The impact of СOVID-19 on the global economy in the context of globalization

¹ Azerbaijan State University of Economics, The Department of Economics, Istiglaliyyat 6, AZ1001 Baku, Azerbaijan
² Azerbaijan Tourism and Management University, The Department of Marketing, K.Rahimov str. 822/23, AZ1072 Baku, Azerbaijan

^* Corresponding author: e.qocayeva@atmu.edu.az

Abstract

Research background: When analyzing the results, hypotheses were tested for the presence of a statistically significant relationship between the studied variables with a 5% error risk. The chi-square method was used to test for a statistically significant relationship, and the Cramer coefficient was used to determine the strength of the relationship. A survey conducted in Azerbaijan found mostly moderate statistically significant relationships between individual variables.

Purpose of the article: The article discusses the most important aspects of the contemporary global problem of coronavirus infection COVID-19, shows the distribution of coronavirus across countries, analyzes the ability of different countries to counteract epidemics and pandemics by the Global Health Safety Index, shows the real situation of the effectiveness of the health systems of some countries in the fight against a pandemic. The aim of this study is to examine several aspects in connection with the pandemic and its impact on the education and tourism sector. The work also shows the impact of the pandemic on the global economy in general and on international tourism in particular. To activate the tourism market, the development of virtual tourism is proposed, which has great prospects in terms of quarantines and border closures.

Methods: The article applies such general scientific research methods as analysis and synthesis, a systematic approach, methods of comparisons, expert assessments, as well as a method of analyzing hierarchies.

Findings & Value added: Universities - many of which rely heavily on revenue from their foreign intakes - are being pushed to the brink. Around the world, international students and their parents are weighing their options as the pandemic wreaks havoc like never before on the overseas university education business. What was relevant this morning is already outdated by noon. Our task is to track existing trends, moods and suggest some prospects for getting out of the situation or adapting to it.