УКР
РУС
ENG
Search


The Impact of COVID-19 on the World’s Economies
Dolbneva D. V.

Dolbneva, Deniza V. (2020) “The Impact of COVID-19 on the World’s Economies.” The Problems of Economy 1:20–26.
https://doi.org/10.32983/2222-0712-2020-1-20-26

Section: World economy and international relations

Article is written in Ukrainan
Downloads/views: 7

Download article in pdf format -

UDC 338.14:616-036.21

Abstract:
The aim of the article is to study the degree of and trends in the impact of COVID-19 on the economic situation in the world and determine the socio-economic losses that Ukraine will suffer from the pandemic of this disease. In the course of the study, the impact of the coronavirus pandemic on the trends in the development of the global economy is examined. The main consequences of COVID-19 for the global economy that have already manifested themselves are: a fall in exchange indices; a significant decrease in oil prices and a slowdown in the development of the metal market; a reduction in production volumes; a significant decrease in revenue of airlines and maritime transport, shopping and entertainment centers, the tourism industry; a decrease in the population’s incomes; a growth in revenues of the pharmaceutical industry and the global industry of gaming, educational and other online applications; an increased investor demand for less risky assets. In this situation, the growth rate of the world economy is already decreasing (from 2.5 % to 0.6 %). In 2020, at the global level, the economic situation will be close to a recession, the losses of the world economy can reach USD2.7 trillion. For the Ukrainian economy, the crisis caused by the spread of COVID-19 is especially dangerous and can significantly shake the country’s financial and economic status: official employment and real GDP will fall, the corporate sector will suffer significant losses, the chances for a successful placement of Eurobonds will decrease, foreign investment inflow will decrease, and the national currency will become cheaper. Under the optimistic scenario, in 2020, the decline in Ukraine’s economy due to the spread of COVID-19 will amount to 4–5 % of GDP; under a worst-case scenario, 9–10 %. All of the above indicates the need for making informed decisions by the governments of the world and local authorities, which, in close cooperation with leading experts, the corporate sector and the population, should pursue an effective socio-economic policy both during the quarantine and within the next months after its completion. The prospects for further research are to analyze the economic consequences of the quarantine, the losses of the world economy after overcoming coronavirus disease, and real measures that have been taken to stabilize the financial and economic situation at the micro and macro levels.

Keywords: unemployment, GDP, economic crisis, coronavirus, COVID-19, pandemic, recession, market indices.

Fig.: 3. Tabl.: 2. Bibl.: 11.

Dolbneva Deniza V. – Candidate of Sciences (Economics), Associate Professor, Department of Accounting, Analysis and Control, Ivan Franko National University of Lviv (1 Unіversytetska Str., Lvіv, 79000, Ukraine)

List of references in article

Blinov, A. “Virus retsesii: chym obernetsia epidemiia COVID-19 i khto postrazhdaie naibilshe“ [Recession Virus: what Will Turn on the COVID-19 Epidemic and Who Will Suffer the most?]. https://www.slovoidilo.ua/2020/03/18/pogljad/ekonomika/virus-recesiyi-chym-obernetsya-epidemiya-covid-19-xto-postrazhdaye-najbilshe
“Koronavirus mozhe pryzvesty do masshtabnoho ekonomichnoho shoku v Yevropi - Lahard“ [Coronavirus Can Cause Major Economic Shock in Europe - Lagarde]. https://suspilne.media/18912-koronavirus-moze-prizvesti-do-masstabnogo-ekonomicnogo-soku-v-evropi-lagard/
Katsenelson, V. “Koronavirus vbie ekonomiku?“ [Coronavirus to Kill Economy?]. https://nv.ua/ukr/opinion/koronavirus-novini-yak-epidemiya-vpline-na-ekonomiku-kitayu-i-ssha-50074292.html
Shramko, Yu. “Analityky otsinyly ekonomichni naslidky koronavirusu COVID-19 v usyomu sviti“ [Analysts Have Evaluated the Economic Impact of COVID-19 Coronavirus Worldwide]. https://www.unn.com.ua/uk/news/1853021-analitiki-otsinili-ekonomichni-naslidki-koronavirusu-covid-19-v-usomu-sviti
“Uroky kytaiskoho koronavirusu. Chastyna 1“ [Lessons from Chinese Coronavirus. Part 1]. https://www.ukrinform.ua/rubric-economy/2881684-uroki-kitajskogo-koronavirusu-castina-1.html
“Vtecha vid stabilnosti: yak koronavirus vplyne na ekonomiku svitu, Yevropy ta Ukrainy“ [Escape from Stability: How the Coronavirus Will Affect the Economies of the World, Europe and Ukraine]. https://www.eurointegration.com.ua/experts/2020/03/3/7107022/
“Medvedchuk: Ekonomichni vtraty vid zakhodiv z protydii pandemii koronavirusu mozhut seriozno perevyshchyty vtraty vid samoi pandemii“ [Medvedchuk: The Economic Losses From Coronavirus Pandemic Measures Can Seriously Outweigh the Losses From the Pandemic Itself]. https://zik.ua/news/politics/medvedchuk_ekonomichni_vtraty_vid_zakhodiv_z_protydii_pandemii_koronavirusu_mozhut_seriozno_perevyshchyty_vtraty_vid_samoi_pandemii_962974
“Udar po ekonomitsi: chy varto chekaty na khvyliu zvilnen ta obval hryvni“ [A Blow to the Economy: Should we Expect a Wave of Layoffs and a Hryvnia Collapse]. https://tsn.ua/groshi/pislya-koronavirusu-svit-nakriye-finansova-kriza-scho-pro-ce-govryat-u-sviti-ta-chogo-chekati-ukrayini-1513686.html
Danylenko, Yu. “Pryvody dlia optymizmu, mify ta ekonomichni naslidky“ [Reasons for Optimism, Myths and Economic Consequences]. Koronavirusnyi daidzhest no. 3. https://voxukraine.org/uk/privodi-dlya-optimizmu-mifi-ta-ekonomichni-naslidki-koronavirusnij-dajdzhest-3/
“Koronavirus v tsyfrakh: yak zminylasia svitova ekonomika“ [Coronavirus in Numbers: How the World Economy has Changed]. https://www.bbc.com/ukrainian/features-51994936
Amelin, A., Lavryk, Ya., and Monin, D. “Prohnoz zbytkiv. Yakymy budut ekonomichni zbytky Ukrainy cherez pandemiiu koronavirusu“ [Forecast of Losses. What Will be the Economic Losses of Ukraine due to the Coronavirus Pandemic]. https://dt.ua/ECONOMICS/prognoz-zbitkiv-yakimi-budut-ekonomichni-zbitki-ukrayini-cherez-pandemiyu-koronavirusa-342951_.html

  The Promblems of Economy, 2009-2021 The site and its metadata are licensed under CC-BY-SA. Write to webmaster