PANDEMIC SHOCKS AND INTERNATIONAL ECONOMIC RISKS

Abstract

World economic recession has a complex origin and implications. COVID-19 pandemic in 2020 has caused multiple shocks for economies and deep contractions worldwide at the extent larger then global crisis of 2008.Governments directed lockdowns as virus spread prevention measures in order to drop down virus cases, but this have freeze a large part of business mostly small and medium. Lockdown was termination in summer 2020 and that restored a part of business, but economic risks remain. Second wave of pandemic in fall have enforced new lockdowns. This requires a study of shocks as the pandemic transmission channels on the economies and international risks.