Covid‐19, the Great Recession and Economic Recovery

A Tale of Two Crises

Bibliographic Data

ID7876129
AuthorsHilary Ingham (0000-0003-1437-4444, Department of Economics Lancaster University Lancaster, corresponding author)
Year2023
Volume61
Issue2
Pages469-485
Publication date2023-03-01
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueJCMS Journal of Common Market Studies (JOURNAL)
Journal identifiersISSN: 0021-9886 • E-ISSN: 1468-5965
PublisherWiley (PUBLISHER • GB)
DOI10.1111/jcms.13383
PMID35942427
OpenAlexW4284898502
LanguageEN
Citations received6
References cited26

COVID‐19 caused a major economic downturn, the like of which had not been seen since the Great Recession although the underlying causes of the two crises were very different; systemic risk versus a virus. Here we look at how flexible work practices, allied with adequate supports and lifelong learning opportunities, aided economic recovery following the earlier crisis in order to see if there are any lessons to be learnt for post‐pandemic recovery. Overall, the results indicated that flexicurity provided a modest growth dividend during the Great Recession, typically no more than one percentage point. Of the individual components, the short‐run results indicated that security along with life‐long learning and part‐time work proved the most beneficial, although flexible work practices also boosted growth, albeit to a lesser extent. For flexible labour markets, the long‐run results indicated that the growth gains were highest in trusting economies with, or without, social partner engagement

Coronavirus disease 2019 (COVID-19 · Development economics · Dividend · Economic growth · Economic recovery · Economics · Flexicurity · Global recession · Great recession · Labour economics · Macroeconomics · Order (exchange · Pandemic · Period (music · Recession · Turning point · Unemployment · Work (physics · COVID-19 Pandemic Impacts · Employment and Welfare Studies · Finance · Medicine · Regional resilience and development

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