Economic Aspects of COVID-19 Medical Crisis

Gabriel Căriman
Dumitru-Mihai Luca
JEL codes: 
H12 - Crisis Management, L39 - Other, L98 - Government Policy.
The present analysis focuses on the context of the SARS-CoV-2 pandemic, a context in which the state governments of the world have adopted measures trying to limit the spread of the virus, with the risk of affecting the economy in the long run. The oil industry has faced declining oil prices, which has had consequences for other industries, such as tourism, HoReCa and transportation. The pandemic with the COVID-19 virus also had a devastating impact on air traffic, the number of flights decreasing considerably due to the traffic restrictions that were imposed. Last but not least, tourism is another sector affected by the pandemic, due to the lack of tourists, thus causing effects on other economic sectors. Some of the effects of the measures adopted in the context of the pandemic have already occurred, and others are about to occur, being of impact and duration. The article underlines the impact of the January-June 2020 pandemic on the oil industry, air traffic and tourism and provides an overview of the challenges which governments need to address together with economic operators in order to regain public confidence to facilitate consumer decisions and for economic recovery.
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