  - Han2022
ER  -