The Bank of Spain warns about the impact of the deterioration of health after Covid on the economy
A prolongation of the health problem would harm productivity and could have an impact on the stock of productive capital.
When in these days the third anniversary of the state of alarm is commemorated back in 2020, which set the starting point to deal with the health pandemic generated by Covid-19, some of its side effects such as the increase in demand for health services, the increase in sick leave, as well as a hypothetical persistent worsening of the health of the population, could be a problem for the development of the economy in the future.
If this dynamic continues over time, and even increases, it could be decisive in the potential output of the economy in the medium and long term. It could limit the amount of labor available in the economy, as well as negatively affect productivity.
According to the CIS health barometer, eight out of ten patients in November 2022, when they went to the GP, had to wait more than a day to be seen, compared to 55.1% before Covid. In this sense, in the case of specialist doctors, the number of patients who had to wait more than three months has gone from 25.8%, prior to the pandemic, to 37.9% almost at the end of 2022.
Regarding sick leave, in the average for the previous year, 4.15% of the employed persons who participated in the study stated that they had not worked in the week prior to being interviewed, whether due to illness, temporary disability or accident, which " maintains the growing trend” observed in sick leave since 2020, according to the Bank of Spain.
Retest of March 2020 lows incoming. Dow 18,000.
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