Abstract
ABSTRACT This article collects a novel dataset by combining COVID-19 statistics with the measurement of economic activities in different sectors to investigate the “freezing” effect of the pandemic on the economy. We exploit the latest data on COVID-19 from January 2020 to April 2022. Our main findings indicate that there is a significant negative relationship between COVID-19 and a set of economic indicators in the corporate sector, household sector, and financial sector, which implies the economy has become frozen during the COVID-19 pandemic. To be specific, COVID-19 and resultant business closures, labor shortages, logistics blocks, demand reduction, and financial vulnerability inevitably impair the vibrancy and resilience of economic activities.
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