Skip to main content

The Impact of the COVID-19 Outbreak on the Socio-Economic Issues of the Black Sea Region Countries

  • Conference paper
  • First Online:
Computational Science and Its Applications – ICCSA 2020 (ICCSA 2020)

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.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Subscribe and save

Springer+ Basic
$34.99 /Month
  • Get 10 units per month
  • Download Article/Chapter or eBook
  • 1 Unit = 1 Article or 1 Chapter
  • Cancel anytime
Subscribe now

Buy Now

Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Similar content being viewed by others

Notes

  1. 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

  1. Jones, K.E., et al.: Global trends in emerging infectious diseases. Nature 451(7181), 990–993 (2008). https://doi.org/10.1038/nature06536

    Article  Google Scholar 

  2. 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

    Article  Google Scholar 

  3. 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

  4. 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

    Article  Google Scholar 

  5. 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

    Article  Google Scholar 

  6. Bilorus, O.: World structural crisis and transformations of the global financial system. Econ. Ann.-XXI 07–08(1), 4–7 (2014)

    Google Scholar 

  7. Ciro, T.: The Global Financial Crisis: Triggers, Responses and Aftermath, pp. 1–266. Routledge (2016)

    Google Scholar 

  8. 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

    Article  Google Scholar 

  9. 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

    Article  Google Scholar 

  10. 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

    Chapter  Google Scholar 

  11. 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

    Article  Google Scholar 

  12. 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

  13. 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

    Chapter  Google Scholar 

  14. 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

  15. 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

  16. Peckham, R.: Economies of contagion: financial crisis and pandemic. Econ. Soc. 42(2), 226–248 (2013). https://doi.org/10.1080/03085147.2012.718626

    Article  Google Scholar 

  17. 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

  18. 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)

    Google Scholar 

  19. 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

  20. 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

  21. 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

    Article  Google Scholar 

  22. 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

  23. 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

    Article  Google Scholar 

  24. 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

    Article  Google Scholar 

  25. 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

    Article  Google Scholar 

  26. 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

  27. 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

  28. 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

  29. 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

  30. 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

  31. 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

  32. 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

  33. 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

  34. EPC: Consequences of Coronavirus Pandemic on Turkish Economy (2020). https://epc.ae/topic/consequences-of-coronavirus-pandemic-on-turkish-economy. Accessed 16 Apr 2020

  35. 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

  36. 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

  37. 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

  38. 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

  39. 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

  40. 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

  41. 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

  42. 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

  43. 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

  44. 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

  45. 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

  46. 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

  47. 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

  48. World Health Organization: What is a pandemic? (2010). https://www.who.int/csr/disease/swineflu/frequently_asked_questions/pandemic/en/. Accessed 15 Mar 2020

  49. 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

  50. 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)

    Google Scholar 

  51. 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

  52. 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

  53. 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

  54. 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

  55. James, S., Sargent, T.: The economic impact of an influenza pandemic. Finance Canada, Working paper 2007-04 (2006)

    Google Scholar 

  56. 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

  57. 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

  58. 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

  59. 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

  60. 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

  61. 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

    Article  Google Scholar 

  62. Brodzicki, T.: Resource curse and the potential impact of COVID-19: the case of Russia (2020). https://bit.ly/2Wuwk31. Accessed 06 Apr 2020

  63. 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

  64. 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

  65. 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

  66. 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

  67. 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

  68. 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

  69. Bulgaria: Economic and Political Overview (2020). https://www.nordeatrade.com/no/explore-new-market/bulgaria/economical-context. Accessed 06 May 2020

  70. 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

  71. 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

  72. 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

Download references

Author information

Authors and Affiliations

Authors

Corresponding author

Correspondence to George Abuselidze .

Editor information

Editors and Affiliations

Rights and permissions

Reprints and permissions

Copyright information

© 2020 Springer Nature Switzerland AG

About this paper

Check for updates. Verify currency and authenticity via CrossMark

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)

Publish with us

Policies and ethics