The challenges of the post-pandemic period and the development trends of the world economy against the background of the accompanying global recession

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Date
2023
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Journal ISSN
Volume Title
Publisher
Ivane Javakhishvili Tbilisi State University Press
Abstract
The scientific work presents both the challenges of the post-pandemic period, as well as the problems and difficulties of the accompanying global recession. It shows the economic damage caused by the COVID-19 pandemic, which represents the biggest economic shock the world economy and global business has experienced in decades. In the post-pandemic stage of 2021-2022, the world economy faced new severe challenges, as the economic stagnation and depression caused by the COVID-19 pandemic was added to the start of hostilities in Ukraine by the Russian Federation on February 24, 2022. The world civilized community imposed strict sanctions against Russia in order to deter aggression. At the same time, the difficulties for the economy of many countries of the world have worsened and reached a critical point. At the same time, the post-pandemic challenges were also accompanied by the problems characteristic of the global recession - the increase in prices and inflation levels, the decrease in investments, the fall in the exchange rate of the national currency, unemployment, the energy crisis, the increase in the price of real estate, the increase in the vulnerability of the population and other problems. Global recession will also significantly affect per capita income reduction, economic growth and other macroeconomic indicators. The post-pandemic consequences are particularly hard on those countries that have a weak healthcare system and are mainly dependent on imports of goods and services, tourism and foreign remittances. If the post-pandemic challenges and the Russia-Ukraine war continue for a long time, its defeat will require a long time and the mobilization of billions of funds, which will accordingly exacerbate the global recession process, while the world financial crisis and depression will doubt the solvency of countries, and as a result, most countries in the world will be at risk of financial crisis.
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1. www.WB.org 2. www.IMF.org 3. www. geostat.ge 4. https://nbg.gov.ge
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Citation
Conference Proceedings: "The World Economy in the Post-Pandemic Period: Implications and Challenges", Tbilisi, 2023, pp. 321-329
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