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The Impact Of The Crisis On The Quality Of Life And Solutions To Reduce The Crisis Effects. Case Study: Romania

Author

Listed:
  • Mester Liana

    () (University of Oradea, Faculty of Economic Sciences)

  • Bugnar Nicoleta

    (University of Oradea, Faculty of Economic Sciences)

  • Fora Andreea

    (University of Oradea, Faculty of Economic Sciences)

Abstract

The economic crisis creates a series of consequences such as loss of jobs, reducing wages, insecurity of the population, reducing standard of living, material hardships, low self-confidence and hope for the better, illnesses, altered human relationships, social protests, ever greater scale strikes, in other words, deterioration of the economic environment. This paper aims to identify possible solutions to improve the effects of the crisis on the quality of life, based on figures from surveys conducted by research firms and the possible correlations to be made between these dates, without attempting to consider that these solutions are unique or the best. The main indicators considered for identifying the negative aspects of the crisis among the population are: the evolution of unemployment, changes in gross domestic product or wage developments in the economy and the share of expenditure linked to the basic needs out of the income earned. Regarding the possible solutions to reduce the population crisis, they are closely related to the credit and monetary policy, and also to the budgetary policy. Under the impact of the economic crisis, the business environment in Romania has suffered. Sub impactul crizei economice, mediul de afaceri din Romania a avut de suferit. Since most investments in 2008 were of foreign origin, the fact that this crisis has affected Romania as well did not surprise anyone. Nowadays Romania's business climate is characterized by lack of direct foreign investments and self funding sources whereas the population declares itself in a large proportion -more than 50% - to be affected by the crisis (1). Effects of the crisis can also be observed in the evolution of consumers' behavior who fearing layoffs and declining revenue, not only turned to buying the same products or to purchase cheaper products, but also to reducing the amount of the purchased products. The quality of social life is essential and strongly related to stimulating economic activity. Satisfaction felt by the consumer will determine the level of consumption and will influence and ultimately decide the supply level. An adequate economic policy in Romania to restore the balance between supply and demand in the market may induce a state of economic recovery. This should be the objective of anti-crisis policies.

Suggested Citation

  • Mester Liana & Bugnar Nicoleta & Fora Andreea, 2011. "The Impact Of The Crisis On The Quality Of Life And Solutions To Reduce The Crisis Effects. Case Study: Romania," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(special), pages 129-133, July.
  • Handle: RePEc:ora:journl:v:1:y:2011:i:special:p:129-133
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    Keywords

    crisis; quality of life; unemployment rate; gross domestic product; wages rate; social conditions of life; economic environment;

    JEL classification:

    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • J17 - Labor and Demographic Economics - - Demographic Economics - - - Value of Life; Foregone Income

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