This study quantitatively analyzes the economic impact of the coronavirus disease 2019 (COVID-19) crisis on Korea and other major nations using the standard Global Trade Analysis Project (GTAP) model. Based on the GTAP9a database, we created three scenarios that differed in the severity of the impact of COVID-19, divided the economic shocks witnessed in each scenario into three stages, and applied them at varying degrees to six regions and 10 industry sectors. The results revealed an increase in investments and a decrease in GDP, income, production, and exports, with private household expenditure and export value showing the largest declines in all regions. Under Scenario BA, the export value of the tourism industry decreased by approximately 28%, and private household expenditure on tourism industry imports declined by 33.4% on average across all regions. Conversely, government expenditure increased following the economic recession and increased tax revenue. The results showed similar trends across regions and sectors, with only slight variances according to each region’s economic structural characteristics. By shedding light on proposals and approaches to overcome the global economic crisis amid the ongoing pandemic, this study provides baseline data for devising more practical, detailed response plans and policy directions for potential future calamities.

This study aims to quantitatively identify the economic value of the comprehensive improvement of environmental degradations caused by climate change. The research method applied to that is the choice experiment. Fine particulate matter, algae bloom, and heat waves were selected as individual attributes constituting environmental problems. It was found that the willingness to pay could not be induced for any level of improvement in algal bloom. It was concluded that if heat waves improved to the medium level where the number of heat-related illnesses and estimated deaths decreased by 50% compared to the current level, there would be a loss in value by USD 13.33. The value of improving environmental problems is USD 7.69 per household per year, and the improvement of fine particulate matter was the highest value attributed by consumers. This study is significant in that it comprehensively evaluates severe environmental problems, reflects their priorities and importance, and assesses the value for each level. It provides important foundational data for establishing effective budget input strategies to maximize consumer benefits and aids in the preparation of effective policies by establishing more detailed goals to achieve net-zero carbon emissions and the Sustainable Development Goals.