re-open.com’s Pandemic Economic Model (PEM) is an interactive and educational financial tool designed to show the impact of the pandemic on the United States, and therefore, on your organization.
When the U.S. economy shut down during the pandemic, re-open.com identified the need for national economic data to be modeled and from this, to have a scenario analysis generated. Hence, PEM was born.
re-open.com designed the custom scope and requirements for the analysis to provide a source of sound data for decisions makers and other stakeholders to consider during their respective decision-making processes.
PEM runs hundreds of customized scenarios across various metropolitan statistical area (MSA) levels using official economic data at the federal, state, and North American Industry Classification System (NAICS) code level.
The app can either be used as a static report or, alternatively, can become interactive with just a few simple inputs needed to easily interpret and provide comprehensive data.
PEM can be used to both examine the economic impacts of fiscal uncertainty to inform organizational decisions, but also to take lessons from the first year of the pandemic. PEM has governmental, stakeholder, and educational applications.
This customizable modeling is created by experts to ensure the data is all-encompassing, saving time and effort finding and interpreting out-of-date data and providing a reliable resource for making informed financial re-opening decisions.
PEM provides detailed and readable insight on the pandemic’s effects on employment, labor income, value-added, and tax payments.
The turbulence of a post-pandemic world means analyzing, understanding, mapping, and planning strategies would demand excessive time and effort that can be dedicated to other priorities. PEM takes care of that for you.
Preparedness and safety are closer at hand when the guesswork is taken out of financial planning, as PEM allows.
Both direct and indirect effects on sectors can be calculated like the aforementioned, plus multiplier effect on jobs, GDP, tax payments, labor income, and job losses.
Developed by leading economic statisticians from PwC, roughly 145,000 businesses and government agencies’ data is accurately captured and interpreted.
This solution is flexible and responsive, working in 10 percent modeling increments to allow for maximum detail in presenting phases of re-opening and closing scenarios.
Additionally, PEM can show the potential impact on the state or nation if 10-, 20-, or 50- percent of those lost jobs are restored through re-opening.
Better informed-decision making is more important now than ever, and PEM assists in re-opening efforts in a ground-breaking way that has yet to be utilized.
PEM displays historical data on sectors nationally or in a given state that experienced the largest decline in employment due to the COVID-19 shutdown.
Therefore, PEM is a snapshot in time. It currently incorporates historical economic data from the first full month of the COVID-19 pandemic (February 2020) following the January 31, 2020 declaration of a public health emergency, through the end of the calendar year December 2020.
About Economic Modeling:
Economic modeling is research that analytically evaluates the cause and effect of an economic phenomenon on society. Quantitative economic models can be used to gain insight and quantify the economic and fiscal impact of an industry, a new or existing business, or a specific event on the economy. Models can focus on specific regions or the national economy.