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To shed light on the possible scarring effects from Covid-19, this paper studies the economic effects of five past pandemics using local projections on a sample of fifty-five countries over 1990-2019. The findings reveal that pandemics have detrimental medium-term effects on output, unemployment, poverty, and inequality. However, policies can go a long way toward alleviating suffering and fostering an inclusive recovery. The adverse output effects are limited for countries that provided relatively greater fiscal support. The increases in unemployment, poverty, and inequality are likewise lower for countries with relatively greater fiscal support and relatively stronger initial conditions (as defined by higher formality, family benefits, and health spending per capita).

Macroeconomics --- Economics: General --- Diseases: Contagious --- Public Finance --- Poverty and Homelessness --- Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General --- Health: General --- Welfare, Well-Being, and Poverty: General --- Economic Development, Innovation, Technological Change, and Growth --- Health Behavior --- Aggregate Factor Income Distribution --- National Government Expenditures and Health --- National Government Expenditures and Welfare Programs --- Economic & financial crises & disasters --- Economics of specific sectors --- Infectious & contagious diseases --- Public finance & taxation --- Poverty & precarity --- COVID-19 --- Health --- Income inequality --- National accounts --- Poverty --- Health care spending --- Expenditure --- Maternity and childcare benefit spending --- Currency crises --- Informal sector --- Economics --- Communicable diseases --- Expenditures, Public --- Income distribution --- United Arab Emirates