Different Social and Economic Strategies Taken in Spring 2020 in Response to the Covid-19 Pandemic and Their Medium-term Economic Consequences across the EU Countries
|Author:||Bc. Jan Stuchlík|
|Year:||2021 - summer|
|Leaders:|| Mgr. Barbara Pertold-Gebicka M.A., Ph.D.
|Work type:|| Bachelors
|Awards and prizes:|
|Abstract:||This thesis describes measures taken by the EU countries during spring 2020 in
response to the COVID-19 pandemic and explains the effects of these measures
on unemployment and economic growth using panel data regression analysis.
We compare different approaches of the countries. Most of the restrictions
caused unemployment to increase and economic growth to decrease. The effects
on unemployment were often delayed for up to three months. Bans on indoor events, stay-at-home recommendations and closures of non-essential shops
had the largest negative effects on employment in the EU. Closures of primary
schools, closures of accommodation facilities and bans on indoor events had
the biggest negative effects on GDP growth. The changes in economic growth
were not directly proportional to the number of people infected by COVID-19.
Countries that imposed wide restrictions were not proven to suffer from larger
economic losses than countries introducing less strict interventions.