Abstract
The COVID-19 appeared in Hubei Province (China) at the end of 2019 and it was assessed as a global pandemic in March 2020. Because of pandemic radically transformed the existing reality and created a completely new Pandeconomic (economic, social and political) challenges to the world. There were restricted international air, land and sea traffic, as well as domestic traffic, cultural and sports events, social events and economic activities as part of the activities taken by the states against the spread of the virus.
The aim of the research is to study the impact of the current pandemic situation on the socio-economic issues of the Black Sea Region countries. The paper systematically analyzes economic processes of the Black Sea Region countries in the domestic and international context. In addition, the analysis of the planned anti-crisis activities outlines future prospects and develops recommendations. It is likely that the crisis caused by the pandemic will last longer than COVID-19 itself. Consequently, the results presented in the study and the recommendations developed based on the research have a practical purpose in eliminating the Pandeconomic crisis.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Similar content being viewed by others
Notes
- 1.
According to the World Health Organization, a pandemic means a situation where the spread of the disease extends beyond a state and becomes international, involving the world, and infecting large numbers of people [48].
References
Jones, K.E., et al.: Global trends in emerging infectious diseases. Nature 451(7181), 990–993 (2008). https://doi.org/10.1038/nature06536
Morse, S.S., et al.: Prediction and prevention of the next pandemic zoonosis. The Lancet 380(9857), 1956–1965 (2012). https://doi.org/10.1016/s0140-6736(12)61684-5
Abuselidze, G., Mamaladze, L.: U.S-Turkey crisis and its impact on the economy of the black sea region. In: E3S Web of Conferences, vol. 135, p. 03077 (2019). https://doi.org/10.1051/e3sconf/201913503077
Arnold, P.J.: Global financial crisis: the challenge to accounting research. Account. Organ. Soc. 34(6–7), 803–809 (2009). https://doi.org/10.1016/j.aos.2009.04.004
Benatar, S.R., Gill, S., Bakker, I.: Global health and the global economic crisis. Am. J. Public Health 101(4), 646–653 (2011). https://doi.org/10.2105/AJPH.2009.188458
Bilorus, O.: World structural crisis and transformations of the global financial system. Econ. Ann.-XXI 07–08(1), 4–7 (2014)
Ciro, T.: The Global Financial Crisis: Triggers, Responses and Aftermath, pp. 1–266. Routledge (2016)
Kattel, R.: Financial and economic crisis in Eastern Europe. J. Post Keynes. Econ. 33(1), 41–60 (2010). https://doi.org/10.2753/PKE0160-3477330103
Kotz, D.M.: The financial and economic crisis of 2008: a systemic crisis of neoliberal capitalism. Rev. Radical Polit. Econ. 41(3), 305–317 (2009). https://doi.org/10.1177/0486613409335093
Abuselidze, G., Slobodianyk, A.: Pandeconomic crisis and its impact on small open economies: a case study of COVID-19. In: Murgul, V., Pukhkal, V. (eds.) EMMFT 2019. AISC, vol. 1258, pp. 718–728. Springer, Cham (2021). https://doi.org/10.1007/978-3-030-57450-5_61
Baker, B.K.: The impact of the International Monetary Fund’s macroeconomic policies on the AIDS pandemic. Int. J. Health Serv. 40(2), 347–363 (2010). https://doi.org/10.2190/HS.40.2.p
Calomiris, C.W.: The Great Depression and other “contagious” events. In: The Oxford Handbook of Banking, 1st edn. (2012). https://doi.org/10.1093/oxfordhb/9780199640935.013.0027
Claessens, S., Forbes, K.: International financial contagion: an overview of the issues and the book. In: Claessens, S., Forbes, K.J. (eds.) International Financial Contagion. Springer, Boston (2001). https://doi.org/10.1007/978-1-4757-3314-3_1
Madhav, N., Oppenheim, B., Gallivan, M., Mulembakani, P., Rubin, E., Wolfe, N.: Pandemics: Risks, Impacts, and Mitigation. Disease Control Priorities, 3rd edn., vol. 9. Improving Health and Reducing Poverty Published (2017). https://doi.org/10.1596/978-1-4648-0527-1
