During the current COVID-19 pandemic many countries have imposed quarantine on their…

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During the current COVID-19 pandemic many countries have imposed quarantine on their

populations in order to limit/ stop the spread of the disease and avoid overload on the health

system. While these measures are justified from the health perspective, they have major economic

consequences. In this assignment you are asked to analyse different economic aspects related to the

COVID-19 pandemic.

Part 1 (20 marks)

GDP and unemployment

a) Analyse the effects of quarantine on GDP, employment and the unemployment rate. Which

industries are likely to be most affected and which industries are likely to be least affected

by quarantine measures?

b) Choose any country that introduced quarantine as an example. What was its GDP growth

rate in 2018, 2019? (Indicate the source of information.) Is this country likely to be in

recession this year? Refer to two definitions of recession.

c) Are your answers consistent with (general) Okun’s law?

Part 2 (20 marks)

Inflation

a) What do you think would happen to inflation in your chosen country in the coming year?

Explain.

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