Impacts of the Covid-19 Pandemic on Household Wealth
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Authors
Wu, Congsheng
Issue Date
2023-03-24
Type
Other
Language
en_US
Keywords
COVID-19 , Global Wealth , Economic Growth
Alternative Title
Abstract
The impacts of the covid-19 pandemic on world economy have been well documented. In the aftermath of the pandemic, economies around the world suffered severe downturns, despite the unprecedented, large-scale stimulus packages by governments along with the easing of monetary policy by central banks. In a normal year, wealth creation is expected to move together with economic growth. The year 2020 was far from normal. The pandemic caused severe economic downturns around the globe, let alone the human and social impacts. It is of interest to examine the wealth effect caused by the pandemic. Hence the purpose of this study is to provide an assessment of the impacts of the pandemic on global wealth. The results show that global wealth was resilient in 2020. Using a sample of 137 countries, the average change in household wealth is 2.2%. Increase in wealth is positively associated with the average five-year GDP growth prior to the pandemic and wealth per adult.
Description
UB RISE 2023, Trefz School of Business, University of Bridgeport.