 INFLUENCE OF THE ECONOMIC CRISE PROVIDED BY COVID-19 ON THE LEVEL OF THE DEFENCE INDUSTRYLucian Ivan ()
Contemporary Economy Journal, 2020, vol. 5, issue 2, 36-43 Abstract: Analysis of data on arms exports worldwide reveals relative stability in the international arms market that increased in 2019 compared to 2018, by about 4%, with growth in the United States of 6.6%, equal to that of China. This trend in the United States of America may diminish considerably in the coming period, given the limitation of the increase in the defence budget from fiscal year 2021, and in the case of China, the sars-CoV-2 coronavirus crisis will have effects including in the defence industry. Recent developments resulting from the economic crisis caused by the medical emergency caused by the COVID-19 pandemic, induced by the worldwide spread of the SARS-CoV-2 coronavirus, will also have effects in the defence industry, mainly on the the basis of the contracting of gross domestic product at state level. To overcome this crisis situation in the defence industry, innovative measures are needed to enable the development of state-of-the-art military products adapted to the market requirements and defence needs of resource-enabled States financial support, while accelerating the work of the applied Research and Development sector that will enable such products to be produced. Keywords: crisis; coronavirus; military products; innovation; exports (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:brc:brccej:v:5:y:2020:i:2:p:36-43 Access Statistics for this article More articles in Contemporary Economy Journal from Constantin Brancoveanu University |
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