AN ANALYSIS FOR THE EFFECTS OF THE CORONAVIRUS EPIDEMIC ON MACROECONOMIC INDICATORS OF OECD COUNTRIES

Abstract

In this study, the effects of the coronavirus epidemic on the economic growth, unemployment structure and foreign trade structure indicators of OECD countries were analysed. The global epidemic adversely affects the world economy with short-term health policy measures on the one hand and negative shocks on demand and supply on the other. When the effects of the coronavirus epidemic on economic growth, unemployment and foreign trade in OECD countries are examined, the contraction that started in the first quarter of 2020 left itself to a deeper contraction in the second quarter of 2020. Although it varies by country, in the second quarter of 2020, there was a -10.9% decrease in the average economic growth of OECD countries and an increase of 8% in the unemployment rate. On the other hand, there have been economies with a contraction of more than 30% in export and import volume. As a result, despite all the policies implemented, the coronavirus epidemic continues to seriously affect the world economy and country economies. Unless a permanent solution to the global epidemic is found, economic measures will not be sufficient to provide a permanent solution to economic problems. The global community can only survive this global disaster with the least damage through global cooperation.