SHS Web of Conf.
Volume 92, 2021The 20th International Scientific Conference Globalization and its Socio-Economic Consequences 2020
|Number of page(s)||10|
|Section||Global Impact of COVID 19 on Economy and Society|
|Published online||13 January 2021|
Economic cycle and economic consequences of the global SARS-CoV-2 pandemic in the Czech Republic
University of Pardubice, Faculty of Economics and Administration, Department of Economic Sciences, Studentská 84, 532 10 Pardubice 2, Czech Republic
* Corresponding author: firstname.lastname@example.org
Research background: The global SARS-CoV-2 pandemic is for human society unprecedented. Coronavirus is dramatically changing people’s lives, and despite of uncertainty about the future, it is certain that its global consequences will have many dimensions. The it is undeniable that there have been significant economic impacts are unquestionable today impacts. The Czech economy, like the rest of the world, is facing an unexpected exogenous shock. This being manifests itself with varying intensity both at the level of sub-markets and on the side of aggregate supply and demand. It is literally a textbook example, explaining the outbreak of the downturn phase of the business cycle. Nevertheless, the sudden slowdown of economic activity as a result of the coronavirus pandemic, quarantine and the state of emergency, has many specificities across countries.
Purpose of the article: The primary goal of this article is to analyze the economic consequences of the pandemic crisis in the reality of the Czech Republic. On this basis, it identifies the specifics of a pandemic crisis, in the context of a broader framework of economic theories of business cycles.
Methods: The analytical part of the article is processed based on publicly available statistical data and economic forecasts. The derivation and argumentation of the conclusions is based on an empiric-inductive approach, methods of synthesis and comparison.
Findings & Value added: The article maps the business direct and mediated economic contexts of the economic cycle caused by the coronavirus pandemic in the reality of the Czech Republic. It identifies the differences and specifics of the downward phase of the pandemic business cycle and derives their possible long-term impacts. At the theoretical level, the ambition of the article is to bring new knowledge to the contemporary economic theory of business cycles.
Key words: globalization / SARS-CoV-2 / markets and the economy / Business cycle theory / Czech Republic
© The Authors, published by EDP Sciences, 2021
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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