World Economy under Conditions of Global Pandemic

Abstract

Covid-19 was a reminder that we are living in a tightly interdependent world that opens up not only new opportunities but also global dangers. It was the emergence of coronovirus infection that shed light on a number of pre-existing problems - from increased inequality to unacceptable debt and rampant environmental destruction - on everything that was once neglected after the global financial crisis. To tell the truth, the world at the end of 2019 was much more fragile than most people would like to admit it. As a result, the emergence of Covid-19 has led us to ponder over the fact what makes communities healthy and sustainable, both globally and locally, and to learn from the lessons that the world's population has learned over the past decade. The years after the pandemic promise to be very difficult for the world economy. In many countries where the government had not been prepared to respond to the pandemic, isolation seemed the only plausible way to protect lives and preserve public health systems of those countries. Which, in turn, led to the de facto freezing of the entire trading and production system not only of these countries, but of the whole world. All this led to the emergence of practically new economic crisis, which was accompanied by a sharp decline in financial markets, and decrease in production and trade in 2020. In fact, the new crisis spread as quickly as the virus itself, which ultimately contributed to the fact that production fell more sharply in the first two quarters than in 2008-2009, and in some cases the strongest drop in the economies of most countries in the history of observations is recorded.