scholarly journals The Crucial Factors and Prospects for the Recovery of the World Economy in the Global COVID-19 Recession

2020 ◽  
Vol 12 (515) ◽  
pp. 39-46
Author(s):  
N. G. Kalyuzhna ◽  
◽  
T. K. Kovtun ◽  
Keyword(s):  
Foreign Trade ◽  
Global Economy ◽  
World Economy ◽  
Recovery Period ◽  
Economic Recession ◽  
Negative Consequences ◽  
Global Recession ◽  
The World ◽  
Foreign Trade Turnover

The article focuses on identifying and systematizing the hallmarks of the COVID-19 recession as unprecedented in terms of the both spread and impact on the global economy in the phase of business activity downturn. The dynamics of the main indicators of economic growth are researched and it is substantiated that the negative linear forecast trends allow forecasting the long-term recovery period after the current global recession. It is shown that the global recession of 2020 negatively affects the prospects for the recovery of major national economies of the world, given the high probability of the introduction of repeated quarantine restrictions. Based on the analysis of the dynamics of the index of global economic uncertainty, the world economy is confirmed to be in the most uncertain state during the period of observations. According to the analysis of the values of the barometer of world trade in goods in 2020, negative changes in the structure and dynamics of foreign trade turnover and doubt for the rapid recovery of global supply chains were evidenced. Based on the generalization of the results of the study, key distinctive signs of the COVID-19 economic recession have been systematized justifying that, in addition to any recession inherent in the loss of growth rate of world production, the current economic crisis is accompanied by a drop reaching the critical deadlines of a number of indicators of the intensity of global development, which confirms its unprecedented spread and impact on the world economy. It is substantiated that the confirmation of the determined trends allows to predict the long-term negative consequences of the modern global recession, which leads to the need to substantiate the directions of recovery of the world economy and foreign trade cooperation of the countries under crisis conditions.

CORONAVIRUS IMPACT ON THE GLOBAL ECONOMY

2020 ◽  
Vol 10 (10) ◽  
pp. 2491-2498
Author(s):  
L.V. Abdrakhmanova ◽  
◽  
E.S. Shchigortsova ◽  
Keyword(s):  
Economic Activity ◽  
Global Economy ◽  
World Economy ◽  
Raw Materials ◽  
Global Scale ◽  
Retail Trade ◽  
Negative Consequences ◽  
Road Transportation ◽  
The World ◽  
Coronavirus Infection

The article analyzes the consequences of the spread of coronavirus infection on the world economy. The high degree of infection and the rapid spread of COVID-19 caused the quarantine of certain cities and regions of the world, and since March 2020, the borders between the countries have been completely closed. This situation, naturally, could not but affect the global economic activity. The crisis caused by the pandemic has led to the fact that the leaders of the countries were forced to first of all pay attention to health problems and seriously reduce funding in other sectors of the economy. The forced self-isolation regime of the population affected all spheres of life, without exception, large and medium, and, especially, small business suffered. The sectors of the economy most affected by the coronavirus pandemic include: air and road transportation, the leisure and entertainment industry, fitness and sports, tourism, hospitality, catering, the education system, the organization of conferences and exhibitions, the provision of personal services to the population, dentistry, retail trade in non-food products, the media and the production of printed materials, etc. Statistical data on the number of cases of new coronavirus infection by country (as well as those who recovered and died from it) are today not so much of a medical nature as evidence of a deepening global economic crisis. The decline in production volumes on a global scale entails a reduction in the global consumption of most types of industrial raw materials and energy carriers. According to analysts’ forecasts, the possibility of a quick return to the previous economic activity is not foreseen, negative processes may continue for the next several years. The COVID-19 pandemic is a serious test of the readiness of the world economy to effectively resolve global problems, overcome the negative consequences of the spread of the virus and focus on those positive opportunities, the development of which can lead to economic growth in the long term. One of these promising areas of economic development is the further digitalization of society, the development of new digital technologies.

