Abstract
The COVID-19 pandemic has sickened more than 10 million people around the world and killed at least 500,000. In this chapter, we focus on the experience of Italy, which is the first country hit by the virus in Europe. While the lockdown measures appear to have successfully contained the virus, the economic consequences have been very severe. Policy makers should study the Italian experience to evaluate the cost-benefit effectiveness of different policies in containing the pandemic.
Highlights
The COVID-19 pandemic has sickened more than 10 million people around the world and killed at least 500,000
As a result of the COVID-19 pandemic, nearly 3 billion people worldwide have been under lockdowns put in place by governments to stop the virus, with severe consequences for workers, firms, and public finances
Is one of the first advanced economies hit by the COVID-19 pandemic
Summary
As a result of the COVID-19 pandemic, nearly 3 billion people worldwide have been under lockdowns put in place by governments to stop the virus, with severe consequences for workers, firms, and public finances. Put in place one of the stricter lockdown policies, practically halting a large fraction of the economic activities and the movement of people across the country, and within cities and towns. Is an interesting case study to evaluate the effectiveness of different policies in fighting the pandemic and their economic and social costs. Because Italy is one of the advanced countries with the most fragile government finances, and with a stagnant economy for at least a decade, the COVID-19 shock could spark an economic crisis which could potentially propagate to the Eurozone and beyond.
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