View Vol. 19 No. 6 (2020):  The 2nd virtual international conf on World economy crisis

The Corona pandemic has caused great economic damage that exceeds the health effects of the virus, as the global economy has been greatly affected by this pandemic. Given the complexity of the crisis and the uncertainty about the spread of the virus, and the policies that countries will take regarding the implications of this pandemic. The governments of these countries have taken urgent measures to reduce the risks of the spread of the pandemic, through a package of measures, represented in the partial and comprehensive closure of the borders as well as the productive and service economic sectors, which led to the decline in consumption, investment and production and the loss of millions of workers to their jobs, and as a result and as precautionary measures with a view to Stimulating economic activity and saving their economies from collapse. The various governments of the world countries have taken the initiative to develop contingency plans to manage the crisis, by providing financial assistance to companies and people to maintain the guarantee and stability of their economies ’growth. The International Monetary Fund believes that global GDP will shrink this year compared to pre-epidemic forecasts, and this contraction may continue until 2021, marking the deepest decline since the Great Depression. In light of these conditions, decision-makers must put in place unconventional measures to deal with this crisis. Such as looking at interest rates, quantitative easing and credit easing (buying private assets) to support banks and money market funds, and more facilities to encourage banks to lend to small and medium enterprises to maintain local economies and public employment.

Published: 2020-12-31