The Impact of the Global 2020 Health and Economic Crisis on the Consumption of Students Studying Macroeconomics

South-West University “Neofit Rilski”, Faculty of Economics, Department of Economics, 2700 Blagoevgrad, Bulgaria

^* Corresponding author: b_dimi@abv.bg

Abstract

Research background: 2020 is the first year in recent human history with unprecedented closure of educational institutions and businesses for an extended period of time during the school year. The closure was not the result of military action, but of regulations aimed at stopping the spread of a disease, which at first glance seemed unusually dangerous. This required the learning and work processes to take place in people’s homes and not in the buildings of educational institutions and companies. It also affected the usual individuals’ consumption of goods. For the optimal recovery of the national and world economic and educational systems, it is necessary to have a variety of information about the impact of the crisis on different groups of the population.

Purpose of the article: This article aims to present the results of a study of changes in consumption, financial and employment status of students studying macroeconomics at a small Faculty of Economics in Southeast Europe.

Methods: The method of the self-administered survey, conducted through Google Forms, disseminated through closed Facebook groups, used for educational purposes, as well as direct sharing of links via Messenger, Viber and e-mail was used.

Findings & Value added: The changes in the expenses related to the consumption of key goods by the respondents, their financial and employment status have been identified and discussed. The accumulation of knowledge about living in times of crisis is discussed and the readiness of the respondents to purposefully study crisis management is established in view to the optimal formation of the human capital of the nation and the world.