The Joint Research Centre (JRC), in close collaboration with other Commission services, has launched 22 projects to analyse and anticipate the potential economic and social impacts of the COVID-19 crisis and to support the development of EU’s policy responses.
JRC experts have identified five main areas that will help to inform European Commission response to the crisis. For now, these five areas include 22 projects and they give an overview of the JRC work to help to tackle the emergency:
1. Assessing the macroeconomic impact
JRC is contributing to the Commission's Spring Economic Forecast assessing the macroeconomic impacts of the COVID-19 crisis and the possible counteracting effects of policy interventions.
In the area of GDP and employment, JRC scientists are estimating the effects of global demand shocks and simulating different trade scenarios between Member States and China, as well as evaluating the short-term effects of COVID-19-related confinement measures.
JRC work in this area is also contributing to the European comprehensive strategy to overcome the COVID-19 pandemic, including through the definition of common exit scenarios (comprising health, economic, agriculture, security and social).
2. Investigating regional and sectorial impacts
In this area, JRC scientists are assessing the regional impacts of different possible scenarios and policy options, including the territorial economic impact of changing patterns in trade and the regional GDP impacts on tourism.
Also, and by using available regional and industry-level information, they are investigating how socio-economic conditions (age, poverty, economic activity) impact disease dynamics, and how different segments of the society (the poor, low-skilled, women versus men) are affected in the short and medium run.
The impact in other sectors, such as banking & finance, health, agriculture or education are also analysed. In the education sector, for instance, the obligatory shift from offline to online learning has impacted primary and secondary education. In this area, JRC analysis aims at identifying existing challenges and resulting inequalities in accessing digital education, assessing different solutions used for online teaching and learning, and helping to provide useful policy recommendations.
3. Evaluating selected policy responses
JRC experts are assessing the impacts of existing or potential policy measures to alleviate social impacts and support restarting the economy (tax and social security reforms).
Specific attention is devoted to the impact of temporary lay-off schemes and part-time work in place and/or reformed/introduced on public finances households’ income and inequalities.
4. Assessing and monitoring key social-economic domains
High growth enterprises are responsible for most net employment creation across the EU. Therefore, JRC scientists are assessing their evolution, in order to draw lessons from previous crises and support the recovery phase from the COVID-19 emergency. Similarly, they are identifying best practices and key success factors from innovative enterprises and social economy actors.
In this area, JRC experts are also monitoring and assessing trends in the venture capital and foreign direct investments, in order to detect impacts of the COVID-19 crisis.
5. Evaluating future scenarios – Strengthening resilience
In order as to support the development of an exit strategy, JRC is conducting a scenario exercise of possible consequences of an increased use of public debt on restructuring the economic and social order.
The global value chains of medical equipment can provide a better understanding of how the production of these products is set up in the EU and at global level. This is why JRC scientists are looking into health global value chains.
JRC experts are also studying the proximity of health facilities, looking into optimum locations for health facilities to serve cross-border patients from multiple Member States.
In total, 22 JRC projects in these five socio-economic areas to monitor and inform EU policy response to the COVID-19 crisis and to support people’s health.
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Related Content
JRC leaflet:
Details
- Publication date
- 27 April 2020