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As a result of the COVID crisis, what has happened (and will continue to happen) to...

  • As a result of the COVID crisis, what has happened (and will continue to happen) to GDP (i.e. did it go up or down)?

  • Does GDP include housework, home production, and non-market activity?

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Answer #1

As a result of COVID - 19 crisis, economies around the world have collapsed due to lockdown of the countries. Businesses, schools, and all sorts of public gatherings have been banned. All these restrictions have led to economic growth going south.

The expected GDP growth of most of the economies, including the US, in the first qurater OF 2020, has been negative. Negative GDP growth means fall in the production of goods and services in the same period from last year. Thus, we can say that GDP went down because of COVID-19 crisis.

No, GDP doesn't include housework, home production, and non-market activity. In order for these activities to be included in the calculation of GDP, these activities shoould be monetarily productive. However, we know that housework, or non-market activities are not monetarily productive, it is more or less a repetition of daily or routine activities.

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