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The COVID-19 pandemic has triggered the deepest economic recession in nearly a century, threatening health, disrupting economic activity, and hurting well-being and jobs. Extraordinary policies are required to walk the tightrope towards recovery, which will shape the economic and social prospects of the coming decade.

This page features the latest OECD data, recommendations and policy advice regarding the economic impact of COVID-19, as well as a curated collection of earlier OECD economic content.

 

1 Dec. 2020 - Faster vaccine deployment, confidence and co-operation would strengthen pick-up but continued uncertainty risks further weakness.

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01/12/2020

A brighter outlook but recovery only gradual

The picture for the global economy is looking brighter with the prospect of vaccines and better virus management.

After a sharp decline this year, the global economy is looking to gain momentum over the next two years, rising to around 4.2 % in 2021.

Still, the economic consequences will be with us for years to come, as the crisis has put pressure on labour markets and increased inequalities.

> Read the Economic Outlook
01/12/2020

Turning hope of recovery into reality

The picture for the global economy is looking brighter with the prospect of vaccines and better virus management.

Still, the scars will be with us for years to come, as the crisis has put pressure on job markets, widened inequalities and exposed the digital divide.

> WATCH THE VIDEO (1:43)

Turning hope of recovery into reality

23/04/2020

Keeping trade on track to fight COVID-19

Trade tensions have been steadily ramping up. Brexit is rife with uncertainty and the COVID-19 pandemic has added new turbulence with lockdowns and radically changing consumer demand. But now is precisely the time when the world needs to come together on trade says Julia Nielson, deputy director of the OECD Trade and Agriculture Directorate.

> LISTEN TO PODCAST (20:31)

Keeping trade on track to fight COVID-19

See our latest policy advice

This new series brings together data, analysis and recommendations on a range of topics related to the impacts of the coronavirus (COVID-19) on the global economy.

Access to all policy responses

COVID-19 crisis response in South East European economies

This note focuses on the multi-faceted structural challenges in the Western Balkans, which have exacerbated by the COVID-19 pandemic, and it assesses the economic impact of COVID-19 on the region, with special focus on SMEs,...
24/11/2020
> read

Building a coherent response for a sustainable post-COVID-19 recovery

The world is facing an unprecedented multidimensional crisis that demands coherent policy responses. The COVID-19 crisis has further highlighted the vulnerability of several of our basic systems, including healthcare, social protection, education, value chains, production...
23/11/2020
> read

Getting goods across borders in times of COVID-19

This note updates Trade facilitation and the COVID-19 pandemic from April 2020 with insights into the evolution of new border protocols and trade facilitation measures impacting traders since COVID-19 and exploring what more can be...
18/11/2020
> read

COVID-19 crisis response in Central Asia

The global COVID-19 pandemic has had a significant negative impact on the economies of Central Asia. This updated policy note reports on the latest developments in the region and looks ahead to identify the key...
16/11/2020
> read

Discover other original data visualisations related to the COVID-19 crisis in Data Insights

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This inventory focuses on the global economy, pulling together analysis and data directly and indirectly related to the broad and far-reaching economic challenges arising in the context of the coronavirus (COVID-19). From productivity and income redistribution to tourism and SMEs, this collection brings together a broad range of policies to promote sustainable economic growth and build resilience for an inclusive and green recovery.

