Worldwide Economic Downturn as a Result of the COVID-19 Pandemic. Business Cycle Report of May 2020
WIFO Bulletin, 2020, 25(4), pp.29-36
The global economy was hit strongly by the effects of the COVID-19 related restrictions imposed worldwide to contain the pandemic.
Initial data already show a decline in GDP in all major economic regions in the first quarter. Confidence indicators deteriorated
to a level similar to that during the financial market crisis in 2008-09. In Austria, too, economic output already declined
in the first quarter. Consumption as well as accommodation and food service activities, transportation, wholesale and retail
trade, repair of motor vehicles and motorcycles and other service activities were particularly affected. After rising strongly
within two weeks at the end of March, unemployment continued to rise in April, albeit at a slower pace. Inflation fell in