THE ECONOMIC IMPACT OF COVID-19 PANDEMIC AT THE BEGINNING OF 2020
THE ECONOMIC IMPACT OF COVID-19 PANDEMIC AT THE BEGINNING OF 2020

Summary/Abstract: In the first half of 2019, many economists and international organizations emphasize the deterioration of macroeconomic indicators that could soon lead to a new economic crisis, much more serious than in 2008-2009. However, the reasons behind the national and global economic downturn in the first six months of 2020 were not those anticipated, but a virus that disrupted the daily life with the most unexpected effects on economic and social activities. It is true that the world economy had already deteriorated over the past year, with GDP rising by only 2.9% in 2019, the lowest rate in the last decade, amid endless trade disputes and policy uncertainties, high poverty rate and inequalities, increasingly climate risks, ubiquitous intra- and interstates disparities. To all this, in the first half of 2020 were added anti-pandemic measures that led to significant declines in almost all economic sectors, stock market crash, labor market collapse, negative oil prices, disruption of trade flows, etc. It seems that this global health problem and the associated economic and social crisis will lead to the deterioration of most macroeconomic indicators in the coming years, which will call into question the architecture of the economic and financial system and medium and long term development prospects.

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