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Economic Aspects of COVID-19 Medical Crisis

Author

Listed:
  • Gabriel Căriman
  • Dumitru-Mihai Luca

Abstract

The present analysis focuses on the context of the SARS-CoV-2 pandemic, a context in which the state governments of the world have adopted measures trying to limit the spread of the virus, with the risk of affecting the economy in the long run. The oil industry has faced declining oil prices, which has had consequences for other industries, such as tourism, HoReCa and transportation. The pandemic with the COVID-19 virus also had a devastating impact on air traffic, the number of flights decreasing considerably due to the traffic restrictions that were imposed. Last but not least, tourism is another sector affected by the pandemic, due to the lack of tourists, thus causing effects on other economic sectors. Some of the effects of the measures adopted in the context of the pandemic have already occurred, and others are about to occur, being of impact and duration. The article underlines the impact of the January-June 2020 pandemic on the oil industry, air traffic and tourism and provides an overview of the challenges which governments need to address together with economic operators in order to regain public confidence to facilitate consumer decisions and for economic recovery.

Suggested Citation

  • Gabriel Căriman & Dumitru-Mihai Luca, 2021. "Economic Aspects of COVID-19 Medical Crisis," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 24(79), pages 42-52, March.
    • Handle: RePEc:rej:journl:v:24:y:2021:i:79:p:42-52
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    References listed on IDEAS

    as
    1. World Bank, 2020. "Global Economic Prospects, January 2020," World Bank Publications - Books, The World Bank Group, number 33044, December.
    2. Ram, Rati, 1995. "Defense expenditure and economic growth," Handbook of Defense Economics, in: Keith Hartley & Todd Sandler (ed.), Handbook of Defense Economics, edition 1, volume 1, chapter 10, pages 251-274, Elsevier.
    3. World Bank, 2020. "Global Economic Prospects, June 2020," World Bank Publications - Books, The World Bank Group, number 33748, December.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    COVID-19 crisis; oil industry; air traffic; tourism; government measures;
    All these keywords.

    JEL classification:

    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • L39 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Other
    • L98 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Government Policy

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