IMF Research Reveals the Economic Impact of Covid Lockdowns

A worker cleans a road during coronavirus lockdown in New Delhi which is among the worst-affected cities of India. Photo: Rakesh Raman / RMN News Service
A worker cleans a road during coronavirus lockdown in New Delhi which is among the worst-affected cities of India. Photo: Rakesh Raman / RMN News Service

A new IMF (International Monetary Fund) research provides evidence of the uneven effects of lockdowns which affected women and youth more severely.

To contain the coronavirus (Covid-19) pandemic and protect susceptible populations, most countries imposed stringent lockdown measures in the first half of 2020.

Meanwhile, according to IMF, economic activity contracted dramatically on a global scale. The IMF research report aims to dissect the nature of the economic crisis in the first seven months of the pandemic.

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It finds that the adoption of lockdowns was an important factor in the recession, but voluntary social distancing in response to rising infections also contributed substantially to the economic contraction. Therefore, although easing lockdowns can lead to a partial recovery, economic activity is likely to remain subdued until health risks abate, IMF says in its report.

It adds that the policies should aim to protect the most vulnerable and find ways to support economic activity compatible with social distancing.

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Rakesh Raman