their own impact on health we all know him, but … And the economy?

Too bad it is coronavirus causes an unprecedented economy and whose effects will not be clear for long.

In this post, you will discover what the first consequences it causes and what you can expect from the future.

A direct hook in the world: this is how COVID19 brought down the economy

COVID19 and economics

I remember about a year ago we spent a whole month of our content talking coronavirus on this blog Globaliza.

We knew then that this was a very serious situation, but under no circumstances could we have imagined it the impact of this magnitude.

After all the noise that can be found there, we want it now apply the brakes and we are really analyzing the situation we have in the middle of 2021.

A year to forget: this is a major downturn in the Spanish economy

After 6 years unhindered economic growth, the COVID19 pandemic changed the trend.

According to the National Institute of Statistics (INE), the Spanish economy has collapsed a 11%. The main focus of this fall was on sightseeing (His contribution fell from 12.4% to 4.3% of the country’s wealth).

Falling national demand: no one wants to spend in uncertain times

Thus the pandemic affected the economy

When you see your neighbor’s beard wet …

The month of March 2020 was inflection point for the national economy and consumer behavior.

Despite the nice weather that started peeking out the window, we had to stay indoors for many months.

However, with this dissatisfaction of the economy, unemployment and the ERTE situation have also increased.

The last trimester that absorbs shock: what was key to this success?

  • The results highlight the importance of total factor productivity and demand factors in the COVID-19 crisis.
  • Its negative contribution, unparalleled in history, has been partially offset by public spending, transfers to the private sector and credit strengthening, especially from companies.
  • Moving forward, it will be crucial to avoid the lasting consequences of this crisis on GDP and employment.
  • Demand and income policies are crucial in the short term to partially offset the decline in activity, but they will not be enough to return the economy to its original situation.
  • Take advantage of NGEU reforms to create more efficient, competitive and flexible markets, and encourage the accumulation of physical, technological and human capital to increase productivity and employment and ensure improved social protection and equal opportunities.

Autonomous communities most affected: coastal

As you can imagine, the autonomous communities that resented this situation the most were the coastal ones.

All those places where tourism was the main source of income saw that the situation was much more complex than expected.

Now that Easter is at the door and new restrictions are on the table, it will be necessary to see what the result is.

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