Macroeconomics Analysis on COVID-19 Based on Mathematical Models

Abstract

From the past century, humanity has never witnessed such a health crisis like the Covid-19 worldwide pandemic. Since it was declared a global health crisis in March 2020, country governments have put forth efforts to curb transmission of the disease and to manage the impacts on the economy. The forced measures have caused adverse and difficult to manage macroeconomic consequences. Many studies have been carried out in various regions and countries to explore these macroeconomic impacts. This paper offers a review of the research associated with the consequences of COVID-19 on macroeconomics. The author will use previous research studies that have applied various economic models (CGE, DSGE, and GEM) to quantify the macroeconomic results of the pandemic. The review concludes that the macroeconomic consequences of various pandemics can be quantified using economic models. It provides comprehensive and specific data on the consequences of COVID-19 on macroeconomics. It also exhibits information about carious economic modelling that can be used to estimate pandemic impacts.