COVID-19 INFLUENCE IN THE EUROPEAN ECONOMY AND THE IMPACT AT NATIONAL LEVEL
Autor (i): Lucian Ivan1 Cosmin Sandu Bădele
Cuvinte cheie: economic crisis, covid-19 pandemic, economy, financial indicators, recession
Abstract:
The humanitarian crisis caused by the COVID-19 pandemic has also triggered a global economic crisis. The total impacts on European and national economy will depend not only on the duration of the pandemic, but also on the speed of response, and on the measures taken. However, the serious situation is also a major, evolving challenge. The economic indicators analyzed at European and national level highlight the 'fragility' of the economy, which will lead to the perpetuation of the crisis during 2021, with major effects on companies and job losses. One possible solution to the crisis is to adapt the economy to the conditions imposed by the pandemic, while putting the COVID-19 vaccine on the market or an effective treatment that will reduce the risk of infection of the population. Another key element that will lead to economic recovery is the digitization of industrial and commercial processes, an effect of the crisis being the emergence of telework globally.
The humanitarian crisis caused by the COVID-19 pandemic has also triggered a global economic crisis. The total impacts on European and national economy will depend not only on the duration of the pandemic, but also on the speed of response, and on the measures taken. However, the serious situation is also a major, evolving challenge. The economic indicators analyzed at European and national level highlight the 'fragility' of the economy, which will lead to the perpetuation of the crisis during 2021, with major effects on companies and job losses. One possible solution to the crisis is to adapt the economy to the conditions imposed by the pandemic, while putting the COVID-19 vaccine on the market or an effective treatment that will reduce the risk of infection of the population. Another key element that will lead to economic recovery is the digitization of industrial and commercial processes, an effect of the crisis being the emergence of telework globally.
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