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.

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.

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.

Austria is set to overcome the COVID-19 shock and its economic scars with the help of genuine sanitary, health and economic support policies. The country faces the opportunities and the challenges of two major structural transformations: transition to a net zero emission economy, and the generalisation of more advanced forms of digitalisation.

Digital transformation is revolutionising economies and societies with rapid technological advances in AI, robotics and the Internet of Things. Low and middle-income countries are struggling to gain a foothold in the global digital economy in the face of limited digital capacity, skills, and fragmented global and regional rules.

The New Zealand economy recovered quickly from the COVID-19 shock thanks to effective virus containment, measures to protect jobs and incomes and highly expansionary macroeconomic policies but is now overheating and house prices have soared. The Reserve Bank has begun to tighten monetary and macroprudential policies with a view to achieving its price and financial stability objectives.