Orlik, T., Rush, J., Cousin, M., Hong, J.: Coronavirus Could Cost the Global Economy $2.7 Trillion (2020). https://www.bloomberg.com/graphics/2020-coronavirus-pandemic-global-economic-risk/. Accessed 17 Mar 2020
Peckham, R.: Economies of contagion: financial crisis and pandemic. Econ. Soc. 42(2), 226–248 (2013). https://doi.org/10.1080/03085147.2012.718626
Sułkowski, Ł.: Covid-19 pandemic; recession, virtual revolution leading to de-globalization? J. Intercult. Manag. 12(1) (2020). https://doi.org/10.2478/joim-2020-0029
Abuselidze, G.: Modern challenges of monetary policy strategies: inflation and devaluation influence on economic development of the country. Acad. Strat. Manag. J. 18(4), 1–10 (2019)
Abuselidze, G., Kizinidze, M.: Influence of central bank regulations on interbank competition in association with EU. In: E3S Web of Conferences, vol. 135, p. 04037 (2019). https://doi.org/10.1051/e3sconf/201913504037
Abuselidze, G., Mamuladze, L.: The peculiarities of the budgetary policy of Georgia and the directions of improvement in association with EU. In: SHS Web of Conferences, vol. 73, p. 01001 (2020). http://doi.org/10.1051/shsconf/20207301001
Abuselidze, G.: Optimality of tax policy on the basis of comparative analysis of income taxation. Eur. J. Sustain. Dev. 9(1), 272–293 (2020). https://doi.org/10.14207/ejsd.2020.v9n1p272
Abuselidze, G., Gogitidze, I.: Tax policy for business entities under the conditions of association with the European Union: features and optimization directions. In: E3S Web of Conferences, vol. 166, p. 13013 (2020). https://doi.org/10.1051/e3sconf/202016613013
Favero, C.A., Giavazzi, F.: Is the international propagation of financial shocks non-linear?: evidence from the ERM. J. Int. Econ. 57(1), 231–246 (2002). https://doi.org/10.1016/S0022-1996(01)00139-8
Goldin, I., Vogel, T.: Global governance and systemic risk in the 21st century: lessons from the financial crisis. Glob. Policy 1(1), 4–15 (2010). https://doi.org/10.1111/j.1758-5899.2009.00011.x
Prokhorova, V., Protsenko, V., Abuselidze, G., Mushnykova, S., Us, Y.: Safety of industrial enterprises development: evaluation of innovative and investment component. Sci. Bull. Nat. Min. Univ. 5, 155–161 (2019). https://doi.org/10.29202/nvngu/20195/24
Slobodianyk, A., Abuselidze, G.: Prospective of provision of dairy products for the population of Ukraine. In: E3S Web of Conferences, vol. 135, p. 01019 (2019). https://doi.org/10.1051/e3sconf/201913501019
Abuselidze, G., Slobodianyk, A.: Analysis and control of bankruptcy and reorganization processes: case studies using accounting data. In: E3S Web of Conferences, vol. 164, p. 09036 (2020). https://doi.org/10.1051/e3sconf/202016409036
Daily Sabah: Turkey’s foreign sales choked by pandemic as exports drop nearly 18% in March (2020). https://www.dailysabah.com/business/economy/turkeys-foreign-sales-choked-by-pandemic-as-exports-drop-nearly-18-in-march. Accessed 15 Apr 2020
Dizikes, P.: The data speak: stronger pandemic response yields better economic recovery. MIT News Office (2020). http://news.mit.edu/2020/pandemic-health-response-economic-recovery-0401. Accessed 08 Apr 2020
Economic Policy Research Center: COVID-19: Economic Consequences of the World and for Georgia (2020). http://eprc.ge/uploads/brosh/COVID__fin-geo.pdf. Accessed 28 Apr 2020
Emerging Europe: Postcard from Romania: the most gentle of lockdowns, and Easter, make me anxious (2020). https://emerging-europe.com/from-the-editor/postcard-from-romania-the-most-gentle-of-lockdowns-and-easter-make-me-anxious/. Accessed 15 Apr 2020
Euractiv: Romania still establishing how best to lift lock-down measures (2020). https://www.euractiv.com/section/coronavirus/short_news/romania-update-covid-19/. Accessed 07 May 2020
Euronews: Covid-19: what are the consequences for small and medium enterprises across Europe? (2020). https://www.euronews.com/2020/04/03/covid-19-what-are-the-consequences-for-small-and-medium-enterprises-across-europe. Accessed 09 Apr 2020
EPC: Consequences of Coronavirus Pandemic on Turkish Economy (2020). https://epc.ae/topic/consequences-of-coronavirus-pandemic-on-turkish-economy. Accessed 16 Apr 2020
