Intro
Foreword
Acknowledgements
Acronyms, abbreviations and units of measure
Executive summary
1 Economic resilience during crisis: Opportunities and challenges from COVID-19
Introduction
Roadmap for this publication
What made the difference? A summary of factors affecting resilience during COVID-19
Policy recommendations
Business dynamics and financial vulnerability (Chapter 4)
Supporting productivity through digital technologies (Chapter 5)
Industrial and international connectedness (Chapter 6)
Inclusiveness across gender and skill groups (Chapter 7)

Looking forward
From cyclical to structural policies
A focus on the green and digital transitions
Looking to supply-side measures
Supporting skills and human capital
References
Notes
2 Context of the crisis
Introduction
Containment measures in response to COVID-19
Support measures in response to containment responses
Economic consequences
References
Notes
3 Resilience across industries
Introduction
Ability to produce and supply in the short run
Essential industries
Ability to work remotely
Ability to supply remotely

Potential supply chain disruptions
Indirect demand implications
Cyclicality of demand
Destination of industry output
Liquidity and credit constraints
Short-term liquidity needs: Cash conversion cycle
Longer-term borrowing constraints and the tangibility of assets
Conclusions and policy implications
References
Notes
4 Business dynamics and financial vulnerabilities
Introduction
Initial impacts of the COVID-19 pandemic on firm entry and bankruptcies
Firm entry
Bankruptcies and financial distress
Business dynamics

Aggregate firm age and firm size structure
COVID-19 and long-term declines in business dynamism
Corporate financial vulnerability
Conclusions and policy implications
References
Notes
5 Supporting productivity through digital technologies
Introduction
Adoption of telework
Pre-crisis experience with working from home
Broadband infrastructure as a necessary condition for connectivity and remote working
Digital skills of the population
E-commerce and the pre-existing use of digital tools
Share of firms with online sales

Share of population making online purchases
Uptake of cloud computing
Productivity during COVID-19 and beyond
Implications of the COVID-19 crisis for productivity
Pre-existing divides across sectors and firms
Conclusions and policy implications
References
Notes
6 Industrial and international connectedness
Introduction
Global value chain exposure and centrality
Industry composition and the structure of demand
Air transport
Tourism
Conclusions and policy implications
References
Notes
7 Inclusiveness across gender and skill groups
Introduction