THE ATYPICAL NATURE OF THE CRISIS CAUSED BY THE COVID-19 PANDEMIC: A DISCUSSION OF THE MAIN CHARACTERISTICS OF THE CRISIS AND THEIR IMPACT

Nestan Gvarishvili

E-mail: nestangvarishvili@gmail.com

PhD student of Batumi Shota Rustaveli State University

Batumi, Georgia

https://orcid.org/0000-0002-6845-9980

Abstract: This article examines the unique and atypical nature of the economic crisis caused by the Covid-19 pandemic. The study analyzes the main dimensions of the crisis, including economic projections, the decline in manufacturing activity and the significant impact on the service sector. It goes beyond economic aspects to examine the relationship between the pandemic and critical factors such as stock markets, sectoral recession, energy market shocks and social dynamics. Using statistical data and analysis of scientific sources, the study provides additional information about the pandemic's distinctive features and far-reaching effects on a global scale. The conclusions discuss the need to strengthen international cooperation, the role of digitalization in post-pandemic recovery, and policy interventions to maintain household incomes, business activity, and macroeconomic indicators. The study notes the long-term impact of the Covid-19 pandemic on the global economy and highlights the need for concerted efforts, technological adaptation and strategic policies even after the crisis is over.

Keywords: Covid-19 pandemic, crisis, global economy, economic forecasts 

JEL classification: O35; O44