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Deprecated: Implicit conversion from float 211.6 to int loses precision in C:\Inetpub\vhosts\kidney.de\httpdocs\pget.php on line 534 Inter+Econ 2020 ; 55 (4): 224-231 Nephropedia Template TP
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COVID-19 and Economic Growth: Does Good Government Performance Pay Off? #MMPMID32834098
Konig M; Winkler A
Inter Econ 2020[]; 55 (4): 224-231 PMID32834098show ga
The coronavirus pandemic led to substantial revisions of 2020 GDP growth projections. We analyse whether and to what extent the quality of government policies in handling the health aspects of the crisis influence cross-country differences in the economic impact of the pandemic as projected by the OECD, the IMF and the World Bank. We measure policy quality by a recently published Economist Intelligence Unit index and a COVID-19 Misery index combining the stringency of government-imposed distancing measures with the COVID-19 fatality rate. Moreover, we control for international spillovers captured by trade openness and export exposure to tourism. Results for most specifications show that good government performance pays off as the respective countries record less severe revisions of growth forecasts. Only in a few cases, our findings suggest that the pandemic's global effect might be so strong that actions by individual governments do not affect cross-country differences of growth revisions. Finally, there is broad evidence supporting the view that a country's exposure to the global economy influences its growth outlook relative to other countries.