Fair Wear: Covid-19 impact and responses: Romania (2020). https://www.fairwear.org/covid-19-dossier/covid-19-guidance-for-production-countries/covid-19-impact-and-responses-romania/. Accessed 16 Apr 2020
Intelinews: Turkey’s one-year foreign debt repayment obligations down 3% m/m to $175bn at end-Aug (2018). https://www.intellinews.com/turkey-s-one-year-foreign-debt-repayment-obligations-down-3-m-m-to-175bn-at-end-aug-150380/. Accessed 29 Mar 2020
Publika: The most famous pandemics in the last 100 years (2020). https://publika.ge/article/bolo-100-wlis-yvelaze-cnobili-pandemiebi/. Accessed 05 Apr 2020
Russia Briefing: The Social & Economic Impact of Covid-19 on Russia and Recovery Potential (2020). https://www.russia-briefing.com/news/social-economic-impact-covid-19-russia-recovery-potential.html/. Accessed 25 Apr 2020
SeeNews: Bulgaria’s economy could shrink 10% in 2020 due to COVID-19 – KBC (2020). https://seenews.com/news/bulgarias-economy-could-shrink-10-in-2020-due-to-covid-19-kbc-693410. Accessed 15 Apr 2020
Tabula: What awaits the economy during the Coronavirus crisis and what the government plans to do (2020). http://www.tabula.ge/ge/story/166721-ra-elis-ekonomikas-koronavirusis-krizisis-pirobebshi-da-ras-gegmavs-mtavroba. Accessed 24 Mar 2020
The Economist: The cost of swine flu (2009). https://www.economist.com/news/2009/07/27/the-cost-of-swine-flu. Accessed 27 Mar 2020
The Moscow Times: Analysts Fear the Economic Impact of Russia’s April Coronavirus Shutdown Will Be Catastrophic (2020). https://www.themoscowtimes.com/2020/04/02/russia-economy-coronavirus-analysts-fear-economic-impact-russias-april-coronavirus-shutdown-catastrophic-a69851. Accessed 14 Apr 2020
TRT World: In pictures: Turkey’s booming tourism sector takes a hit from coronavirus (2020). https://www.trtworld.com/turkey/in-pictures-turkey-s-booming-tourism-sector-takes-a-hit-from-coronavirus-34845. Accessed 05 Apr 2020
UNCTAD: The Coronavirus Shock: A Story of Another Global Crisis Foretold and What Policymakers Should Be Doing About It (2020). https://bit.ly/2WwcW5O. Accessed 15 Apr 2020
Visan, G.: The Black Sea and COVID-19. Middle East Institute (2020). https://www.mei.edu/publications/black-sea-and-covid-19. Accessed 15 Apr 2020
VOX Ukraine: Impact of COVID-19 on Global Economy and Ukraine’s Foreign Trade (2020). https://voxukraine.org/en/impact-of-covid-19-on-global-economy-and-ukraine-s-foreign-trade/. Accessed 15 Apr 2020
Willson Center: Projected Impact of COVID-19 on Ukraine’s Economy (2020). https://www.wilsoncenter.org/blog-post/projected-impact-covid-19-ukraines-economy. Accessed 15 Apr 2020
World Health Organization: What is a pandemic? (2010). https://www.who.int/csr/disease/swineflu/frequently_asked_questions/pandemic/en/. Accessed 15 Mar 2020
World Health Organization: Ten threats to global health in 2019 (2019). https://www.who.int/news-room/feature-stories/ten-threats-to-global-health-in-2019. Accessed 15 Mar 2020
McKibbin, W.J., Sidorenko, A.A.: Global macroeconomic consequences of pandemic influenza. Centre for Applied Macroeconomic Analysis (CAMA), Crawford School of Public Policy, Australian, National University (2006)
Fan, V.Y., Jamison, D.T., Summers, L.H.: The inclusive cost of pandemic influenza risk. NBER Working Papers, National Bureau of Economic Research Recession, Cambridge (2016). https://doi.org/10.3386/w22137
First Channel: The new coronavirus is very different from the 1918 Spanish flu - how and why? (2020). https://1tv.ge/news/akhali-koronavirusi-dzalian-ganskhvavdeba-1918-wlis-espanuri-gripisgan-rogor-da-ratom/. Accessed 28 Mar 2020
BPN: The economic impact of the “Spanish flu” on the world 100 years ago - what countries should consider (2020). https://www.bpn.ge/article/67646-espanuri-gripis-ekonomikuri-epekti-100-clis-cinandel-msoplioze-ra-unda-gaitvaliscinon-kveqnebma/. Accessed 10 Apr 2020
Kalmikov, A.: Quarantine will kill business and the economy: is that so? The answer has been known for 100 years, since the time of the “Spanish”. BBC News (2020). https://www.bbc.com/russian/features-52126987. Accessed 05 Apr 2020
