{"id":54943,"date":"2023-12-01T18:30:29","date_gmt":"2023-12-01T17:30:29","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/worldwide-economic-downturn-as-a-result-of-the-covid-19-pandemic-business-cycle-report-of-may-2020\/"},"modified":"2024-11-07T06:19:20","modified_gmt":"2024-11-07T05:19:20","slug":"worldwide-economic-downturn-as-a-result-of-the-covid-19-pandemic-business-cycle-report-of-may-2020","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/54943\/","title":{"rendered":"Worldwide Economic Downturn as a Result of the COVID-19 Pandemic. Business Cycle Report of May 2020"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-54943","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"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 March.","onlinedate":"2020-08-05 18:36:57","lang":"English","publication_series":"","publication_date":"20200701","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[]","jelcodes":"[]","related_publications":"[]","pdf":383810,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"25","monthly_report_pages":"29-36","monthly_report_pages_sort":"29","issue":"4","journal":"WIFO Bulletin","publisher":"","invisible":false,"external":false,"embargo_date":null,"types":[50590],"research_groups":[3500],"collaboration":"","persons":[3872],"persons_data":"[{\"personId\":3872,\"personName\":\"Sandra Bilek-Steindl\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\"><span>Bilek-Steindl, S.<\\\/span> (2020). <span>Worldwide Economic Downturn as a Result of the COVID-19 Pandemic. Business Cycle Report of May 2020<\\\/span>. <span><em>WIFO Bulletin<\\\/em><\\\/span>, <em>25<\\\/em>(4), 29-36. <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/66260\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/66260<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Bilek-Steindl S<\\\/span>. <span class=\\\"title\\\"><span>Worldwide Economic Downturn as a Result of the COVID-19 Pandemic. Business Cycle Report of May 2020<\\\/span><\\\/span>. <span>WIFO Bulletin<\\\/span>. 2020 Jul;25(4):29-36.<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{2056006c3a7142fd89644ff67806b74c,<\\\/div><div>  title    = \\\"Worldwide Economic Downturn as a Result of the COVID-19 Pandemic. Business Cycle Report of May 2020\\\",<\\\/div><div>  abstract = \\\"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 March.\\\",<\\\/div><div>  keywords = \\\"Business Cycle, Economic Outlook, Forecast\\\",<\\\/div><div>  author   = \\\"Sandra Bilek-Steindl\\\",<\\\/div><div>  year     = \\\"2020\\\",<\\\/div><div>  month    = jul,<\\\/div><div>  language = \\\"English\\\",<\\\/div><div>  volume   = \\\"25\\\",<\\\/div><div>  pages    = \\\"29--36\\\",<\\\/div><div>  journal  = \\\"WIFO Bulletin\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - Worldwide Economic Downturn as a Result of the COVID-19 Pandemic. Business Cycle Report of May 2020<\\\/p><p>AU  - Bilek-Steindl, Sandra<\\\/p><p>PY  - 2020\\\/7<\\\/p><p>Y1  - 2020\\\/7<\\\/p><p>N2  - 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 March.<\\\/p><p>AB  - 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 March.<\\\/p><p>KW  - Business Cycle<\\\/p><p>KW  -  Economic Outlook<\\\/p><p>KW  -  Forecast<\\\/p><p>M3  - WIFO series<\\\/p><p>VL  - 25<\\\/p><p>SP  - 29<\\\/p><p>EP  - 36<\\\/p><p>JO  - WIFO Bulletin<\\\/p><p>JF  - WIFO Bulletin<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Worldwide Economic Downturn as a Result of the COVID-19 Pandemic. Business Cycle Report of May 2020 - WIFO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wifo.ac.at\/en\/publication\/54943\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Worldwide Economic Downturn as a Result of the COVID-19 Pandemic. Business Cycle Report of May 2020\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wifo.ac.at\/en\/publication\/54943\/\" \/>\n<meta