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04/12/2020
Report
OECD Economic Surveys: Poland 2020
COVID-19 has hit the Polish society and its economy hard, even if to a lesser extent than other European countries. Employment has declined and public debt has increased abruptly, which will make it more challenging to solve long-term issues, such as the low productivity of some workers, weak environmental outcomes and rising ageing costs. Ensuring longer working lives in good health will be key to secure the pension system’s sustainability. To boost the recovery and sustain the pre-crisis growth in living standards, Poland needs to invest in greener infrastructure, additional healthcare capacity and better skills. Easing the reallocation of firms and workers would facilitate shifts in the economic structure induced by the current crisis and raise productivity. Finally boosting the capacity of small and medium-sized enterprises (SMEs) to innovate would help them to export more and adapt to a rapidly changing international environment.SPECIAL FEATURE: BOOSTING SMEs’ INTERNATIONALISATION
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03/12/2020
Report
Revenue Statistics 2020
Data on government sector receipts, and on taxes in particular, are basic inputs to most structural economic descriptions and economic analyses and are increasingly used in economic comparisons. This annual publication gives a conceptual framework to define which government receipts should be regarded as taxes. It presents a unique set of detailed and internationally comparable tax data in a common format for all OECD countries from 1965 onwards.
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03/12/2020
Report
Consumption Tax Trends 2020
Consumption Tax Trends provides information on Value Added Taxes/Goods and Services Taxes (VAT/GST) and excise duty rates in OECD member countries. It also contains information about international aspects of VAT/GST developments and the efficiency of this tax. It describes a range of other consumption taxation provisions on tobacco, alcoholic beverages, motor vehicles and aviation fuels.
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01/12/2020
Report
OECD Economic Outlook, Volume 2020 Issue 2
The COVID-19 pandemic will cast a long shadow over the world’s economies and the economic outlook is very uncertain. This issue of the OECD Economic Outlook analyses the impacts of COVID-19 on the economy and puts forward projections for output, employment, prices, fiscal and current account balances.This issue includes a general assessment of the macroeconomic situation, a series of notes on the current policy challenges related to the COVID-19 pandemic and a chapter summarising developments and providing projections for each individual country. Coverage is provided for all OECD members as well as for selected partner economies.
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30/11/2020
Report
OECD Regions and Cities at a Glance 2020
Regions and Cities at a Glance 2020 provides a comprehensive assessment of how regions and cities across the OECD are progressing towards stronger, more sustainable and more resilient economies and societies. The publication provides a unique comparative picture in a number of aspects connected to economic development, health, well-being and net zero-carbon transition across regions and cities in OECD and selected non-OECD countries. In the light of the health crisis caused by the COVID-19 pandemic, the report analyses outcomes and drivers of social, economic and environmental resilience.This edition provides several new features. First, an extended set of health-related indicators, including excess mortality, morbidity rates, and air quality. Second, novel indicators on the potential of regions and cities to remote working, as well as on trade openness and access to digital infrastructure enrich the economic chapter. Third, the report offers a number of new climate-and environment-related indicators, including on sustainable electricity production and related carbon emissions. The report shows population trends in over nine thousands cities and metropolitan areas across the entire world. Finally, the last chapter presents new indicators on spending and revenues capacity of regional governments in OECD countries.
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27/11/2020
Report
OECD Digital Economy Outlook 2020
The OECD Digital Economy Outlook 2020 examines trends and analyses emerging opportunities and challenges in the digital economy. It highlights how OECD countries and partner economies are taking advantage of information and communication technologies (ICTs) and the Internet to meet their public policy objectives. Through comparative evidence, it informs policy makers of regulatory practices and policy options to help maximise the potential of the digital economy as a driver for innovation and inclusive growth.This third edition of the OECD Digital Economy Outlook provides a holistic overview of converging trends, policy developments and data on both the supply and demand sides of the digital economy. It illustrates how the digital transformation is affecting economies and societies. Finally, it provides a special focus on how the COVID-19 pandemic is amplifying opportunities and challenges from the digital transformation.
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24/11/2020
Policy response
COVID-19 crisis response in South East European economies
This note focuses on the multi-faceted structural challenges in the Western Balkans, which have exacerbated by the COVID-19 pandemic, and it assesses the economic impact of COVID-19 on the region, with special focus on SMEs, tourism, education, employment, digitalisation, trade, and investment. As governments combat the economic and societal consequences of the crisis, the note offers policy considerations towards the objective of building back better a better future, with more inclusive, sustainable and resilient economies.
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23/11/2020
Report
Job Creation and Local Economic Development 2020
