Economic effects of Covid-19 in Luxembourg
14 April 2020
First RECOVid working note with preliminary estimates
A note produced jointly by researchers from the Luxembourg Institute of Socio-Economic Research (LISER), the University of Luxembourg and the National Institute of Statistics and Economic Studies of the Grand Duchy of Luxembourg (STATEC) within the framework of the Task Force set up by Research Luxembourg
The socioeconomic aspects of this crisis are crucial for society. Epidemiologists and virologists have recommended home-quarantine measures and general lockdowns to slow down the spread of the virus and flatten the infection curve. These social-distancing measures have been perceived as necessary to avoid overloading hospital capacity and its tragic/ethical consequences. By preventing workers from working and consumers from consuming, lockdown measures are likely to lead to a severe recession. This being said, a vast majority of economists – who are sometimes criticized for developing dehumanized models – have unanimously supported these measures, placing human factors above all and defining the containment of the pandemic as the utmost priority.
In this note, RECOV id- a group of economists based in Luxembourg who join forces to assist the Task Force for the Coordination of the Public Research Sector in the Context of the Covid-19 Pandemic (Work Package 7 led by Aline Muller, CEO of the Luxembourg Institute of Socio-Economic Research (LISER)) – aims to rough out the subject and provide knowledge on the economic issues related to the Covid-19 crisis and to suggest plans of actions to mitigate economic damages from Covid-19. Yet, lack of hindsight and information available for research at present makes any forecasting exercise difficult.
This document provides a summary of ongoing research, proceed to back-of-the-envelope estimations of the “direct” economic impact of the health crisis and resulting policy measures, anticipate forces that may drive to a breakdown of the global economic system, discuss the policy options that are available to decision makers to mitigate the short-run costs and the risk of a systemic collapse, and provide suggestions for future research.
The full version of this press release is also available on LISER website (www.liser.lu).
Economic effects of Covid-19 in Luxembourg (First RECOVid working note with preliminary estimates)
Economic effects of Covid-19 in Luxembourg (Synthesis of the RECOVid working note)
Superimmunity: A defence mechanism against COVID-19?Two years after the pandemic outbreak, researchers and scientists continue to look at the immune system’s defence mechanisms against the…
The why behind mild COVID-19From the start of the COVID-19 pandemic, the majority of published studies have focused on severe COVID-19 patients in order…
In conversation with our young researchers: Abir ElbéjiHow to better follow COVID-19-related symptoms thanks to new digital biomarkers and tools and how to improve Long Covid patients’…
Shedding light on COVID-19 – Presentation of CoVaLuxDespite the worldwide COVID-19 pandemic entering its third year, open questions pertaining to the occurrence of new variants, ensuing new…
Europe must come together to confront OmicronOmicron. The SARS-CoV-2 Omicron variant is spreading rapidly in Europe, even in countries with high levels of vaccination, including those…
What are the benefits, costs and feasibility of a low incidence COVID-19 strategyA low incidence strategy. Lifting some non-pharmaceutical interventions means living with a relatively high incidence of cases. Such a high…
Survey reveals 87% of Luxembourg vaccinees are eager to get a booster jab or already got itHow many vaccinated people want to get a booster jab? How many parents have had their children vaccinated? A recent representative survey…
COVID-19: Mothers absorbed the higher burden for childcareDid the traditional division of roles within households just carry over through the pandemic? Or, did it make it worse…