How much unemployment and inflation is going to be generated by COVID-19?

Abstract

The impact of post-COVID-19 on economic growth is obviously substantial, but measuring such impact to get a sense of the intensity of its effects on inflation and unemployment is subject to a great deal of uncertainty. As such, this paper primarily attempts to close this gap by introducing the COVIDECONOMICS-19-Simulator (COVIDECONOMICS-19-Simulator), a new economic instrument that could be used to evaluate the impact of post-COVID-19 on inflation and unemployment. Based on five key indicators, the COVIDECONOMICS-19-Simulator considers and draws its assessment from different focuses of analysis to evaluate the post-COVID-19 economic damage anywhere and anytime. Hence, in this article, the world economy was used to illuminate and illustrate the applicability of the COVIDECONOMICS-19-Simulator from where analyses provide a coherent evaluation of the degree to which post-COVID-19 negative economic effects on the world inflation and unemployment.

Keywords:

• COVID-19
• COVIDECONOMICS-19-SIMULATOR
• inflation and unemployment
• world economy
• inemployment

JEL::

• Y20

Disclosure statement

No potential conflict of interest was reported by the author.

Additional information

Notes on contributors

Mario Arturo Ruiz Estrada

Mario Arturo Ruiz Estrada is a Guatemalan academic; he is currently the Head of the Centre of Latin American Studies (CLAS) in the University of Malaya in Kuala Lumpur, Malaysia and Professor at the University of Economics and Human Sciences at Warsaw, Poland. He was Senior Research Fellow at the Social Security Research Centre (SSRC) and Centre of Poverty and Development Studies (CPDS) in the Faculty of Economics and Administration (FEA) of the University of Malaya (UM) in Kuala Lumpur, Malaysia, which he joined in April 2002. Prior to joining University of Malaya, he was a tenured senior lecturer at Universidad de San Carlos and Francisco Marroquin University at Guatemala. Dr Mario Arturo Ruiz Estrada is an expert in economic modelling and policy modelling, and his main research fields are economic modelling, policy modelling, Econographicology, international trade, and development economics. His research, which has been published extensively in journals such as Journal of Policy Modelling, Disasters, Singapore Economic Review, Quality and Quantity, Panoeconomicus, Contemporary Economics, International Journal of East Asian Studies, Malaysian Journal of Sciences, International Journal of Economic Research, Peace-Defence Economics, Panoeconomicus, Asia-Pacific Development Journal, and others.