The Covid-19 is an economic and humanitarian disaster. The figure plotted here reflects the relationship between the GDP

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The Covid 19 Is An Economic And Humanitarian Disaster The Figure Plotted Here Reflects The Relationship Between The Gdp 1 (50.79 KiB) Viewed 54 times

The Covid-19 is an economic and humanitarian disaster. The figure plotted here reflects the relationship between the GDP loss and death due to Covid-19. What can you learn from this figure? GOP LOSS (PERCENT YEARS) 10 9 Spain 8 India • Argentina United Kingdom 7 Colombia France Greece Mexico Portugal 6 • South Africa Slovenija Belgium • Austria Slovakia Hungary Czechia • Germany • Brazil Japan Denmark Israel Netherlands Chile • United States Saudi Arabia Poland Switzerland Estonia • Sweden Finland Luxembourg Russia Ireland China Italy 5 New? Norway Korea South Turkey 200 400 600 800 1000 1200 1400 1600 1800 2000 COVID DEATHS PER MILLION PEOPLE Note: "GDP Loss" is the cumulative loss in GDP since the start of 2020 and is annualized. For example, a value of 6 means that the loss since the start of 2020 is as if the economy lost six percent of its annual GDP. GDP data are through 202003 and COVID-19 deaths are as of February 26, 2021. The data used in the Figure is until 2020 Q3 for GDP and Feb 26, 2021. Employ the short-run model(s) we studied in this class to analyze the impacts of Covid-19. Hints: Treat the COVID-19 as a shock which affect the economy in the short-run. First of all, you need to classify the COVID shock as a demand, supply or both shocks. Then employ the model(s) to study the possible impacts.