The Economic Strategies of the Great Powers to Response to the Covid-19 Pandemic

Author:Sergiu-Lucian ?orcaru, ?tefan-C?t?lin Topliceanu, Alisa-Mihaela Ambrozie
Position:PhD in progress, 'Alexandru Ioan Cuza' University of Iasi, Faculty of Economic and Business Administration, Specialization Economics, Romania/PhD, 'Alexandru Ioan Cuza' University of Iasi, Faculty of Economic and Business Administration, Specialization Economics, Romania/Master in progress, 'Dun?rea de Jos' University Galati, Faculty of ...
Pages:144-153
European Integration - Realities and Perspectives. Proceedings 2020
144
The Economic Strategies of the Great
Powers to Response to the Covid-19 Pandemic
Sergiu-Lucian Șorcaru1, Ștefan-Cătălin Topliceanu2, Alisa-Mihaela Ambrozie3
Abstract: Ever y country has its own strategy in order to response to the covid-19 pandemic. Their main
concerns are to manage this situation on the one hand, from a medical point view, and, on the other hand, to
solve the economic issues, which may occur due to this pandemic. The responsibility of the great powers is
enormous from two perspectives; first, most countries are influenced by their economic competition, and
second, the great powers try to respond firmly to this pandemic in order to maintain their world economic
position. The p urpose of this paper is to compare the strategies of the great powers to response to this
problematic economic situation . This comparison is interesting because these strategies can modify the way
that the great powers influenced the global economy.
Keywords: impact of covid-19; economic crisis; great powers influence
1. Introduction
The covid-19 pandemic generates concerns for global economy in order to manage this situation from
a medical perspective, but also to solve the economic issues occurred. The global economy suffered an
enormous economic disrupt and its worldwide impact can be likened to effects of global financial
crisis of 2007-2009. Generally, (Ludvigson, Ng and Ma, 2020, p. 1) economic shocks driven by
natural disasters or by fluctuations in productivity, supply or demand of products are short-terms and
affect only the economy. But the covid-19 pandemic has a different impact because affects multiple
countries not only from an economic point of view, but also the social, emotional and physical well
being. The consequences are various and affect almost all countries in the same time for a long-term
period. Globalization, which involves the movement of products, factors of production, people, capital
and information, is restrain by this pandemic and a new world order can emerge. For the human
perspective, the restrictions on the movement will affect the consumption behavior and the firms.
These restrictions will persist, even if some business open up internally, and the impact will be bigger
as longer the restriction on the international movement of people will persist. For these reasons, every
country tries to implement its own strategy and policy measures in order to respond to this pandemic.
1 PhD in progress, “Alexandru Ioan Cuza” University of Iasi, Faculty of Economic and Business Administration,
Specialization Economics, Romania, Address: 20 Carol I Blvd. Iasi, Romania, Tel. +40 727956359, Corresponding author:
sorcarusergiu@univ-danubius.ro.
2 PhD, “Alexandru Ioan Cuza” University of Iasi, Faculty of Economic and Business Administration, Specialization
Economics, Romania, Address: 20 Carol I Blvd. Iasi, Romania, Tel. +40 747 828 236, E-mail: stefan.catalin@yahoo.com.
3 Master in progress, “Dunărea de Jos” University Galati, Faculty of Economic and Business Administration, Specialization
Comunication in Marketing, Romania, Address: 59-61 Nicolae Bălcescu Street, Galati, Romania, Tel. +40 799367953, E-
mail: ambrozie.alisa@gmail.com.

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