We analyse the impact of COVID-19 on the world economic system through the three components of globalization: economic, social and political globalization, respectively. The pandemic and the economic policy response have hit these aspects to different degrees.
• Economically, the quick recovery of world merchandise trade stands out.
• Socially, the reduction in tourism is the largest shock but here a sharp recovery is possible.
• Politically, the end of US membership of the WHO and the difficulty of global economic coordination in the G20 are key drivers for 2020. The election of a new US President allows for a quick reversal.

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ISS Working Papers - General Series
International Institute of Social Studies of Erasmus University (ISS)

Afesorgbor, S. K., van Bergeijk, P., & Demena, B. (2021). Does COVID-19 threaten globalization? (No. 683). ISS Working Papers - General Series. Retrieved from http://hdl.handle.net/1765/135563