The global economic effects of the COVID-19 pandemic: A bird's-eye view
The aim of the article is to provide a general, broad picture of the economic effects of the COVID-19 pandemic, without going into the details. The impact of the pandemic on economic growth was sharp, with sudden and deep decline, followed by complete and swift recovery. Both the supply and the dema...
| Main Author: | |
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| Format: | Article |
| Language: | English |
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University of Belgrade, Faculty of Law, Belgrade, Serbia
2022-01-01
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| Series: | Anali Pravnog Fakulteta u Beogradu |
| Subjects: | |
| Online Access: | https://scindeks-clanci.ceon.rs/data/pdf/0003-2565/2022/0003-25652204977B.pdf |
| _version_ | 1797938703458369536 |
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| author | Begović Boris |
| author_facet | Begović Boris |
| author_sort | Begović Boris |
| collection | DOAJ |
| description | The aim of the article is to provide a general, broad picture of the economic effects of the COVID-19 pandemic, without going into the details. The impact of the pandemic on economic growth was sharp, with sudden and deep decline, followed by complete and swift recovery. Both the supply and the demand side contributed to this dynamic, based on the same factors (morbidity and mortality, behavioural adjustments of individuals, and government pandemic control measures), although with quite distinctive mechanisms of impact. It was the uncertainty of both the supply-and demand-side economic agents that was decisive for the sudden drop in the level of economic activity. Macroeconomic policies, both monetary (quantitative easing) and fiscal (budgetary deficits) proved timely and prevented a global depression. In the aftermath, the side effects of these policies are substantial inflation, increased basic interest rates to counter that inflation, increased sovereign debt, and its threatened sustainability. |
| first_indexed | 2024-04-10T19:03:48Z |
| format | Article |
| id | doaj.art-cad72e4d6146402eb47749bb2818d956 |
| institution | Directory Open Access Journal |
| issn | 0003-2565 2406-2693 |
| language | English |
| last_indexed | 2024-04-10T19:03:48Z |
| publishDate | 2022-01-01 |
| publisher | University of Belgrade, Faculty of Law, Belgrade, Serbia |
| record_format | Article |
| series | Anali Pravnog Fakulteta u Beogradu |
| spelling | doaj.art-cad72e4d6146402eb47749bb2818d9562023-01-31T07:29:05ZengUniversity of Belgrade, Faculty of Law, Belgrade, SerbiaAnali Pravnog Fakulteta u Beogradu0003-25652406-26932022-01-01704977101510.51204/Anali_PFBU_22402A0003-25652204977BThe global economic effects of the COVID-19 pandemic: A bird's-eye viewBegović Boris0https://orcid.org/0000-0001-7343-190XUniversity of Belgrade, Faculty of Law, Belgrade, SerbiaThe aim of the article is to provide a general, broad picture of the economic effects of the COVID-19 pandemic, without going into the details. The impact of the pandemic on economic growth was sharp, with sudden and deep decline, followed by complete and swift recovery. Both the supply and the demand side contributed to this dynamic, based on the same factors (morbidity and mortality, behavioural adjustments of individuals, and government pandemic control measures), although with quite distinctive mechanisms of impact. It was the uncertainty of both the supply-and demand-side economic agents that was decisive for the sudden drop in the level of economic activity. Macroeconomic policies, both monetary (quantitative easing) and fiscal (budgetary deficits) proved timely and prevented a global depression. In the aftermath, the side effects of these policies are substantial inflation, increased basic interest rates to counter that inflation, increased sovereign debt, and its threatened sustainability.https://scindeks-clanci.ceon.rs/data/pdf/0003-2565/2022/0003-25652204977B.pdfcovid-19 pandemiceconomic growthgovernment control measuresmacroeconomic policiesinflation |
| spellingShingle | Begović Boris The global economic effects of the COVID-19 pandemic: A bird's-eye view Anali Pravnog Fakulteta u Beogradu covid-19 pandemic economic growth government control measures macroeconomic policies inflation |
| title | The global economic effects of the COVID-19 pandemic: A bird's-eye view |
| title_full | The global economic effects of the COVID-19 pandemic: A bird's-eye view |
| title_fullStr | The global economic effects of the COVID-19 pandemic: A bird's-eye view |
| title_full_unstemmed | The global economic effects of the COVID-19 pandemic: A bird's-eye view |
| title_short | The global economic effects of the COVID-19 pandemic: A bird's-eye view |
| title_sort | global economic effects of the covid 19 pandemic a bird s eye view |
| topic | covid-19 pandemic economic growth government control measures macroeconomic policies inflation |
| url | https://scindeks-clanci.ceon.rs/data/pdf/0003-2565/2022/0003-25652204977B.pdf |
| work_keys_str_mv | AT begovicboris theglobaleconomiceffectsofthecovid19pandemicabirdseyeview AT begovicboris globaleconomiceffectsofthecovid19pandemicabirdseyeview |