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The fall into 2020 recession...
https://doi.org/10.32609/0042-8736-2020-5-5-24
Abstract
All world upward trends and cycles have a lot in common while crises significantly differ. In the case of this research the recession was sparked not by the shock of financial sector but by the restrictions imposed on consumption that previously was not inclined to fluctuate that much. Oil price shock has increased negative influence on the world energy market and economy overall. The decline in employment and personal consumption has struck more on most vulnerable social classes but the decreased volume of demand can be also attributed to the wealth (catering, tourism and others). Once began, the recession develops by its own rules — a sharp fall in the world trade, fixed capital formation, growth of budget deficits, and particularly strong impact on developing countries most dependent on tourism and financial assistance.
Keywords
pandemic,
coronavirus,
COVID-19,
business cycle,
social inequality,
personal consumption,
capital formation,
finance
JEL: A14, D11, F02, T32
About the Authors
L. M. Grigoryev
National Research University Higher School of Economics
Russian Federation
Russian Federation
Leonid M. Grigoryev
Moscow
V. A. Pavlyushina
National Research University Higher School of Economics
Russian Federation
Russian Federation
Victoria A. Pavlyushina
Moscow
E. E. Muzychenko
National Research University Higher School of Economics
Russian Federation
Russian Federation
Evgeniya E. Muzychenko
Moscow
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For citations:
Grigoryev L.M., Pavlyushina V.A., Muzychenko E.E. The fall into 2020 recession... Voprosy Ekonomiki. 2020;(5):5-24. (In Russ.) https://doi.org/10.32609/0042-8736-2020-5-5-24
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