Scenario Analysis on the Macroeconomic Impact of COVID-19: A Computable General Equilibrium Approach

This article uses the Computable General Equilibrium Model (CGE) of an open economy to analyze the impact of the COVID-19 pandemic on an open economy and industry sub-sectors, using the 2017 China Social Accounting Matrix (SAM) table data. The results have shown that, overall, the COVID-19 pandemic has harmed the economy extensively. The residential sector has been the most severely affected sector, particularly the hotels and catering services industries. Resident consumption demand is the most deeply affected part of all industries in all scenarios. Stabilizing employment and expanding demand is therefore an important mission for the government.