Session
Management, Business and Economics
Description
We still don't know how badly the current crisis will hit the economy. But despite or precisely because of the looming severe recession and economic crisis, fragmented and divided societies until yesterday can heal thanks to a hitherto unexpected injection - solidarity. The global scale of the health crisis and its economic epicenter in EU and euro area countries is creating additional external pressure on disrupted global supply chains. Economic uncertainty caused by the uncertainties surrounding the development and duration of the pandemic and rising unemployment are prerequisites for shrinking domestic consumption, mainly to basic necessities, which is reflected in society. The crisis clearly shows that many business models have a serious need to change, shows the great dependence of modern society on information and communication technologies and outlines the emerging processes of digitalization, automation and robotics in the context of Industry 4.0, which require timely adaptation by society.
Keywords:
crisis, society, income, unemployment, recession JEL M 40
Session Chair
Edmond Hajrizi
Session Co-Chair
Naim Preniqi
Proceedings Editor
Edmond Hajrizi
ISBN
978-9951-437-96-7
First Page
184
Last Page
194
Location
Lipjan, Kosovo
Start Date
31-10-2020 9:00 AM
End Date
31-10-2020 10:30 AM
DOI
10.33107/ubt-ic.2020.301
Recommended Citation
Iliev, Plamen, "Pandemic and Economic Crisis in Society" (2020). UBT International Conference. 449.
https://knowledgecenter.ubt-uni.net/conference/2020/all_events/449
Included in
Pandemic and Economic Crisis in Society
Lipjan, Kosovo
We still don't know how badly the current crisis will hit the economy. But despite or precisely because of the looming severe recession and economic crisis, fragmented and divided societies until yesterday can heal thanks to a hitherto unexpected injection - solidarity. The global scale of the health crisis and its economic epicenter in EU and euro area countries is creating additional external pressure on disrupted global supply chains. Economic uncertainty caused by the uncertainties surrounding the development and duration of the pandemic and rising unemployment are prerequisites for shrinking domestic consumption, mainly to basic necessities, which is reflected in society. The crisis clearly shows that many business models have a serious need to change, shows the great dependence of modern society on information and communication technologies and outlines the emerging processes of digitalization, automation and robotics in the context of Industry 4.0, which require timely adaptation by society.