Comparing the Economic and Financial Crisis of 2008-2009 with the crisis triggered by the Coronavirus in 2020 in Hungary

Velky Mirtill (2020) Comparing the Economic and Financial Crisis of 2008-2009 with the crisis triggered by the Coronavirus in 2020 in Hungary. Pénzügyi és Számviteli Kar.

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Absztrakt (kivonat)

This study compares the economic and financial crisis of 2008-2009 and the crisis triggered by the coronavirus in 2020 in Hungary. Both crises have a lot in common and the governments around the world could learn a lot from the previous one to battle the economic downturn during the 2020 crisis. Scientific articles were used separately about the financial crisis’ and the COVID-19 crisis’ impact on the Hungarian economy. Data analyzing shows the similarities and the diversities, how the government answered for each crisis. The main differentiating factor is, that in 2009 money could solve all the problems. In 2020, money is an important factor for the recovery, but it’s not the only solution as money doesn’t stop the virus from spreading. Some jobs and industries could be shut down, while other very essential ones had to stay open. In 2009 pumping cash and cutting taxes was an easy solution, in 2020 Sars-Cov 2 even has a chance to spread further by being attached to cash. As a result of this, digital currency has been more important than ever before. Comparably, both crises caused the loss of many things for many people. Jobs, cars, housing, health and even life in the worst case. The “Great Recession” was not without casualties either, but those were smaller in sheer numbers, compared to now, and mainly self-induced.  Differences and similarities aside, this recession is far from over, and we can just hope that with the introduction of vaccines we can soon return to normality and get jobs flowing again. While the USA had already seen a help in the form of 2 stimulus checks, it's by far not enough, and the EU has only started working on such solutions now. Of course, the real differentiating factor is, that while the previous recession was a “pure” recession, it was just a recession, this one we are currently going through is accompanied by a deadly virus.  Without a doubt, both events are terrible, outright terrifying and yet natural states of an economy. No economic cycle can only consist of economic growth. There will always be something to trigger a recession. The 2020 one has been predicted for two years, but it took a virus and multiple shutdowns of every economy in the world to actually get it rolling. How long could we have continued on this upward trajectory if we were not hit by a virus? No one can really tell. This study tries to pinpoint the different parts that happened in each recession, what we as a collective did well in 2009, what we did wrong, and on what path we are currently on. The aim is, to see if there is something we can improve on, or at least correct what we have already done wrong. Now, of course this is a completely new situation. Most office work can continue from home, we don’t need to be in the same place to fill out some data sheets, and thus some businesses thrived, others thrived even better. Amazon, Netflix, Spotify, Zoom, Microsoft and other technological companies gained a lot of revenue, as all of a sudden people were only at home and couldn’t go out to the cinema, so they streamed their movies instead. Even though we have it worse right now, because of the virus, we are also in a better position, as some people could keep their jobs, who couldn’t keep them if this happened in 2009. Some people are happier and more productive working from home, others prefer being in the same building. Schools can be taught online; services can be offered without having to leave the house. Is this the future of companies? More and more technology-based industries? This could be a turning point for a lot of people, for a lot of governments and for a lot of companies. Companies could downsize while having the same number of employees, they would have to pay less rent. Less costs equal more revenue. Even if the 2009 recession prepared us for the economic events in this recession, it definitely could not prepare us for the consequences and side effects of the virus. It has caused a monumental shift in mindsets about everything. But this recession teaches us about not only the economic events, but also how to handle the next virus that comes our way.

Intézmény

Budapesti Gazdasági Egyetem

Kar

Pénzügyi és Számviteli Kar

Tanszék

Pénzügy Tanszék

Tudományterület/tudományág

NEM RÉSZLETEZETT

Szak

Pénzügy és Számvitel

Konzulens(ek)

Mű típusa:	diplomadolgozat (NEM RÉSZLETEZETT)
Kulcsszavak:	analysis, Comparison, Coronavirus crisis, COVID-19, economy, figures, financial crisis, tables
SWORD Depositor:	Archive User
Felhasználói azonosító szám (ID):	Archive User
Rekord készítés dátuma:	2021. Már. 16. 13:14
Utolsó módosítás:	2021. Már. 16. 13:14

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