ASSESSMENTS ON THE EFFECTS OF THE CORONAVIRUS PANDEMIC ON THE ROMANIAN ECONOMY

ASSESSMENTS ON THE EFFECTS OF THE CORONAVIRUS PANDEMIC ON THE ROMANIAN ECONOMY

Tiberiu Cristian Avrămescu

In a few weeks, the SARS-COV-2 pandemic has profoundly affected people's lives and economic activity allover the world. The virus has been a major challenge to the public health in all countries. The governments have takendrastic measures to protect their citizens, such as those aimed at disrupting activity in some sectors of the economy. Itis difficult to estimate the economic effects generated by this virus on the Romanian economy, but forecasts show thatSARS-COV-2 will have a much more destructive impact on our country's economy than any other virus that hasmanifested itself in modern times.We analyze the main possible consequences of the pandemic in Romania, using the forecasts of theInternational Monetary Fund and the European Commission. A severe recession is expected in 2020, especially in thesecond quarter, possibly also in the third quarter. Since 2019, Romania had certain vulnerabilities caused by the highbudget deficit and the negative balance of the current account balance. Therefore the coronavirus crisis bringsadditional challenges.

2020

coronavirus, Pandemic, economic impact, macroeconomics, depressions

Biotemas

Universidade Federal de Santa Catarina

Economics as a science, Commercial geography. Economic geography