Conclusion
In the IMF (2020) study, it is mentioned that this period, which is called The Great Lockdown, will cause the biggest economic collapse since 1929 great depression. The IMF predicted that the world economy will shrink by 3% in 2020.
It is stated that even if there is a recovery in 2021, the level reached will fall behind the previrus period. IMF underlined that the policymakers will need to take measures in the fiscal, monetary and financial markets to support affected households and businesses domestically, and the IMF also emphasized that strong and multilateral cooperation is necessary to channel aid to countries with financially inadequate and weak health systems facing health and financial shocks, to overcome the effects of the epidemic at the international level.Economic indicators for 2020 were revised in the interim report published by the OECD evaluating the economic effects of the rapid spread of the COVID-19 outbreak worldwide. It was emphasized that COVID-19 virus threatens human life and global economy more than SARS virus and spread rapidly in the world even if increase in the number of cases in China ceased abruptly. It was emphasized that there were significant decreases especially in the tourism and supply chain, which made the global economy extremely fragile. In this context, it invited governments to take urgent measures without underestimating this outbreak in any way. It proposed policies such as limited working hours, increased health resources, cash aid to individuals, tax deferral or reduction to the most affected sectors, making public payments to companies which have been delayed and increasing the liquidity of banks (OECD 2020).
In the joint study of the World Economic Forum and Harvard Health Institute, the effects of epidemic diseases before the COVID-19 outbreak on human health and the economy were discussed in detail.
It has been stated that combating the flu pandemic is almost as costly as combating climate change and will cause more costs than climate change in the coming years. The socio-economic costs caused by the COVID-19 pandemic, which are on the agenda of the world today, support that report published in the previous months (World Economic Forum 2019).The European Commission has listed the measures to be taken to alleviate the effects of the crisis caused by the COVID-19 outbreak. The list includes measures such as making investments and necessary expenditures for the control and treatment of the pandemic, protection of employees against income losses and providing necessary liquidity support to enterprises, especially SMEs, increasing state aids, shortening the working time of workers, offering tax expenditures and export subsidies, securing the supply chain of medical materials and equipment among EU countries, inter-agency cooperation to monitor and revive the tourism sector (European Commission 2020).
Even though the measures proposed by international institutions are necessary and sufficient to combat COVID-19 in the short term, both states and international organizations should prepare for the dangers in the future that we do not know yet and cannot foresee which are called “black swan” and, as long-term solutions, strong cooperation networks and common funds should be established.
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Bernur Afikgoz was born in 1979 in Ankara. After attending Ankara Finance High School, she continued her undergraduate studies at Dokuz Eylul University, Department of Finance. She received her master’s degree in Financial Law from Dokuz Eylul University. In 2006, she was awarded her Ph.D. degree from Dokuz Eylul University Department of Public Finance. Her Ph.D. thesis covered the topics of poverty and development. In 2006, she won the Harvard University Project scholarship and worked as a visiting professor at Harvard University.
In 2009, she received a scholarship from the Swiss Government for a post-doctorate degree in economics at the University of Neuchatel/Switzerland, and taught courses at Bern Universities. She then began to work in the fields of experimental economics and game theory, and for three consecutive years as a guest lecturer in the economics laboratory of the Montpellier University in Montpellier, France. Afterwards, she went to Missouri University, Indiana University and Arizona University with a scholarship from Missouri University. She then worked as a visiting professor at the University of East Anglia and took some courses from Exeter Universities in the UK with a Tubitak scholarship. Professor Dr. Bernur Afikgoz has books, articles and papers on foreign direct investments, economic growth, panel econometrics, experimental economics and game theory. She is currently working at the Department of Public Finance and Financial Management at Izmir Katip ζlelebi University/Turkey. In addition, Afikgoz teaches at the Department of International Trade and Finance at Izmir University of Economics/Turkey and the Department of Economics at University of Life Sciences in Poznaii (Uniwersytet Przyrodniczy w Poznaniu)/Poland.