THE ECONOMIC EFFECTS OF THE CORONAVIRUS PANDEMIC

Abstract

COVID-19 has infected the entire global economy and has already made tens of millions of unemployed worldwide. The COVID-19 pandemic is causing more and more fears about the great economic and social crisis that will hit the planet. World Bank experts are talking about the "deepest" recession since World War II and the worst economic crisis on the planet in 150 years. And the signs of the "economic apocalypse" are already everywhere. Nearly half of Filipino adults, or more than 27 million people, are currently unemployed as a result of the economic crisis caused by the coronavirus pandemic. Japan's economy, the world's third-largest economy, has seen the most dramatic economic downturn in history. The US unemployment rate continues to be the highest in the last 70 years, while the economy is also experiencing historic declines. And this is just the "first wave": analysts warn that the real economic crisis will hit at the end of 2020. For Romania, the economic forecasts for autumn 2020 show that GDP will fall by 5.2% in 2020 and increase by about 3 , 3% in 2021, and 3.8% in 2022, respectively. In this paper we aim to present the effects that the coronavirus pandemic has had so far on the world economy and in Romania in particular along with a presentation of the main forecasts regarding economic developments in the current context.

Keywords

• economic evolutions
• crisis
• coronavirus
• effects
• solutions.