Analysis of the economic impacts of COVID-19: An application to OECD countries

The Covid-19 epidemic has had a negative impact on the world economy by lowering the rates of economic growth in almost every nation, raising rates of unemployment and inflation, decreasing demand, degrading supply chains, decreasing the volume of international trade, decreasing labor productivity, and raising labor costs. The purpose of this study is to examine the consequences of the Covid-19 outbreak on the world economy, as well as the quarterly changes in GDP per capita, growth rates, unemployment rates, labor costs, and labor productivity, as of the fourth quarter of 2019, and the OECD statistics using yearly data. The study's goal is to determine if the percent changes in the relevant economic indicators are substantial enough to vary statistically from a period. GDP per capita, growth rates, inflation rates, labor costs, and labor productivity were the data considered in this study. The OECD database contains statistics that have been gathered. The Paired Sample T test, which is among the parametric tests, and the Wilcoxon test, which is among the nonparametric tests, were used in the study. The research revealed that 21% of the overall change in GDP per capita, 78% of the total change in growth rates, 50% of the total change in inflation rates, and 68% of the total change in labor costs were due to these factors. The labor productivity before and after COVID-19, as well as the unemployment rates before and after COVID-19, differ statistically significantly. There was discovered a statistically significantdifference.