An economist's view: Three years with COVID-19

Last week, it was three years since the first death of COVID-19. The economic effects of the pandemic are particularly evident in the labor market, real estate, and healthcare, and will be felt for many years to come, eToro analyst Paweł Majtkowski writes.  

The COVID-19 pandemic caused the largest and shortest global recession in history. In many countries, the labor force participation rate has declined as a result. In the US this indicator fell by 1 percentage point, which means that 1.6 million people quit their jobs. In Poland, however, the trend is the opposite, as this ratio has increased by 2 percentage points since the outbreak of the pandemic.

Another trend caused by the pandemic is the increasing popularity of working from home. In this regard, the number of people performing remote or hybrid work has significantly increased in Poland, and new legal regulations have been introduced.

Globally, the biotechnology industry has developed significantly, due to large expenditures on the development and production of vaccines. “Over the next few years, many new vaccines will hit the market for many new diseases that otherwise would not have been able to emerge so quickly,” Majtkowski said.