GLOBAL TRENDS IN ECONOMIC DEVELOPMENT IN THE POST-PANDEMIC PERIOD
GLOBAL TRENDS IN ECONOMIC DEVELOPMENT IN THE POST-PANDEMIC PERIOD

Author(s): Lyudmila Prigoda, Zoran Čekerevac
Subject(s): Economy, National Economy, Supranational / Global Economy, Socio-Economic Research
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: COVID-19 pandemic; economic development; economic security; globalization; global value chains; fragmentation of the economy
Summary/Abstract: In the spring of 2020, modern societies were not ready for a drastic change in their usual way of life. The COVID-19 pandemic has made changes not only in people’s lives but also in the economic, social, and political life of all states. The global economy was stopped for the first time in history to save human lives. The pandemic has recorded a worldwide value-worldview shift in the consciousness of elites and societies, and a new consensus has been recorded around the world on the need for a state as such at the basic level. The general opinion has developed in such a way that the role of the state in countering natural disasters of such a scale as a pandemic has become indisputable. The coronavirus pandemic is ending in 2023 and soon will be history, unlike its consequences, which the entire world community will have to deal with. That is not just a matter of falling GDP. Coronavirus consequences promise to be noticeable in the fundamental institutions of society. Big changes can appear in such concepts as the state, international relations, state budget, state border, and even the truth. The COVID-19 pandemic triggered geopolitical confrontations, vaccine wars, and actions of international institutions, again raising the question of the need for a globalization policy. The article attempts to comprehend the COVID-19 pandemic consequences in terms of the economic component and from the point of view of projecting them onto social processes in society.

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