The Economic Impact of COVID-19 on the Global Community

DOI

10.2991/assehr.k.201105.019How to use a DOI?

Keywords

Covid-19, economic growth, pandemic, conflict of interest, globalization

Abstract

The Covid-19 pandemic consequences remain to be estimated, as the world awaits a second wave. However, today we can sum up some preliminary results. The article presents the study of pandemic impact on the global economy as a whole and on the economies of the world’s leading countries: the United States of America, China, Japan, Germany and Great Britain. It is noted that regardless Covid-19 spread rate, all five leading economies are affected. For example, the USA, according to preliminary data, lost 4.8% of GDP in the first three months of 2020, industrial production in March 2020 obtained its lowest level since 1946. As for the impact of Covid-19 on the global economy as a whole, the pandemic has shown once again the depth of the countries interdependence in the context of globalization. Despite the fact that the pandemic began in China, in terms of opened borders and free movement, it quickly gained global scale. Developing countries with underdeveloped health systems were found to be the most vulnerable. In conditions of a poorly established cases’ registration and detection system, these countries may be the place of the virus continuing presence, which in the future may go beyond national borders and cause the second, third and so on waves. That is why international organizations, private foundations and states are working together both to develop a vaccine and to organize health care reforms in both developed and developing countries of the world. Time will show the successfulness of their efforts

Copyright

© 2020, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - I.V. Andronova
AU  - O.B. Digilina
AU  - K.A. Andronov
PY  - 2020
DA  - 2020/11/06
TI  - The Economic Impact of COVID-19 on the Global Community
BT  - Proceedings of the Research Technologies of Pandemic Coronavirus Impact (RTCOV 2020)
PB  - Atlantis Press
SP  - 100
EP  - 103
SN  - 2352-5398
UR  - https://doi.org/10.2991/assehr.k.201105.019
DO  - 10.2991/assehr.k.201105.019
ID  - Andronova2020
ER  -