‘Hidden’ GDP losses assuage world recession fears

2019 ◽  
Keyword(s):  
Global Economy ◽  
World Economy ◽  
The United States ◽  
Sharp Decline ◽  
Content Type ◽  
Global Recession ◽  
Real Gdp ◽  
The World ◽  
Global Events ◽  
Negative Factors

Subject Imminent recession fears may be misplaced. Significance The worrisome factors putting the world economy at risk do not make recession inevitable by 2020-21. Sentiment is being buffeted and heavily depressed by febrile global governance and trade, as well as unusual economic tensions and volatility. However, a true global recession requires a synchronised shock to the world economy to affect most of the key economies and sectors. Whatever cyclical analysis suggests, especially for the United States, such large global events have no fixed timetable. Impacts Each part of the global economy moves at its own varying pace, so it will take a severe and as yet unseen provocation to drive recession. A relatively unusual convergence of negative factors across key regions and sectors would be needed to generate a 2008-style crash. A sharp decline in world trade could trigger such a crash, but this might have little visible impact on official measures of real GDP.

scholarly journals Foreign trade of Russia: trends at the stage of the general crisis (2020)

2021 ◽  
pp. 11-19
Author(s):  
I.S. Gladkov ◽  
Keyword(s):  
Foreign Trade ◽  
World Economy ◽  
Trade Relations ◽  
Energy Group ◽  
Russian Scientific ◽  
The World ◽  
Trade Turnover ◽  
World Economic ◽  
Foreign Trade Turnover ◽  
First Time

The author examines new trends in the dynamics of foreign trade relations of Russia during the pandemic of 2020, which played a kind of «black swan» in relation to the world economic evolution: the processes of turbulence, which increased in the previous period of development of the world economy and modern international trade, continued in the mechanisms of deployment of a global crisis in 2020 in the context of the introduction of a full lockdown in many countries; this was reflected in the downward trend in prices for fuel and energy group goods, which are very important for domestic exports. The article shows the shifts in Russia’s foreign trade turnover provoked by the crisis. The study used the methodology of comparative and statistical analysis based on the latest statistical materials, as well as a number of official calculations, introduced into the Russian scientific turnover for the first time.

scholarly journals Evaluation of the Current Foreign Trade Relations between Slovakia and Ukraine Affected by the Global Changes in the World Economy

2016 ◽  
Vol 9 (34) ◽  
pp. 143-153
Author(s):  
Elena Kašťáková ◽  
Dáša Bebiaková
Keyword(s):  
Foreign Trade ◽  
Global Economy ◽  
World Economy ◽  
Swot Analysis ◽  
Slovak Republic ◽  
Conflict Situation ◽  
Global Changes ◽  
Trade Relations ◽  
The World ◽  
The Given

Abstract The article focuses on the issues of the perspectives of foreign trade relations between Slovakia and Ukraine affected by the current changes of EU trade policy towards Ukraine and other global changes underway in the global economy, which are very demanding in terms of the ongoing conflict situation in eastern Ukraine. The authors examine the development of foreign trade relations between the Slovak Republic and Ukraine, and based on the globalization processes taking place in Ukraine and analysing the foreign trade, the SWOT analysis of prospects for foreign trade relations of Slovakia and Ukraine influenced by the given facts will be performed.

scholarly journals State regulation of Ukraine's foreign trade in a global pandemic

2020 ◽  
Vol 23 (9) ◽  
pp. 86-97
Author(s):  
Olena Honcharenko ◽  
Olha Diachenko ◽  
Nataliia Bykova-Fedorchuk
Keyword(s):  
Foreign Trade ◽  
Trade Policy ◽  
World Economy ◽  
Economic Incentives ◽  
State Regulation ◽  
Negative Consequences ◽  
Negative Effects ◽  
Trade Restrictions ◽  
The World ◽  
The Government

The COVID-19 pandemic has caused problems in all sectors of the world economy. There is no doubt that the pandemic will have far-reaching negative consequences for the world economy, including Ukraine. It is established that in January-September 2020, exports of Ukrainian goods decreased by almost 6%, imports – by 19%. Exports maintained large harvests of grain and oilseeds. Monitoring of changes in trade policy in the context of the spread of COVID-19 allowed to identify groups of countries that have introduced restrictive measures in trade policy: in 24 countries no export-import restrictions were introduced, in 19 countries indirect measures were implemented to protect the economy. To offset the negative effects on business, governments are developing aid packages to support it. These are mainly the following instruments: loans at reduced rates, the grace period for the payment of tax liabilities, cash grants. It was established that only some developing countries impose temporary foreign trade restrictions to avoid shortages in the domestic market. Most countries use other economic incentives to mitigate the effects of a pandemic. Ukraine is implementing economic measures and temporary trade restrictions to counter the pandemic. In particular, the Government of Ukraine introduced temporary restrictions on exports with the establishment of a zero quota for alcohol, buckwheat and anti-epidemic goods. The alcohol export ban not only did not worsen the situation on Ukraine's foreign markets, but also marked almost triple their extension. The embargo on buckwheat and grain exports from Ukraine has tripled imports. Despite the embargo on exports of anti-epidemic goods, trade did not stop, but even increased significantly for some commodity subheadings. The results of the study allowed to identify measures to mitigate the effects of the pandemic in trade and economic cooperation of Ukraine on the international arena.

