Predicting the outcome of the crisis triggered by the COVID-19 pandemic in 2020 by comparing it to the economic and financial crisis of 2007-2009

Fazekas Kinga (2021) Predicting the outcome of the crisis triggered by the COVID-19 pandemic in 2020 by comparing it to the economic and financial crisis of 2007-2009. Pénzügyi és Számviteli Kar.

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Absztrakt (kivonat)

The financial system has always been fragile, but there are times when due to some internal or external influences, it is particularly brittle. In times of uncertainty, when a virus caused a hard time not only for health care but the entire economy, it is important to think about the consequences and prepare for the possible negative effects. Because the COVID-19 pandemic is still not over yet, it might be too early to discuss the economic impact of the virus. However, it does not need more time to see that this crisis has already caused some lasting damage to the world economy, even if it’s far from its actual end. Some striking consequences can already be observed. This study examines the economic crisis caused by the COVID-19 pandemic in 2020. It compares the current situation with a similarly drastic crisis, the global economic and financial crisis in 2007-2009. It was also the greatest recession people have ever seen at that time, so it is an appropriate benchmark. Some elements show similarities, which could be a good starting point, but it’s better to take a closer look at the two crises. The aim of this study is to draw a parallel between the characteristics of the two situations and determine whether what happened between 2007 and 2009 can serve as a basis for predicting the end of the COVID-19 crisis. Based on descriptive, secondary research, it examines the crises. To see whether the two crises are really similar to each other, it examines how they emerged and spread across the whole world, affecting people and the economy. Then it compares them based on basic features. It divides them into similarities (epicenters, level of uncertainty, collapse of the stock market, crisis management) and differences (causes, unemployment, supply and demand approach, stages, speed and shape, multilateralism). It also seeks to answer the question about what changes can be expected in the future due to the damage left behind because of the pandemic. It answers the question of what long-term changes the population must face and what they need to do in order to adapt to the new situation, because the pandemic is likely to be lasting. Certain attitude changes need to be done in that case. People needs to be prepared that the virus might stay with us forever and it will be reflected in the structure of employment as well. People working in the affected sectors should be most prepared. Economic actors also must be ready to adapt their businesses to the pandemic situation. Afterall, it all depends on how the virus situation develops in the future. In any case, great progress can be made with the adoption of change.

Intézmény

Budapesti Gazdasági Egyetem

Kar

Pénzügyi és Számviteli Kar

Tanszék

Pénzügy Tanszék

Tudományterület/tudományág

NEM RÉSZLETEZETT

Szak

Pénzügy és Számvitel

Mű típusa:	diplomadolgozat (NEM RÉSZLETEZETT)
Kulcsszavak:	COVID-19 pandemic, economic crisis, financial crisis, multilateralism, risk and uncertainty, stock market collapse, unemployment trends
SWORD Depositor:	Archive User
Felhasználói azonosító szám (ID):	Archive User
Rekord készítés dátuma:	2022. Már. 11. 11:57
Utolsó módosítás:	2022. Már. 11. 11:57

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