property=\"og:site_name\" content=\"WIFO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/WIFOat\/\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-07T05:19:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO-Gebaeude-FotoAlexanderMueller-www.alexandermueller.at-IMG_6326-Bearbeitet-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@WIFOat\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/54943\\\/\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/54943\\\/\",\"name\":\"Worldwide Economic Downturn as a Result of the COVID-19 Pandemic. Business Cycle Report of May 2020 - WIFO\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/#website\"},\"datePublished\":\"2023-12-01T17:30:29+00:00\",\"dateModified\":\"2024-11-07T05:19:20+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/54943\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/54943\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/54943\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Startseite\",\"item\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Worldwide Economic Downturn as a Result of the COVID-19 Pandemic. Business Cycle Report of May 2020\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/\",\"name\":\"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/#organization\"},\"alternateName\":\"WIFO\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/#organization\",\"name\":\"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung\",\"alternateName\":\"WIFO\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/WIFO_kurz_rechts-2-1920x412.jpg\",\"contentUrl\":\"https:\\\/\\\/www.wifo.ac.at\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/WIFO_kurz_rechts-2-1920x412.jpg\",\"width\":2000,\"height\":429,\"caption\":\"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung\"},\"image\":{\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/WIFOat\\\/\",\"https:\\\/\\\/x.com\\\/WIFOat\",\"https:\\\/\\\/linkedin.com\\\/company\\\/wifoat\\\/\",\"https:\\\/\\\/www.youtube.com\\\/@WIFO_at\"],\"description\":\"Das WIFO, 1927 von Friedrich August von Hayek und Ludwig von Mises zur Konjunkturanalyse gegr\u00fcndet, ist heute das f\u00fchrende Institut f\u00fcr angewandte empirische Wirtschaftsforschung in \u00d6sterreich mit starkem Engagement auf europ\u00e4ischer Ebene.\",\"email\":\"office@wifo.ac.at\",\"telephone\":\"+43 1 798 26 01 \u2013 0\",\"legalName\":\"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung\",\"foundingDate\":\"1927-01-02\",\"numberOfEmployees\":{\"@type\":\"QuantitativeValue\",\"minValue\":\"51\",\"maxValue\":\"200\"},\"publishingPrinciples\":\"https:\\\/\\\/www.wifo.ac.at\\\/institut\\\/mission-und-strategie\\\/\",\"ownershipFundingInfo\":\"https:\\\/\\\/www.wifo.ac.at\\\/institut\\\/organisation\\\/\",\"actionableFeedbackPolicy\":\"https:\\\/\\\/www.wifo.ac.at\\\/aktuelles\\\/presse\\\/\",\"correctionsPolicy\":\"https:\\\/\\\/www.wifo.ac.at\\\/institut\\\/kontakt\\\/\",\"ethicsPolicy\":\"https:\\\/\\\/www.wifo.ac.at\\\/institut\\\/evidenzbasierung-transparenz-und-unabhaengigkeit\\\/\",\"diversityPolicy\":\"https:\\\/\\\/www.wifo.ac.at\\\/institut\\\/gleichstellung\\\/\",\"diversityStaffingReport\":\"https:\\\/\\\/www.wifo.ac.at\\\/institut\\\/gleichstellung\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Worldwide Economic Downturn as a Result of the COVID-19 Pandemic. Business Cycle Report of May 2020 - WIFO","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.wifo.ac.at\/en\/publication\/54943\/","og_locale":"en_US","og_type":"article","og_title":"Worldwide Economic Downturn as a Result of the COVID-19 Pandemic. Business Cycle Report of May 2020","og_url":"https:\/\/www.wifo.ac.at\/en\/publication\/54943\/","og_site_name":"WIFO","article_publisher":"https:\/\/www.facebook.com\/WIFOat\/","article_modified_time":"2024-11-07T05:19:20+00:00","og_image":[{"width":1920,"height":1280,"url":"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO-Gebaeude-FotoAlexanderMueller-www.alexandermueller.at-IMG_6326-Bearbeitet-1.