PREDICTIONS OF THE SOCIAL AND ECONOMIC IMPACT OF GLOBAL TRENDS

Lucian Ivan (), Irena (ARADAVOAICEI) Apolzan and Cosmin Sandu Badele
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Lucian Ivan: The Academy of Economic Studies of Bucharest, Romania
Irena (ARADAVOAICEI) Apolzan: The Academy of Economic Studies of Bucharest, Romania
Cosmin Sandu Badele: "Valahia" University of Targoviste, Romania

Contemporary Economy Journal, 2023, vol. 8, issue 1, 145-152

Abstract: The geopolitical situation is characterized by the multiplication and overlapping of major crises that also impact on the economic and social level. The effects of the military conflict provoked by the Russian Federation in Ukraine and its impact on the economy of EU Member States, including Romania, are explained in detail in this paper. At the same time, the paper aims to explain how this "storm of crises" may affect European societies in social terms, namely the risk of triggering protest demonstrations, including violent ones, amid the population's dissatisfaction with rising inflation and falling purchasing power. The paper also aims to explain how the current poles of power are influencing the world economy and what possible structural changes may occur, with an impact on the European economy, including to Romania. A relevant development can be observed at the social level, where there is a risk of the rise to power of far-right ideological formations that will exploit the discontent in Western societies. In this context, pro-active measures are needed to avoid a potential deep economic crisis, while raising the standard of living of the population in European countries.

Keywords: economy; major crises; protests; resource scarcity; energy resources (search for similar items in EconPapers)
JEL-codes: H12 H68 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:brc:brccej:v:8:y:2023:i:1:p:145-152

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