The impact of COVID19 on the world economy: analytics and prospects
DOI:
https://doi.org/10.31558/2307-2318.2023.1.3Keywords:
coronavirus; economic crisis; economy; macro environmentAbstract
With the development of cosmopolitanism and globalization, population density and large-scale population flow, the economy is becoming more integrated. The impact of these factors on economic processes is unprecedented. The outbreak of COVID-19 has undermined the Chinese economy and is spreading around the world. The progression of this disease and its impact on the economy are uncertain. Due to the high prevalence, mortality and incubation period, the main preventive measures are the control of social distance and isolation, which makes many types of economic activity impossible. It is believed that due to the pandemic, the global GDP will fall by 3%, while developing countries will suffer the most (by an average of 4%, and in some more than 6.5%). In 2020, due to the COVID-19 pandemic, global trade in goods fell by 13%. Taking into account all the above characteristics, there is a need to analyze the macroeconomic impact of the new coronavirus on world GDP, trade in goods (taking China and other countries as an example) and various industries, as well as to propose some measures to bring the economy out of the crisis.
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