SHS Web Conf.
Volume 129, 2021The 21st International Scientific Conference Globalization and its Socio-Economic Consequences 2021
|Number of page(s)||9|
|Section||Global Impact of COVID 19 on Economy and Society|
|Published online||16 December 2021|
How the global economy reflected the year of the pandemic
Technical University in Zvolen, Dept. of Marketing, Trade and World Forestry, T, G. Masaryka 24, 960 01 Zvolen, Slovakia
* Corresponding author: email@example.com
Research background: The coronavirus pandemic in 2020 had a significant impact on all aspects of life, from the point of view of the individual by forcing social isolation, moving work and study to the home, enormous pressure on the social and health system, but also by forcing closures of services and direct contact with customers. These, as well as other factors, have also had an impact on the performance of economies around the world.
Purpose of the article: The paper aims to evaluate the development of the world's major economies in terms of macroeconomic indicators and foreign trade in the pandemic period and previous periods. The social and environmental aspects of the impact of the pandemic on selected economies are also reflected.
Methods: Analysis of the main macroeconomic data, comparison and synthesis of findings.
Findings & Value added: The interdependence of economies and interconnectedness of markets on transport routes associated with reduced mobility, forced isolation of people and death of economic activity had a significant impact on all the observed indicators, where a significant decline in GDP could be observed in all countries except China. This country was the only one that managed to keep GDP growth in positive numbers. Unemployment development was not equal in the observed economies due to different labour market environment. On the contrary, the environment has benefited in some way.
Key words: global economy / macroeconomics / foreign trade / pandemics
© 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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