Economic Recovery from the Covid-19 Pandemic

in Fiedor, B., Gorynia, M., & Szablewski, A. (ed.) "Ewolucja nauk ekonomicznych II: ekonomia a pandemia COVID-19-potrzeba bieżących dostosowań czy zmiany paradygmatu?", Polskie Towarzystwo Ekonomiczne, pp. 140-153

12 Pages Posted: 2 Feb 2024

See all articles by Wojtek Paczos

Wojtek Paczos

Cardiff University - Cardiff Business School; Institute of Economics, Polish Academy of Sciences

Date Written: November 30, 2023

Abstract

In this paper, I summarize the results of several studies on the economy during the Covid-19 pandemic that I co-authored. I show, among other things, that i) macroeconomic models correctly predicted the magnitude of changes in GDP, public finances, and inflation as pandemic broke out and economies went into lockdowns, ii) temporary economic turmoil can have lasting effects iii) this is works through the channel of reduced human capital accumulation as a result of school closures during the pandemic, iv) spending on science, education, and health should be treated as investment (not consumption) and form the basis of the post-crisis recovery, v) returning the Polish economy to the pre-pandemic growth path would require "5x5": five years of growth at an annual rate of 5%.

Note: Downloadable document is in Polish language.

Keywords: covid-19, economic recovery, economic growth, inflation, human capital, vaccinations

JEL Classification: E00, H00

Suggested Citation

Paczos, Wojtek, Economic Recovery from the Covid-19 Pandemic (November 30, 2023). in Fiedor, B., Gorynia, M., & Szablewski, A. (ed.) "Ewolucja nauk ekonomicznych II: ekonomia a pandemia COVID-19-potrzeba bieżących dostosowań czy zmiany paradygmatu?", Polskie Towarzystwo Ekonomiczne, pp. 140-153 , Available at SSRN: https://ssrn.com/abstract=4710320

Wojtek Paczos (Contact Author)

Cardiff University - Cardiff Business School ( email )

Aberconway Building
Colum Drive
Cardiff, CF10 3EU
United Kingdom

Institute of Economics, Polish Academy of Sciences ( email )

Warsaw
Poland

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