While Asia, Europe and the USA have been the most directly impacted regions, and transport and tourism the immediately hit sectors, the indirect effects transmitted along international supply chains are being felt across the entire world economy.
Global atmospheric emissions are reduced by 2.5Gt of greenhouse gases, 0.6Mt of PM 2.5, and 5.1Mt of SO 2 and NO x. Based on information as of May 2020, we show that global consumption losses amount to 3.8$tr, triggering significant job (147 million full-time equivalent) and income (2.1$tr) losses. Using a global multi-regional macro-economic model, we capture direct and indirect spill-over effects in terms of social and economic losses, as well as environmental effects of the pandemic. Such consequences are the result of counter-measures such as lockdowns, and world-wide reductions in production and consumption, amplified by cascading impacts through international supply chains.
We are all aware of the profound social and economic consequences of the pandemic (WHO, 2020)”. On 3 April 2020, the Director-General of the WHO stated: “ is much more than a health crisis.
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