scholarly journals Current transformation trends in the economy in response to transnationalization

2017 ◽  
pp. 88-95
Author(s):  
Kateryna Zhylenko
Keyword(s):  
Rapid Growth ◽  
Global Economy ◽  
World Economy ◽  
Structural Changes ◽  
Global Strategy ◽  
Foreign Direct Investments ◽  
Negative Consequences ◽  
Economic Relations ◽  
Goods And Services ◽  
The World

The article considers current trends of transnationalization in the light of globalization of the world economy. The sources and channels of foreign direct investments are analyzed. It is pointed out, that the degree of TNC penetration into other countries’ economies is described by a means of ranking companies called transnationality index. The key factors of the rapid growth of TNCs and their turning into one of the most important actors of the current market economy are identified. There seems to be a tendency to a greater consolidation of TNCs, which is evidenced by a growing number of mergers and acquisitions of economic entities. It is noted that an increase in foreign direct investments over the last decades has been related to a rapid growth of international corporations that make investments, have branches and subsidiaries in many countries of the world. It is stressed that a further study of transnationalization should be carried out to understand both positive and negative consequences of structural changes in the global economy. A particular attention should be paid to changes in ways and systems of interaction between strategically significant sectors of the economy. A primary purpose of the paper is to consider the current role of TNCs, and to assess the degree of TNCs’ impact on the dynamics of changes in the world economy and international economic relations in the context of transnationalization. The growth of TNCs, which is currently observed, has given a new impetus to integration processes in the world economy. Definitely, it is due to the fact that overseas branches seek to be an integral part of economies of host countries and become incorporated into domestic markets of other countries. Modern TNCs are a combination of national enterprises and foreign affiliates, that form a coherent global system, in which separate branches located in various countries, operate within a framework of unified global strategy. Another feature of TNCs is their severe competition not only in the world markets of goods and services, but also on capital, labour, technology, and information markets.

scholarly journals The Role of the Foreign Trade in the Development of Contemporary Supernational Structures in the Age of Globalization 4.0

2021 ◽  
Vol 31 (2) ◽  
pp. 186-196
Author(s):  
Maria Balashova ◽  
Irina Tsvigun
Keyword(s):  
Foreign Trade ◽  
International Organizations ◽  
Information Technologies ◽  
Negative Consequences ◽  
Basic Principles ◽  
The World ◽  
Complex Forms

In the age of globalization 4.0, the problem of insufficient preparation of supranational structures for leveling the negative consequences of the integration of information technologies into all spheres of human activity is becoming more acute, which puts on the agenda the question of the real effectiveness of their activities. There is no alternative to establishing and deepening the information type of society in both the medium and long term. International organizations and companies, as well as integration associations, should take into account the relevant changes taking place in the world economy in the organization of their activities. The purpose of the study is to identify the role of foreign trade in the development of modern supranational structures and to identify among them those which can really cope with the challenges of globalization 4.0. The research methodology was based on the basic principles of synthesis and analysis of data on 35 countries of the world from different continents and with different levels of economic development, which either have maintained stable positions in the level and quality of life of the population over the past decades, or those that have managed to make the transition from a country with a developing economy to a developed one. The authors tried to identify the influence of the foreign trade activities of the member states of supranational structures on the success of their development. The result of the study was the identification of stronger positions of international companies and integration associations that have achieved complex forms of cooperation over international organizations. It is shown that the main way to achieve the appropriate leadership is the activity of their member countries in foreign trade processes in general, and most importantly — in the export of information technologies, in particular. The latter gives the relevant supranational structures unique unlimited benefits, and their participants the opportunity to preserve their so­vereignty and guarantee national security.

