Economic Problems of Quarantine Infections

Predictably, the fall in world gross domestic product (GDP) will be at least 4.2% due to restrictive measures in connection with the COVID-19 spread. The global economic crisis has not yet been overcome, and if the second pandemic wave occurs, its consequences can be even more disastrous. As a resul...

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Bibliographic Details
Published in:Journal of advanced research in law and economics 2020, Vol.XI (50), p.1269-1277
Main Authors: Osadchuk, Alexey M, Trushin, Maxim V, Osadchuk, Mikhail A, Barabanova, Elena A
Format: Article
Language:English
Subjects:
Civil Society
Economy
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Summary:Predictably, the fall in world gross domestic product (GDP) will be at least 4.2% due to restrictive measures in connection with the COVID-19 spread. The global economic crisis has not yet been overcome, and if the second pandemic wave occurs, its consequences can be even more disastrous. As a result of the COVID-19 pandemic, all countries will suffer, though the GDP reduction will be different, depending on the individual states’ previous economic situation. It seems important to compare different countries` economic losses depending on their economic model. Germany will be considered as a country with a developed economy, Russia and China – as transition economy countries and India – as a developing one. The results of studying such pandemics impact on various countries’ economies can be used in choosing the optimal answer to possible pandemics in the future.
ISSN:2068-696X
2068-696X