James, S., Sargent, T.: The economic impact of an influenza pandemic. Finance Canada, Working paper 2007-04 (2006)
Krier, B.: Recent pandemics and historic precedents for COVID-19. Ben Franklin Technology Partners of Central & Northern Pennsylvania (2020). https://cnp.benfranklin.org/most-older-americans-might-not-realize-they-have-already-lived-through-several-pandemics/. Accessed 17 Apr 2020
International Labor Organization: How will COVID-19 affect the world of work? (2020). https://www.ilo.org/global/topics/coronavirus/impacts-and-responses/WCMS_739047/lang--en/index.htm. Accessed 07 May 2020
Bergeaud, A., Cette, G., Lecat, R.: GDP per capita in advanced countries over the 20th century. Banque de France Working Paper No. 549 (2015). https://doi.org/10.2139/ssrn.2602267
Boone, L.: Coronavirus: the world economy at risk. OECD Economic Outlook (2020). https://doi.org/10.1787/7969896b-en. https://www.oecd.org/economic-outlook/. Accessed 25 Apr 2020
Statista: Projected coronavirus (COVID-19) impact index by industry and dimension - minor (1) to severe (5) in 2020 (2020). https://www.statista.com/statistics/1106302/coronavirus-impact-index-by-industry-2020/. Accessed 25 Apr 2020
Abuselidze, G.: European integration of Georgia and financial-economic condition: achievements and challenges. Eur. J. Sustain. Dev. 8(1), 53–69 (2019). https://doi.org/10.14207/ejsd.2019.v8n1p53
Brodzicki, T.: Resource curse and the potential impact of COVID-19: the case of Russia (2020). https://bit.ly/2Wuwk31. Accessed 06 Apr 2020
Bloomberg (2020). https://bloom.bg/2IZkrdv. Citied in: Economic Policy Research Center (2020). COVID-19: Economic Consequences of the World and for Georgia. http://eprc.ge/uploads/brosh/COVID__fin-geo.pdf. Accessed 28 Apr 2020
Foreign Policy: The Coronavirus Will Destroy Turkey’s Economy (2020). https://foreignpolicy.com/2020/04/08/the-coronavirus-will-destroy-turkeys-economy/. Accessed 15 apr 2020
Batiashvili, Z.: Complications Caused by the Coronavirus in Turkey and Their Influence on Georgia. GFSIS (2020). https://www.gfsis.org/ge/blog/view/1065. Accessed 20 Apr 2020
Ahval. Unemployment in Turkey rose by almost 1 million in 2019 – TurkStat (2020). https://ahvalnews.com/turkish-unemployment/unemployment-turkey-rose-almost-1-million-2019-turkstat. Accessed 26 Mar 2020
Asharq Al-Awsat Newspaper: Turkey Unemployment Concerns Rise over Coronavirus (2020). https://aawsat.com/english/home/article/2228206/turkey-unemployment-concerns-rise-over-coronavirus. Accessed 15 Apr 2020
Anadolu Agency: World Bank: Turkish economy to grow 0.5% in 2020 (2020). https://www.aa.com.tr/en/economy/world-bank-turkish-economy-to-grow-05-in-2020/1798602. Accessed 12 Apr 2020
Bulgaria: Economic and Political Overview (2020). https://www.nordeatrade.com/no/explore-new-market/bulgaria/economical-context. Accessed 06 May 2020
BalkanInsight: Bulgaria Prepares for Worst-Case Economic Scenario (2020). https://balkaninsight.com/2020/03/31/bulgaria-prepares-for-worst-case-economic-scenario/. Accessed 09 Apr 2020
Business Review: Coronavirus to take high toll on Romanian economy (2020). https://business-review.eu/money/finance/br-analysis-coronavirus-to-take-high-toll-on-romanian-economy-209743. Accessed 22 Apr 2020
Romer, C.D.: World War I and the postwar depression: a reinterpretation based on alternative estimates of GNP. J. Monetary Econ. 22(1), 91–115 (1988). https://doi.org/10.1016/0304-3932(88)90171-7
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2020 Springer Nature Switzerland AG
About this paper
Cite this paper
Abuselidze, G., Mamaladze, L. (2020). The Impact of the COVID-19 Outbreak on the Socio-Economic Issues of the Black Sea Region Countries. In: Gervasi, O., et al. Computational Science and Its Applications – ICCSA 2020. ICCSA 2020. Lecture Notes in Computer Science(), vol 12253. Springer, Cham. https://doi.org/10.1007/978-3-030-58814-4_32
Download citation
DOI: https://doi.org/10.1007/978-3-030-58814-4_32
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-030-58813-7
Online ISBN: 978-3-030-58814-4
eBook Packages: Computer ScienceComputer Science (R0)