Why pandemic push changes in the economy?

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Date
2021
Journal Title
Journal ISSN
Volume Title
Publisher
Ivane Javakhishvili Tbilisi State University Press
Abstract
10 months gone since the outbreak of COVID-19 - novel coronavirus, which killed more than 1 million people already become the cause for a new understanding of issues related to geo-economy and geo-politics. its own scale and spread rate, according to official data already counts around 56 millions infected people in more than 200 countries worldwide, the coronavirus has become a global pandemic. The pandemic already having a growing impact on the behavior of the world community, instead of the usual medical consequences. The economic crisis caused by the Covid-19 is primarily faced on the agenda of developing countries, whereas the economy is experiencing a shortage of the real sector and the negative balance of foreign trade is being balanced by attracting tourism sector and FDI. The threat of the long scale economic crisis and recession in the post-pandemic period is also faced for the developed and economically strong countries. The crisis hits a number of the economies and prompting governments to use the monetary and fiscal instruments to stimulate the economy in the short and medium term, while long run, crisis poses a wide range of challenges and puts the issue of a new understanding of economic policy in the modern agenda. The main purpose of the paper is to analyze some issues of local and international economy.
Description
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Keywords
Coronomics; international economics; economic policy; international trade
Citation
Economics and Business, №1, 2021, pp. 61-70
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