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In spring 2020, the world is severely affected by the COVID-19 pandemic. As the novel coronavirus has spread to more and more countries, measures designed to contain the disease are weighing on economic activity and are adding to the significant negative impact on growth from the steep decline of production in China, where the virus was first discovered. Initially, the virus progressed most in Asia and Europe where the probability of disruptions of production through interrupted value chains is particularly high. By now, developed and developing countries around the globe are affected by the pandemic and governments worldwide have taken wideranging measures as a response. Measures range from social distancing regulation and quarantine of (potentially) infected individuals to shutdown of significant parts of the economy and curfews for the whole population.