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_site":"@WIFOat","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.wifo.ac.at\/en\/publication\/54943\/","url":"https:\/\/www.wifo.ac.at\/en\/publication\/54943\/","name":"Worldwide Economic Downturn as a Result of the COVID-19 Pandemic. Business Cycle Report of May 2020 - WIFO","isPartOf":{"@id":"https:\/\/www.wifo.ac.at\/en\/#website"},"datePublished":"2023-12-01T17:30:29+00:00","dateModified":"2024-11-07T05:19:20+00:00","breadcrumb":{"@id":"https:\/\/www.wifo.ac.at\/en\/publication\/54943\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.wifo.ac.at\/en\/publication\/54943\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.wifo.ac.at\/en\/publication\/54943\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Startseite","item":"https:\/\/www.wifo.ac.at\/en\/"},{"@type":"ListItem","position":2,"name":"Worldwide Economic Downturn as a Result of the COVID-19 Pandemic. Business Cycle Report of May 2020"}]},{"@type":"WebSite","@id":"https:\/\/www.wifo.ac.at\/en\/#website","url":"https:\/\/www.wifo.ac.at\/en\/","name":"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung","description":"","publisher":{"@id":"https:\/\/www.wifo.ac.at\/en\/#organization"},"alternateName":"WIFO","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.wifo.ac.at\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.wifo.ac.at\/en\/#organization","name":"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung","alternateName":"WIFO","url":"https:\/\/www.wifo.ac.at\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.wifo.ac.at\/en\/#\/schema\/logo\/image\/","url":"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO_kurz_rechts-2-1920x412.jpg","contentUrl":"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO_kurz_rechts-2-1920x412.jpg","width":2000,"height":429,"caption":"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung"},"image":{"@id":"https:\/\/www.wifo.ac.at\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/WIFOat\/","https:\/\/x.com\/WIFOat","https:\/\/linkedin.com\/company\/wifoat\/","https:\/\/www.youtube.com\/@WIFO_at"],"description":"Das WIFO, 1927 von Friedrich August von Hayek und Ludwig von Mises zur Konjunkturanalyse gegr\u00fcndet, ist heute das f\u00fchrende Institut f\u00fcr angewandte empirische Wirtschaftsforschung in \u00d6sterreich mit starkem Engagement auf europ\u00e4ischer Ebene.","email":"office@wifo.ac.at","telephone":"+43 1 798 26 01 \u2013 0","legalName":"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung","foundingDate":"1927-01-02","numberOfEmployees":{"@type":"QuantitativeValue","minValue":"51","maxValue":"200"},"publishingPrinciples":"https:\/\/www.wifo.ac.at\/institut\/mission-und-strategie\/","ownershipFundingInfo":"https:\/\/www.wifo.ac.at\/institut\/organisation\/","actionableFeedbackPolicy":"https:\/\/www.wifo.ac.at\/aktuelles\/presse\/","correctionsPolicy":"https:\/\/www.wifo.ac.at\/institut\/kontakt\/","ethicsPolicy":"https:\/\/www.wifo.ac.at\/institut\/evidenzbasierung-transparenz-und-unabhaengigkeit\/","diversityPolicy":"https:\/\/www.wifo.ac.at\/institut\/gleichstellung\/","diversityStaffingReport":"https:\/\/www.wifo.ac.at\/institut\/gleichstellung\/"}]}},"_links":{"self":[{"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/publication\/54943","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/publication"}],"about":[{"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/types\/publication"}],"version-history":[{"count":2,"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/publication\/54943\/revisions"}],"predecessor-version":[{"id":383798,"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/publication\/54943\/revisions\/383798"}],"acf:post":[{"embeddable":true,"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/person\/3872"},{"embeddable":true,"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/research_group\/3500"},{"embeddable":true,"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/publication_type\/50590"}],"wp:attachment":[{"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/media?parent=54943"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}