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2021•Emerging Markets Finance and TradeRequires access

Scenario Analysis on the Macroeconomic Impact of COVID-19: A Computable General Equilibrium Approach

Xinxin Ma, Ximing Chen

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Abstract

This article uses the Computable General Equilibrium Model (CGE) of an open economy to analyze the impact of the COVID-19 pandemic on an open economy and industry sub-sectors, using the 2017 China Social Accounting Matrix (SAM) table data. The results have shown that, overall, the COVID-19 pandemic has harmed the economy extensively. The residential sector has been the most severely affected sector, particularly the hotels and catering services industries. Resident consumption demand is the most deeply affected part of all industries in all scenarios. Stabilizing employment and expanding demand is therefore an important mission for the government.

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What this paper is about

This article uses the Computable General Equilibrium Model (CGE) of an open economy to analyze the impact of the COVID-19 pandemic on an open economy and industry sub-sectors, using the 2017 China Social Accounting Matrix (SAM) table data. The results have shown that, overall, the COVID-19 pandemic has harmed the economy extensively. The residential sector has been the most severely affected sector, particularly the hotels and catering services industries. Resident consumption demand is the most deeply affected part of all industries in all scenarios. Stabilizing employment and expanding demand is therefore an important mission for the government.

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OpenAlex reports 6 citations for this work. Citation counts describe recorded attention and do not establish research quality.

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Available abstract

This article uses the Computable General Equilibrium Model (CGE) of an open economy to analyze the impact of the COVID-19 pandemic on an open economy and industry sub-sectors, using the 2017 China Social Accounting Matrix (SAM) table data. The results have shown that, overall, the COVID-19 pandemic has harmed the economy extensively. The residential sector has been the most severely affected sector, particularly the hotels and catering services industries. Resident consumption demand is the most deeply affected part of all industries in all scenarios. Stabilizing employment and expanding demand is therefore an important mission for the government.

Key concepts: Computable general equilibrium, Social accounting matrix, Economics, Coronavirus disease 2019 (COVID-19), Government (linguistics), Consumption (sociology), China, Final demand

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