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The Corona Effect: Structural Shifts and International Trade
The Corona Effect: Structural Shifts and International Trade

OeNB and WKÖ workshop in cooperation with SUERF

The Corona Effect: Structural Shifts and International Trade

The workshop will be organized by OeNB via Webex

Day:    Monday, 28th June 2021
Time:  14:00-16:30 CET

Moderation: Christoph Schneider, WKÖ

The COVID-19 pandemic starting in 2020 has triggered an enormous uncertainty shock in the global economic world, more severe than that of previous epidemics or the financial crisis in 2009. Lockdowns, supply shortages of important primary products and raw materials and increases in transport costs have put a massive strain on the global economy as well as companies and have resulted in negative economic effects. But there is light at the end of the tunnel. Due to government support and vaccination programmes, a strong economic recovery is on the horizon from the second half of 2021 onwards.

The workshop presents findings from the anniversary edition of “Schwerpunkt Außenwirtschaft”First, it briefly addresses the current framework conditions for global trade as well as Austria’s foreign trade relations. Second, the event focuses on the implications of COVID-19 on global trade and the policy response to this pandemic. The question of how to shape economic recovery after the COVID-crisis is also answered.

Book (pdf) - Presentations (pdf)

Monday, 28 June 2021
14:00 Introduction and Presentations OeNB and WKÖ
The introduction starts with short opening remarks by Ernest Gnan (OeNB and SUERF)
This is followed by presentations of the most important points by OeNB and WKÖ authors in the following order (1 slide 2’ max. per author, pre-recorded):

Julia Wörz (OeNB): Current development of world trade
Barbara Tasch-Ronner (WKO): Recent developments in EU trade policy
Klaus Vondra (OeNB): Austrian economic development, price competitiveness and overview of foreign trade
Leonhard Pertl (WKO): Austria‘s foreign trade in goods – recent developments
Particia Walter (OeNB): Austria’s international trade in services
Florian Koller (WKO): Austrian foreign direct investment – recent developments
14:20 Panel: The Corona Effect: Structural Shifts and International Trade
14:20 COVID and Global Trade

Heli Simola (BOFIT): The impact of COVID-19 on global value chains
Richard Bolwijn (UNCTAD): Structural Shifts of Investment in Global Value Chains
Gabriel Felbermayr (Institut für Weltwirtschaft Kiel): COVID-19 and the Resilience of Global Value Chains
Robert Stehrer (wiiw): Trade in COVID-19-related products in Austria and the EU27 during the pandemic
Martin Kaufman/ Niamh Sheridan (IMF): Impact of COVID-19 on EMDEs External Sectors: Transitory vs. ‘Scarring’ Effects
Alonso Alfaro-Urena (Central Bank of Costa Rica): Pandemics as a potential threat to the wide-ranging gains from FDI
Simon J. Evenett (University of St. Gallen): What Caused the Resurgence in FDI Screening

Q&A - Discussion among the participants and the audience.
15:20 COVID and Policy Responses

Steve Woolcock (LSE): The European Union’s role in the international trading system
Lisandra Flach (ifo): Lessons from the pandemic and the future of trade policy
Jean-Pierre Vidal (European Council): The genesis of the European Union"s economic response to the COVID-19 crisis
Niels Thygesen: The role of fiscal policies in the COVID-19 crisis: scope and limitations
István P. Székely (European Commission): Building-back-better after the COVID-19 crisis in Europe: The twin transition and cohesion

Q&A - Discussion among the participants and the audience.
16:00 How to Shape the Post-COVID Economic Recovery?

Alexandra Dimitrijevic (S&P Global Ratings): Global Debt Leverage: Near-Term Crisis Unlikely, Even as More Defaults Loom
Niclas Frederic Poitiers (Bruegel): COVID-19 as a catalyser for digitalisation and the challenges for digital trade
Gregory Offer (Imperial College): The future of automobile production

Q&A - Discussion among the participants and the audience.
16:30 End

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