THE SMALL AND MEDIUM ENTERPRISE SECTOR DURING THE COVID-19 CRISIS. EFFECTS AND OPPORTUNITIES – THE CASE OF ROMANIA

Abstract

The rapid evolution of the COVID-19 pandemic has caused the greatest challenges in today's society, affecting all sectors of activity but also economic and social systems around the world. The spread of the crisis has been impossible to stop in time due to globalization and the sharp development that society has reached in 2020. Thus the Covid 19 crisis has affected thousands of lives and continues to put enormous pressure on medical and economic systems, and the effects will be visible a long time from now on. Multiple procedures, such as closing schools and limiting populations to their houses, set extensive and observable costs on society; nevertheless, their advantages cannot be instantly monitored and are presently comprehended only via process-based simulations. History shows that rapid change brings many dangers but also many opportunities. For these reasons, it is necessary to manage economic and social problems as soon as possible and to support solutions that will support the sectors affected by the pandemic crisis. In Romania, the crisis began to be felt in March 2020, when following an announcement on TV the SME sector was put on hold. This research examines the SME sector before and after the Covid 19 crisis, presenting the effects and opportunities offered by the pandemic. Finally, a series of solutions are presented that can be implemented to revive the economy

Keywords

• covid-19
• entrepreneurship
• business opportunities
• resilience
• pandemic