FEATURES OF THE DEVELOPMENT OF RUSSIAN-CHINESE RELATIONS IN THE CONDITIONS OF THE COVID-19 PANDEMIC

2021 ◽  
pp. 48-53
Author(s):  
В.С. Ковальчук ◽  
А.Д. Петров
Keyword(s):  
Foreign Trade ◽  
Global Economy ◽  
Current Situation ◽  
Main Task ◽  
Economic Relations ◽  
Tourist Destinations ◽  
Energy Science ◽  
The World ◽  
Trade Turnover ◽  
Foreign Trade Turnover

В статье затрагивается одна из самых обсуждаемых в настоящее время тем – мировая экономика в условиях COVID-19. В частности, рассматриваются особенности развития российско-китайских отношений в период пандемии. В 2020 году страны всего мира столкнулись с множеством сложностей, связанных с проблемами в логистике, функционированием производств, обеспечением доступности различных туристических направлений и др. Именно поэтому в современных условиях развитие сотрудничества и сохранение дружеских отношений между государствами является главной задачей. Проведен анализ показателей внешнеторгового оборота России и Китая, текущей ситуации в таких важных сферах взаимодействия, как энергетика, наука и техника, туризм, рассматриваются предпринимаемые государством пути преодоления трудностей, представлены результаты торгово-экономических отношений под влиянием пандемии. Авторы рассматривают основные тенденции развития, поддержания и стабилизации отношений в период пандемии между Россией и Китаем. This paper touches on one of the most discussed topics at the present time the global economy in the context of COVID-19. In particular, the features of the development of Russian-Chinese relations during a pandemic are considered. In 2020, countries around the world are faced with many difficulties associated with problems in logistics, the functioning of production facilities, ensuring the availability of various tourist destinations, and much more. That is why the development of cooperation and the preservation of friendly relations between states is the main task in modern conditions. The paper analyzes the indicators of the foreign trade turnover of Russia and China and presents the results of trade and economic relations under the influence of the pandemic. The paper also provides an analysis of the current situation in such important areas of interaction as energy, science and technology, tourism, and examines the ways of overcoming difficulties undertaken by the state. The authors consider the main trends in the development, maintenance and stabilization of relations during a pandemic between Russia and China.

scholarly journals Redefining Periphery: Offshore Finance, Peripheral States and the World Economy

2012 ◽  
pp. 50
Author(s):  
Dimitris Katsikas
Keyword(s):  
Capital Mobility ◽  
Global Economy ◽  
World Economy ◽  
Small States ◽  
Negative Consequences ◽  
Global State ◽  
Tax Havens ◽  
The Core ◽  
The World ◽  
The One

This article seeks to examine the changing dynamics between the periphery and the core of the world economy. Small, peripheral states have assumed an increasingly important role in recent decades by offering fi nancial services to an increasing and geographically expanding range of corporate entities and wealthy individuals. These Offshore Financial Centres (OFCs) or tax havens, offer a service, which often has negative consequences for non-OFC countries at the core of the global economy. Despite pressure from the latter, these small states at the periphery of the global state system are able to continue their operation unabated. This is possible because in a world of growing technological nterconnectedness and capital mobility these states are able to employ the one resource they possess that has no limits: their legal sovereignty, that is, their right to write and enact law. By effectively commercializing their sovereignty small states are able to offer “juridical relocation”, a valuable service to wealthy individuals and companies around the world, which in turn employ them as a core piece in their intricate global wealth managing networks.

scholarly journals Eight New Challenges Faced by Global Economy

2021 ◽  
Author(s):  
Zhang Yuyan
Keyword(s):  
Global Economy ◽  
Commodity Prices ◽  
Economic Recession ◽  
Regional Governance ◽  
Inflation Expectations ◽  
Negative Effects ◽  
Monetary Policies ◽  
The World ◽  
Second World

Due to COVID-19, the world has experienced the most severe economic recession since the Second World War. Some "unconventional" monetary policies have been enforced in order to stimulate the economy, and their effectiveness is positively regarded by the IMF. However, this paper identifies two negative effects of these measures. Firstly, they exacerbate policy instability; secondly, they will be detrimental to the fundamentals of monetary policies in the long term. In addition, the world economy is also confronted with many challenges, including global inflation expectations, the trends of dollar as a currency, restructuring of global supply chain, volatility of asset prices and commodity prices, and global and regional governance.

Sign in / Sign up

Export Citation Format

Share Document