The uneven impact of the health crisis on the euro area economies in 2020

• Gómez, Ángel Luis ^[1] ; Río, Ana del ^[1]
  1. [1] Banco de España
• Localización: Documentos ocasionales - Banco de España, ISSN 1696-2222, Nº. 15, 2021, págs. 1-32
• Idioma: inglés
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• Resumen

  • The economic impact of the COVID-19 pandemic has been uneven across euro área countries. Among the factors explaining this are the intensity of the health crisis in each territory and the severity and duration of the containment measures applied to limit the spread of the virus, as well as the structural differences between the economies, and, in particular, their productive specialisation. The empirical analysis presented in this paper indicates that the variation of the economic impact of the pandemic across euro área countries is largely explained by the relative importance of the most vulnerable service industries – those involving greater face-to-face social interaction – and the capacity to implement teleworking.