The impact of COVID-19 on local jobs and workers dwarfs those of the 2008 global financial crisis. The 2020 edition of Job Creation and Local Economic Development considers the short-term impacts on local labour markets as well as the longer-term implications for local development. Chapter 1 explores the immediate local employment impacts of the crisis, the divides within and across local labour markets even prior to the pandemic, and the likely diverging recovery patterns. Chapter 2 considers the underlying trends that COVID-19 will accelerate (digitalisation, the automation of jobs and polarisation of skill profiles; a transition to greener jobs) or slow down (reconfigured global supply chains, concentration of the high skilled in largest cities). Chapter 3 explores local action in the recovery. It highlights the strategies to strengthen local employment services and training providers to meet the increased demand for job placement and skills upgrading, particularly for the most disadvantaged workers (youth, low-skilled, women) or business development to serve the hardest hit firms and sectors (tourism, culture, hospitality). It also considers strategies and tools to “rebuild better” by rethinking local development futures, taking advantage of the changing geography of jobs due to remote working or other opportunities such as the social economy. Individual country profiles are available online.
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23/11/2020
Policy response
Building a coherent response for a sustainable post-COVID-19 recovery
The world is facing an unprecedented multidimensional crisis that demands coherent policy responses. The COVID-19 crisis has further highlighted the vulnerability of several of our basic systems, including healthcare, social protection, education, value chains, production networks, financial markets, mass transit systems and ecosystems. This makes the Sustainable Development Goals (SDGs) even more relevant today as they aim to transform the systemic conditions that perpetuate the vulnerabilities of our societies and economies. Yet, the human, social and economic effects of the COVID-19 pandemic may reverse the progress made in achieving the SDGs. As such, sustainable recovery, aligned with the SDGs, requires cross-sectoral actions and mechanisms to manage unavoidable trade-offs between short and long-term priorities, and between economic, social and environmental policy goals. This brief presents a policy coherence roadmap to support governments in ensuring a sustainable recovery from the COVID-19 crisis that does not come at the expense of progress towards the SDGs.
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23/11/2020
Report
OECD Economic Surveys: Lithuania 2020
Lithuania’s economy is performing strongly and converging fast towards the most-developed OECD countries, driven by growing exports and investments and supported by a sound macroeconomic framework as well as a friendly business climate. For the first time since renewed independence, more people are settling in the country than leaving it. The peak of the COVID-19 crisis was one of the mildest in Europe, thanks to a well-functioning health system, effective containment measures and a relatively short lockdown. Yet prosperity is unevenly distributed across people and places. Further reform could help sustain achievements to date. Providing adequate income support for the needy, especially the elderly, and high quality social services, while improving integration into the labour market, could help reduce poverty. Stronger local and regional institutions, better education and skills particularly in rural areas and a more flexible housing market could make regional development more balanced. Finally, strengthening the regulatory framework, reducing the scope of state-owned enterprises and moving towards a low-carbon economy will help raise productivity while ensuring resilient and sustainable growth.SPECIAL FEATURES: REDUCING POVERTY; FOSTERING REGIONAL DEVELOPMENT
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18/11/2020
Policy response
Getting goods across borders in times of COVID-19
This note updates Trade facilitation and the COVID-19 pandemic from April 2020 with insights into the evolution of new border protocols and trade facilitation measures impacting traders since COVID-19 and exploring what more can be done to prepare for the next stages of the pandemic as uncertainty persists. It highlights the importance of transparency and availability of timely trade-related information in mapping bottlenecks and risks, as well as the importance of trade facilitation measures in supporting business recovery and resilience across different goods sectors. Finally, it provides some preliminary insights for trade facilitation with respect to the distribution of vaccines.
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16/11/2020
Policy response
COVID-19 crisis response in Central Asia
The global COVID-19 pandemic has had a significant negative impact on the economies of Central Asia. This updated policy note reports on the latest developments in the region and looks ahead to identify the key challenges likely to be faced by the region’s policy makers in the short-to medium-term. It examines five major economic challenges facing countries as they recover from the COVID-19 crisis –debt sustainability, migration, job retention, private sector fragility, and lack of connectivity –and proposes ways forward.
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13/11/2020
Report
Economic Outlook for Southeast Asia, China and India 2020 – November Update
The Economic Outlook for Southeast Asia, China and India is a regular publication on regional economic growth, development and regional integration in Emerging Asia. It focuses on the economic conditions of the Association of Southeast Asian Nations (ASEAN) member countries: Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam. It also addresses relevant economic issues in China and India to fully reflect economic developments in the region. This November Update of the Outlook, following the Update 2020 released in July, presents a regional economic monitor, depicting the economic outlook and macroeconomic challenges in the region amidst the COVID-19 pandemic.
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12/11/2020
Report
Statistiques des recettes publiques en Afrique 2020
Les Statistiques des recettes publiques en Afrique est une publication produite conjointement par le Centre de politique et d’administration fiscales et le Centre de développement de l’OCDE, la Commission de l’Union africaine (CUA) et le Forum sur l’administration fiscale africaine (ATAF), avec le soutien financier des gouvernements de l’Irlande, du Japon, du Luxembourg, de la Norvège, du Royaume-Uni et de la Suède. Elle comprend des statistiques comparables des recettes fiscales et non fiscales pour 30 pays africains : l’Afrique du Sud, le Botswana, le Burkina Faso, le Cabo Verde, le Cameroun, la République du Congo, la République démocratique du Congo, la Côte d’Ivoire, l’Égypte, l’Eswatini, le Ghana, la Guinée équatoriale, le Kenya, le Lesotho, Madagascar, le Malawi, le Mali, le Maroc, Maurice, la Mauritanie, la Namibie, le Niger, le Nigéria, l’Ouganda, le Rwanda, le Sénégal, les Seychelles, le Tchad, le Togo et la Tunisie. Le modèle est la base de données des Statistiques des recettes publiques de l’OCDE : une référence fondamentale, qui s’appuie sur une méthodologie bien établie. L’extension de la méthodologie de l’OCDE aux pays africains permet de comparer les ratios impôts/PIB et les structures fiscales sur une base cohérente, à la fois entre les pays africains et avec les économies de l’OCDE, d’Amérique latine, des Caraïbes, d’Asie et du Pacifique.ÉTUDE SPÉCIALE : COVID-19 et ZLECAf : Risques et opportunités liés à la mobilisation des recettes intérieures en Afrique
