Analysis of the effect of coronavirus (covid-19) on the development of the world economic system

  • N.M. Makhmudov Doctor of Economics, Professor, Department of Macroeconomics, Tashkent State University of Economics.
  • Alimova Guzal Alisherovna Doctor of Philosophy (PhD) in economic sciences, teacher of the Military Technical Institute of the National Guard of the Republic of Uzbekistan
  • A.A. Kazakov lieutenant colonel of the customs service, lecturer of the Customs Institute of the State Customs Committee of Uzbekistan
Keywords: COVID -19, coronavirus, stock markets, sectoral structure, economy, world production, support package, economic reforms, economic sectors

Abstract

The article provides a comprehensive analysis of the impact of the coronavirus COVID-19 on the global economic system. In particular, the authors analyze the onset of a pandemic and the characteristics of the new coronavirus. The conclusions about the unpreparedness of the world community for global threats caused by the outbreak of the disease are supported by the World Bank's arguments about the unpreparedness of countries for catastrophic epidemics. The authors combined the main threats identified by the World Bank into a single system. COVID-19 has had a significant impact on global stock markets. With the increase in the number of people infected with coronavirus, the tension among investors also grew. By the end of February this year, a crash occurred in the US stock markets, the authors attribute it to an underestimation of the spread of the virus, and as a result, this led to the breakdown of many trading chains and the lack of certainty and stability. The article also analyzes the impact of coronavirus on the economy of key countries of the world. It also examined the economic mechanisms used by these countries to mitigate the effects of COVID-19 and support the economy. In conclusion, key conclusions were drawn about the impact and consequences of COVID-19 on national economies and the global system.

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Published
2020-11-26
How to Cite
[1]
N.M. Makhmudov, Alimova Guzal Alisherovna and A.A. Kazakov 2020. Analysis of the effect of coronavirus (covid-19) on the development of the world economic system. International Journal on Integrated Education. 3, 11 (Nov. 2020), 143-156. DOI:https://doi.org/10.17605/ijie.v3i11.865.
Section
Articles