The COVID pandemic raises a vast number of questions for economists, though researchers have mostly focused on advanced economies and on the economic ‘scarring’ that the virus has inflicted. Not all, however, as a few economists have been interested in the likely evolution of cities after the pandemic. They observe that some cities, in particular travel hubs, have been epidemic hotspots, while many others, usually smaller, have been reasonably spared. More rural areas have also been less affected, although with strong variation across regions.

Geostat has published its rapid estimate of real GDP growth for the fourth quarter of 2020, and their estimated growth stands at -6.5%, which is 1.3 percentage points below the ISET-PI’s most recent forecast. The annual real GDP growth in 2020 amounted to -6.1%, which is 0.6 percentage point lower than our recent prediction. Economic activity fell sharply due to global pandemic, although the decline was mitigated by the relatively strong fiscal stimulus and lending.

The COVID-19 pandemic has led to widespread economic distress in many countries around the world. For the first time since 2009, the world’s gross domestic product (GDP) is expected to have declined in 2020. Alongside other sectors of the economy, such impacts are also being felt by the food and agricultural sector. The pandemic has affected food security and nutrition, supply chains, food and livestock production, and food safety.

Confidence is retreating after a recovery that lasted about 6 months. Last month, in spite of a slight decline of the CCI, we could hold on to the belief that we had reached a plateau in the recovery from the low numbers observed last April.

The real GDP growth rate amounted to -7.7% year-on-year for November 2020. Consequently, the estimated real GDP for the first eleven months of 2020 was -5.9%. Recently, Geostat has released its preliminary estimate of real GDP growth for the third quarter of 2020. The Q3 growth rate was -5.6% (down by 0.5 ppt relative to the forecast).