Opening-up Trajectories and Economic Recovery : Lessons after the First Wave of the COVID-19 Pandemic
This paper analyzes the reopening process of countries in Europe and Central Asia after the first wave of the COVID-19 pandemic and provides evidence on the effects of different reopening trajectories and their timing and speed on economic recovery...
| Main Authors: | , , |
|---|---|
| Format: | Working Paper |
| Language: | English |
| Published: |
World Bank, Washington, DC
2020
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/655041606235025254/Opening-up-Trajectories-and-Economic-Recovery-Lessons-after-the-First-Wave-of-the-COVID-19-Pandemic http://hdl.handle.net/10986/34835 |
| Summary: | This paper analyzes the reopening
process of countries in Europe and Central Asia after the
first wave of the COVID-19 pandemic and provides evidence on
the effects of different reopening trajectories and their
timing and speed on economic recovery. The analysis
indicates that countries that adopted a gradual, staged
reopening experienced stronger economic recovery compared
with the countries that rushed into lifting the restrictive
measures before the pandemic was under control. Postponing
lifting the restrictions until after the pandemic's
peak was reached has a positive impact on economic activity.
Governance also matters: a higher level of trust in
government is associated with increased economic activity
among countries that carried out a gradual reopening
process. There is also suggestive evidence that providing
people objective data on the progress of the pandemic may
speed up the recovery process. |
|---|