THE WORLD AFTER CORONAVIRUS PANDEMIC: CHANGING THE DEVELOPMENT PARADIGM OR PERPETUATING THE CRISIS

Abstract

The world has once again faced a pandemic of an unknown virus. Unlike the others, at least when it comes to this century, no pandemic has caused such fear and led to great turbulence in production and financial flows. In the short term, it is possible to stabilize the system through the application of macroeconomic stimulus measures. However, if global economic policies continue, leading to strong social stratification, and thus subdued and unstable economic growth and perpetual financial crises, global shocks, such as this pandemic, will become more frequent, which will only deepen the problems. Sustainable and stable paths of economic growth and preparedness for systemic shocks require a fairer distribution of world income and wealth, preservation of the environment and intensive, constructive and functional cooperation between international institutions, the state, the private and civil sector and citizens.