GLOBAL PANDEMICS AS LESSONS FROM THE PAST AND CONTEMPORARY CHALLENGES FOR THE ECONOMY AND SOCIETY
DOI:
https://doi.org/10.56197/2786-5827/2024-3-4-7Keywords:
pandemics, COVID-19, socio-economic consequences, globalization, economic crisis, quarantine measures, GDP, consumer spending, economic policy, fiscal stimuli, international cooperation, sustainable development, tourismAbstract
Introduction. The study addresses the profound socio-economic impacts of global pandemics, with a focus on COVID-19. Highlighting the lessons from historical pandemics, the research emphasizes their role in shaping economic, social, and policy frameworks. The relevance of the topic is rooted in understanding the vulnerabilities of a globalized world and developing strategies for mitigating future crises.
Materials and Methods. The research employs statistical analysis, comparative approaches, and systemic evaluation of key economic indicators such as GDP, employment, and consumer spending. Historical pandemics, including the Spanish flu and COVID-19, serve as case studies. Data were drawn from diverse sources, including national statistics, international organizations, and peer-reviewed literature.
Results and Discussion. The findings reveal significant disruptions in economic activity, reduced consumer spending, and increased unemployment across different sectors. COVID-19 uniquely demonstrated rapid global transmission due to interconnected economies and extensive international travel. While fiscal and monetary interventions mitigated short-term economic damages, they exposed systemic inequalities and varying capacities for recovery. Comparative analysis highlights the more severe impact on service-dependent economies like Italy, where tourism – 13 % of GDP – suffered drastically, reducing revenues by over 60 %.
Conclusions. Pandemics are not only health crises but also catalysts for socioeconomic transformation. The study underscores the need for enhanced international coordination, robust healthcare infrastructure, and adaptive economic policies. Long-term strategies should focus on sustainable development and resilience to future global challenges. This structured analysis provides insights for policymakers, contributing to the discourse on pandemic preparedness and socio-economic recovery.
References
Jonas, O. B. (2013), Pandemic Risk. World Development Report 2014 on Risk and Opportunity: Managing Risks for Development, p. 40.
Huremović, D. (2019), Brief History of Pandemics (Pandemics Throughout History). Psychiatry of Pandemics: A Mental Health Response to Infection Outbreak. Springer International Publishing, Switzerland, pp. 7–35. URL: https://doi.org/10.1007/978-3-030-15346-5_2
Heymann E. German industry. Coronavirus crisis distracts from structural problems. Deutsche Bank Research, 2020. С. 1-8.
Brodeur, A., Gray, D., Islam, A. and Bhuiyan, S. J. (2020), “A Literature Review of the Economics of COVID-19”. IZA DP, No. 13411, 63 p. URL: https://doi.org/10.2139/ssrn.3636640
Boissay, F. and Rungcharoenkitkul, P. (2020), “Macroeconomic Effects of COVID-19: An Early Review”. BIS Bulletins, No. 7. Bank for International Settlements. URL: https://www.bis.org/publ/bisbull07.pdf
Jordà, O., Singh, S. R. and Taylor, A. M. (2020), “Longer-Run Economic Consequences of Pandemics. National Bureau of Economic Research”, Working Paper 26934, URL: https://doi.org/10.3386/w26934
Cho, G. L., Kim, M. and Kim, Y. K. (2021), “The Global Economic Impact of the COVID-19 Pandemic: The Second Wave and Policy Implications”, ERIA Discussion Paper Series, No. 404, URL: https://www.eria.org/uploads/media/discussion-papers/ERIA-Research-on-COVID-19/The-Global-Economic-Impact-of-the-COVID-19-Pandemic_The-Second-Wave-and-Policy-Implications.pdf
Manz, M. and Plöger, J. (2024), “Lockdown/Locked Out – Impact of the Pandemic on the Unequal Geography in German Cities”, Cities, Vol. 152, Article 105171. URL: https://doi.org/10.1016/j.cities.2024.105171
Firstová, J. and Vysochyna, A. (2024), “Optimisation of Socio-Economic, Environmental and Public Health Determinants of National Security for Post-Pandemic Recovery”, Health Economics and Management Review, Issue 1. URL: https://doi.org/10.61093/hem.2024.1-05
Fattore, M. and Rimoldi, S. M. L.(2023), “Effects of the COVID Pandemic on the Economic Vulnerability of Italian Society”, Hacienda Pública Española/Review of Public Economics, No. 247 (4), pp. 37–68. URL: https://doi.org/10.7866/HPE-RPE.23.4.2
Maneva, D. V. and Alekseievska, H. S.(2023), “Comparative Analysis of Switzerland and Japan Competitive Advantages”, Scientific Bulletin of the International Humanitarian University. Series: Economics and Management, No. 57, pp. 11–21.
Gonchar, O. and Alekseievska, H. (2022), “Singapore's Economic Development in the 21st Century”, Market Infrastructure, Vol. 62, pp. 8–16. URL: https://doi.org/10.32843/infrastruct66-2.
Venger В. and Romanovska Н. (2022), “Mechanisms and Directions of Financing Ukrainian Industry in the Post-War Period: The World Experience”, Scientific Bulletin of International Association of Scientists. Series: Economy, Management, Security, Technologies, 1(3). URL: https://doi.org/10.56197/2786-5827/2022-1-3-4
Nicola, M. (2020), “The Socio-Economic Implications of the Coronavirus Pandemic (COVID-19): A Review”, International Journal of Surgery, Vol. 78, pp. 185–193. URL: https://doi.org/10.1016/j.ijsu.2020.04.018.
Pirouz, B. (2020), “Investigating a Serious Challenge in the Sustainable Development Process: Analysis of Confirmed Cases of COVID-19 Through a Binary Classification Using Artificial Intelligence and Regression Analysis”, Sustainability, Vol. 12 (6), Article 2427. URL: https://doi.org/10.3390/su12062427.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Галина Алексеєвська, Олександр Чернов, Валерія Чернова
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
