THE IMPACT OF THE COVID-19 PANDEMIC ON THE GLOBAL ECONOMY

Abstract

The outlook for global, European, national economies is significantly negatively influenced by the disastrous repercussions of the current COVID-19 pandemic. The majority of countries will experience economic recession and strong contractions of global GDP, which will leave a strong impact on economies for a long time, with all the effort made by the competent international bodies, the governments of the countries, by applying fiscal, monetary measures in with a view to sustaining economies and mitigating the effects of the current economic crisis. The economies of less developed, developing and even developed countries will be the most affected and the process of recovering losses and recoveries will be long and difficult.Thus, taking appropriate measures with short and long-term effect, in order to reduce the negative impact on economies, is required in the current situation and is a global, European and national priority.

Keywords

• global perspective
• economic development
• economic policy
• economic growth
• budget deficit