The Economic Costs of Containing the Coronavirus Pandemic

Traders work on the floor of the New York Stock Exchange, March 16, 2020 (AP photo by Craig Ruttle).
Traders work on the floor of the New York Stock Exchange, March 16, 2020 (AP photo by Craig Ruttle).

The coronavirus pandemic is, first and foremost, a global health emergency. But it is also having major economic effects—sinking stock markets and threatening to send the global economy into recession. The economic shocks outside China, where the outbreak originated, were relatively modest at first, as the authorities there—after initially trying to suppress any news of an epidemic—finally imposed strict containment measures that shut down major parts of the economy and disrupted supply chains globally. But those shocks grew rapidly as the virus spread around the world and countries took drastic steps to try and contain it. In the midst of […]

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