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11/11/2020
Policy response
COVID-19 in Latin America and the Caribbean: An overview of government responses to the crisis
Latin America and the Caribbean (LAC) governments reacted swiftly and pre-emptively to protect their citizens and contain the spread of COVID-19 in the region and its impact on the economy. However, the region struggled to contain the levels of contamination, notably due to the prevalence of the informal economy and the limitations of health infrastructure and social protection systems. On the economic front, the region was already in a weak situation at the time the pandemic hit, and now has less fiscal space than in 2008 to mitigate the deeper recession that will result from the 2020 outbreak. Focusing on the 15 countries that are a part of the Steering Group of the OECD LAC Regional Programme (Argentina, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Panama, Paraguay, Peru and Uruguay), this note provides an update on the previous note published in May 2020. It highlights the government measures enacted to mitigate the crisis and considers long-term policy considerations towards the objective of building back a better future, with more inclusive, sustainable and resilient economies.
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10/11/2020
Policy response
The territorial impact of COVID-19: Managing the crisis across levels of government
COVID-19 has governments at all levels operating in a context of radical uncertainty. The regional and local impact of the COVID-19 crisis is highly heterogeneous, with significant implications for crisis management and policy responses. This paper takes an in-depth look at the territorial impact of the COVID-19 crisis in its different dimensions: health, economic, social and fiscal. It provides examples of responses by national and subnational governments to help mitigate the territorial effects of the crisis, and offers ten takeaways on managing COVID-19’s territorial impact. Finally, the paper offers a forward looking perspective to discuss the crisis’ implications for multi-level governance as well as points for policy-makers to consider as they build more resilient regions.
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09/11/2020
Report
Global Outlook on Financing for Sustainable Development 2021
The Global Outlook on Financing for Sustainable Development 2021 calls for collective action to address both the short-term collapse in resources of developing countries as well as long-term strategies to build back better following the outbreak of the COVID-19 pandemic. The financing gap to achieve the Sustainable Development Goals (SDGs) in developing countries was estimated at several trillions of dollars annually before the pandemic. The report demonstrates that progress to leave no one behind has since reversed, and the international community faces unprecedented challenges to implement the holistic financing strategy set out in the Addis Ababa Action Agenda (AAAA). The report finds that trillions of dollars in financial assets held by asset managers, banks and institutional investors are contributing to inequalities and unsustainable practices. It highlights the need to enhance the quality of financing through better incentives, accountability and transparency mechanisms, integrating the long-term risks of climate change, global health, and other non-financial factors into investment decisions. The report concludes with a plan of action for all actors to work jointly to reduce market failures in the global financial system and to seize opportunities to align financing in support of the 2030 Agenda for sustainable development.
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06/11/2020
Policy response
COVID-19 crisis response in MENA countries
Governments in the MENA region have rapidly reacted to contain the Coronavirus (COVID-19), by developing massive policy and institutional plans to support households and firms.This update includes the latest analysis on the economic and social consequences of the crisis, including new sections on the fiscal and educational challenges, as well as insights on the resilience of the healthcare system.
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26/10/2020
Report
Multilateral Development Finance 2020
As the “Decade of Action” begins, the world needs an effective multilateral development finance system to deliver on the promises of the 2030 Agenda and support the recovery of developing countries from the coronavirus (COVID-19) crisis. Even before the crisis, the system, torn between high expectations and growing criticism of its perceived lack of accountability and effectiveness, was showing signs of stress.This report looks at recent trends in the multilateral development system in order to provide the clearest possible picture to those deciding on its future. It presents the evolution of multilateral inflows and outflows, and analyses the strategic implications of the contributions by members of the Development Assistance Committee (DAC). The report looks at the activities that multilateral organisations finance, and explores their respective strengths. This year’s edition is supplemented by a series of policy briefs, as well as online statistics on DAC members’ multilateral contributions, available in the Development Co-operation Profiles.
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22/10/2020
Policy response
Rebuilding tourism for the future: COVID-19 policy responses and recovery
The outlook for tourism economy recovery remains highly uncertain, as the coronavirus (COVID-19) pandemic continues to heavily hit the sector. The outcome for 2020 is expected to be a decrease in international tourism economy by around 80% (downside of previous estimates), with domestic tourism driving the short term recovery. Governments have taken impressive immediate action to restore and re-activate the sector, while protecting jobs and businesses. Considering the longer term implications of the crisis, countries are also developing measures to build a more resilient tourism economy in the post COVID-19 environment. These include staying ahead of the digital curve, supporting the low carbon transition, and rethinking tourism for the future.
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