Strengthening Economic Resilience Following the COVID-19 Crisis
A Firm and Industry Perspective
The crisis triggered by the COVID-19 pandemic has been unlike any other the world has experienced, requiring social distancing and restrictions on mobility, and rendering some economic activity impossible. This publication explores and compares the characteristics that have affected the ability of firms, workers and consumers to maintain production, employment and consumption during the COVID-19 crisis, across industries and countries. It takes an analytical forward-looking perspective, considering a broad collection of indicators and evidence to guide policies. The aspects covered centre around topics of business dynamics; productivity; innovation and digital technologies; interconnectedness; inclusiveness; and skills.
The report incorporates both a short-term perspective – analysing the supply restrictions and lockdowns that have characterised containment responses – and a medium- to long-term view, focusing on changes in demand that have arisen through recessionary effects and changes in preferences.
The purpose of this publication is to provide insights to policy makers in three ways. First, by providing an overview of the different channels through which the crisis has affected firms differently across industries; then, by identifying country characteristics which may mediate these channels and mitigate or amplify the impacts of this and future shocks on the economy; and finally, by exploring systematic differences in the impact across population subgroups and the implications for policy.
Also available in: French
Supporting productivity through digital technologies
Digital technologies have been a key element of economic resilience during the COVID-19 crisis. This chapter focuses on several types of digital technologies that help firms and workers stay productive through the pandemic, and beyond. It first examines the adoption of telework, and discusses several enabling factors for its uptake, including pre-crisis experience with remote work, availability and quality of communications infrastructure, and the digital skillset of the population. The chapter then highlights other digital technologies and tools that became crucial in the pandemic, such as those related to e-commerce or cloud computing. It also discusses digital divides along several dimensions, looking at how they can potentially be exacerbated through the rapid uptake of digital technologies, including increasing gaps between leading and laggard firms, urban and rural populations, and the varying digital skill levels of workers.
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