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Heterogeneous Socio-Economic Effects Of Covid-19. Socio-Economic Impact Of The Pandemic Crisis In Romania

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  • Radu GHEORGHE

    (Athenaeum University, Bucharest, Romania)

Abstract

The crisis caused by coronavirus will certainly generate a multitude of changes, forcing us, among other things, to pay more attention to what means unconventional and the new socio-economic situations produced by it. Assumed of being a global issue, the current crisis is also generating a range of expectations in terms of resolving it. Among them and the one according to which due to its global character (global crisis) the answer must be also a global one. However, the social realities invite specific interventions according to local socio-economic context, being practically related to local particularities of the crisis. All of these explain why the consequences are different from one country to another. Regarding the crisis caused by coronavirus, even if the immediate effect of pandemic has been reflected rather in changes of the people’s lifestyles (social distancing, isolation, etc.), the hardest impact has been felt because of the evolution of economics. The coronavirus pandemic has shaken up the world’s largest economies. The impact of the coronavirus pandemic on world GDP growth is huge and probably the recession is the biggest since the end of World War II. Economies have contracted and have generated a wide range of problems: declining incomes, poverty, social inequalities, social polarization, social exclusion. All of these are considered as having a significant impact on the quality of life and wellbeing of an individual. This article seeks to make a brief assessment of the socio-economic impact of the coronavirus pandemic in Romania. Some important indicators that influence the standard of living of Romanians have already changed.

Suggested Citation

  • Radu GHEORGHE, 2021. "Heterogeneous Socio-Economic Effects Of Covid-19. Socio-Economic Impact Of The Pandemic Crisis In Romania," Internal Auditing and Risk Management, Athenaeum University of Bucharest, vol. 63(3), pages 25-37, September.
    • Handle: RePEc:ath:journl:v:63:y:2021:i:3:p:25-37
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    References listed on IDEAS

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    1. Muggenthaler, Philip & Schroth, Joachim & Sun, Yiqiao, 2021. "The heterogeneous economic impact of the pandemic across euro area countries," Economic Bulletin Boxes, European Central Bank, vol. 5.
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    More about this item

    Keywords

    IC; COVAX; Covid-19; employment rate; GDP; GDP per capita; gender gap; life expectancy at birth; price dispersion; relative volume of consumption; social distancing; social exclusion; social inequalities; well-being;
    All these keywords.

    JEL classification:

    • A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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