COVID-19 coronavirus pandemic influence on crude oil prices: a preliminary statistical analysis (COVID-19 კორონავირუსის პანდემიის გავლენა ნედლი ნავთობის ფასზე: წინასწარი სტატისტიკური ანალიზი)

Abstract

World economy rapidly recovered after the 2009 global economic crisis, and starting from 2010 fast increase of the world GDP was fixed. In 2018 the world GDP was as high as US$ 85,909.816 billion [1]. The world economic growth was unexpectedly hampered by COVID-19 coronavirus pandemic. Within one month the world economy has frozen, industries and budgetary incomes fall down to a critical level, employment collapsed, investor activities distorted and so on. Future prospects are vague. The current framework brings back to memory the period of the Great Depression, when the liberal economic doctrines failed, and governmental interventions became necessary [2]. It is obvious that after the pandemic breakthrough, a lot of fundamental principles will change in the world, including social & economic development doctrines: a bet seems to be placed on maximal involvement of national resources, and such a policy will both be basement of national economic strategies [3-7] and a precondition of regional economic relations [8]. Of course, there is a node of huge and crucial problems to be studied, but in this article, we will present a preliminary statistical analysis of crude oil prices within the framework of COVID-19 coronavirus pandemic.