Naslov
Intricate, unreliable and ungrateful estimations on the impact of the coronavirus on economic development

Autori
Bejaković, Predrag ; Pržiklas Družeta, Romina ; Škare, Marinko

Izvornik
Transformations in business & economics (1648-4460) 20 (2021), 2(53); 21-40

Vrsta, podvrsta i kategorija rada
Radovi u časopisima, članak, znanstveni

Ključne riječi
COVID-19 ; 2020 health crisis ; economic consequences ; pandemic and recession curve ; public health ; recovery

Sažetak
The situation with the spread of the coronavirus is very serious and could even get worse. This negatively impacts the population as well as the economy on the global and national level. The aim of the article is to explain the complexities regarding the evaluation of COVID-19 impact on health and economy as well as to analyse some realised measures. Despite great technological progress and expansion, the science of epidemiology, responses to epidemics of the twenty-first century demonstrate that the world is not adequately prepared to lessen the impact of an emerging threat or prevent its appearance leaving mankind vulnerable to adverse consequences. The impact of pandemics is so vast and uncommon as it affects all elements of demand and supply. The most vulnerable sectors are all forms of transport, travel and hospitality, as well as all forms of entertainment. Usual economic measures, like tax cuts and stimulus spending, will not restore cancelled events, revive ruined supply chains or encourage suspicious consumers to go spending. Needed measures incorporate coordinated multilateral actions to ensure effective health policies, containment and mitigation activities, support low-income citizens, and jointly raise fiscal spending. Mentioned measures would be the most effective means of restoring confidence and supporting incomes.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA