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Influence Of The Economic Crise Provided By Covid-19 On The Level Of The Defence Industry

Author

Listed:
  • Lucian IVAN

    (”Valahia” University of Targoviste, Romania)

Abstract

Analysis of data on arms exports worldwide reveals relative stability in the international arms market that increased in 2019 compared to 2018, by about 4%, with growth in the United States of 6.6%, equal to that of China. This trend in the United States of America may diminish considerably in the coming period, given the limitation of the increase in the defence budget from fiscal year 2021, and in the case of China, the sars-CoV-2 coronavirus crisis will have effects including in the defence industry. Recent developments resulting from the economic crisis caused by the medical emergency caused by the COVID-19 pandemic, induced by the worldwide spread of the SARS-CoV-2 coronavirus, will also have effects in the defence industry, mainly on the the basis of the contracting of gross domestic product at state level. To overcome this crisis situation in the defence industry, innovative measures are needed to enable the development of state-of-the-art military products adapted to the market requirements and defence needs of resource-enabled States financial support, while accelerating the work of the applied Research and Development sector that will enable such products to be produced.

Suggested Citation

  • Lucian IVAN, 2020. "Influence Of The Economic Crise Provided By Covid-19 On The Level Of The Defence Industry," Contemporary Economy Journal, Constantin Brancoveanu University, vol. 5(2), pages 36-43.
    • Handle: RePEc:brc:brccej:v:5:y:2020:i:2:p:36-43
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    More about this item

    Keywords

    crisis; coronavirus; military products; innovation; exports;
    All these keywords.

    JEL classification:

    • O2 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights

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