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ASSESSMENTS ONTHE EFFECTS OF THE CORONAVIRUS PANDEMIC ON THE ROMANIAN ECONOMY

Tiberiu Avramescu ()

Annals - Economy Series, 2020, vol. 3, 57-64

Abstract: In a few weeks, the SARS-COV-2 pandemic has profoundly affected people's lives and economic activity all over the world. The virus has been a major challenge to the public health in all countries. The governments have taken drastic measures to protect their citizens, such as those aimed at disrupting activity in some sectors of the economy. It is difficult to estimate the economic effects generated by this virus on the Romanian economy, but forecasts show that SARS-COV-2 will have a much more destructive impact on our country's economy than any other virus that has manifested itself in modern times. We analyze the main possible consequences of the pandemic in Romania, using the forecasts of the International Monetary Fund and the European Commission. A severe recession is expected in 2020, especially in the second quarter, possibly also in the third quarter. Since 2019, Romania had certain vulnerabilities caused by the high budget deficit and the negative balance of the current account balance. Therefore the coronavirus crisis brings additional challenges.

Keywords: coronavirus; pandemic; economic impact; depressions; macroeconomics (search for similar items in EconPapers)
Date: 2020
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