Bìznes Inform (Jan 2022)

Evaluating the Impact of the Pandemic on the Economies of the World Countries

  • Razumova Hanna V.,
  • But Kateryna A.,
  • Butsanova Kateryna H.

DOI
https://doi.org/10.32983/2222-4459-2022-1-28-32
Journal volume & issue
Vol. 1, no. 528
pp. 28 – 32

Abstract

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The article is aimed at studying the impact of the COVID-19 pandemic on the economies of the countries of the world. The main consequences of the COVID-19 pandemic for the economy are considered. It is noted that the outbreak of the pandemic has become one of the most serious threats to the world economy and financial markets. It is determined that concerns about the impact of the pandemic on the world economy have shaken markets around the world, in particular, stock prices and bond yields have fallen sharply. The main consequences of the pandemic for the world economy are currently the following: the fall in exchange indices; significant decline in oil prices and slowing development of the metals market; reduction of production; significant decrease in revenues of airlines and maritime transport, shopping and entertainment centers, tourism industry; decrease in incomes of the population; growth of profits of the pharmaceutical industry and the global gaming, educational and other online applications industry; increased investor demand for less risky assets. In such a situation the paces of the economic growth of both the majority of countries and the world economy in general at the present time are slowed down. This situation demonstrates the need to make informed decisions by the governments of the world and local authorities, which, in close cooperation with leading experts, the corporate sector and the population, should implement an effective socio-economic policy both in the context of lock-down and in the subsequent months after its completion. The main possible methods of mitigating the effects of the pandemic on the economies of developing countries are considered. Recommendations on possible measures aimed at reducing the impact of the pandemic on the economies of countries in the global dimension are presented. Prospects for further research are to analyze the economic consequences of lock-down, losses of the world economy after overcoming coronavirus disease and real measures that have been taken to stabilize the financial and economic situation at both the micro and macro levels.

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