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The Economic Effects Of The Coronavirus Pandemic

Author

Listed:
  • Alina HAGIU

    (Faculty of Economics and Law, University of Pitesti, Romania)

  • Marinelea BARBULESCU

    (Faculty of Economics and Law, University of Pitesti, Romania)

Abstract

COVID-19 has infected the entire global economy and has already made tens of millions of unemployed worldwide. The COVID-19 pandemic is causing more and more fears about the great economic and social crisis that will hit the planet. World Bank experts are talking about the "deepest" recession since World War II and the worst economic crisis on the planet in 150 years. And the signs of the "economic apocalypse" are already everywhere. Nearly half of Filipino adults, or more than 27 million people, are currently unemployed as a result of the economic crisis caused by the coronavirus pandemic. Japan's economy, the world's third-largest economy, has seen the most dramatic economic downturn in history. The US unemployment rate continues to be the highest in the last 70 years, while the economy is also experiencing historic declines. And this is just the "first wave": analysts warn that the real economic crisis will hit at the end of 2020. For Romania, the economic forecasts for autumn 2020 show that GDP will fall by 5.2% in 2020 and increase by about 3 , 3% in 2021, and 3.8% in 2022, respectively. In this paper we aim to present the effects that the coronavirus pandemic has had so far on the world economy and in Romania in particular along with a presentation of the main forecasts regarding economic developments in the current context.

Suggested Citation

  • Alina HAGIU & Marinelea BARBULESCU, 2020. "The Economic Effects Of The Coronavirus Pandemic," Scientific Bulletin - Economic Sciences, University of Pitesti, vol. 19(3), pages 13-24.
    • Handle: RePEc:pts:journl:y:2020:i:3:p:13-24
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    References listed on IDEAS

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    1. Rahmiye Figen Ceylan & Burhan Ozkan & Esra Mulazimogullari, 2020. "Historical evidence for economic effects of COVID-19," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 21(6), pages 817-823, August.
    2. World Bank, 2020. "The COVID-19 Pandemic [Pandémie De Covid-19]," World Bank Publications - Reports 33696, The World Bank Group.
    3. Barua, Suborna, 2020. "Understanding Coronanomics: The economic implications of the coronavirus (COVID-19) pandemic," MPRA Paper 99693, University Library of Munich, Germany.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Economic evolutions; Crisis; Coronavirus; Effects; Solutions.;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O50 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - General

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