THE IMPACT OF THE PANDEMIC (COVID-19) ON THE ECONOMY, WITH SPECIAL EMPHASIS ON THE REPUBLIC OF NORTH MACEDONIA

Authors

  • Neritan Turkeshi University “Mother Teresa”-Skopje, North Macedonia
  • Bujamin Bela University “Mother Teresa”-Skopje, North Macedonia

Keywords:

impact of Covid 19, economic development, economy, unemployment

Abstract

COVID-19, as an important and unpredicted event, will have a negative impact both nationally and globally, where beside destroying the social order, it has also destroyed the economy, creating an economic collapse and great loss of human life.
Many people have lost their job, or their monthly or yearly income has been halved.
As a result, the unemployment rate has risen throughout the global economy. In the United States, the percentage of unemployed has reached 10.4%, according to the International Monetary Fund (IMF), signaling an economic shock.
The global economy suffered its biggest blow since The Great Depression in the second trimester, since the COVID-19 pandemic destroyed the consumer and business budget.
The COVID-19 crisis has launched a digitalization impulse in North Macedonia (and globally) which will last and present challenges, but also will provide new opportunities in the economy, education, and other fields of the society. The main challenge is to ensure that all groups of society will have access to and will benefit from the digitalization process.
As a result of the corona virus pandemic and the closing of businesses, a big part of the population has become unemployed. This has led to a significant increase in the number of people registered as unemployed at employment offices.
As known, unemployment is the biggest problem these days, because, as we can see, a great number of people are now unemployed, especially in these difficult pandemic days.
The slow economic growth does not provide the creation of new jobs. Unemployment comes in big dimensions and is considered as the biggest economical issue of the country, it presents an economical problem, but as a result of this issue, many other issues come into sight.

References

Фити, Т., & Филиповски, В. (2004). Основи на микроекономија” –Eкonomski fakultet, Skopje.

Turkeshi, N. (2016). Banking economy”, FON University, Shkup

Turkeshi, N. (2020). “Marketing”, Mother Teresa University, Skopje

http://pubdocs.worldbank.org/en/876501588143423927/RER-17-Outlook-ALB.pdf;

http://pubdocs.worldbank.org/en/496311590709947974/RER-Health-May-21-for-typset-ALB.pdf;

https://www.e4e.mk/wp-content/uploads/2020/07/Ndikimi-i-COVID-19-n%C3%AB-sistemin-ZhAP-ATP.pdf;

https://www.worldometers.info/coronavirus/;

https://mvr.gov.mk/kategorija/covid19;

https://marketing365.mk/covid-19-makedonskata-ekonomija-predizvici-i-predlozi-za-namaluvanje-na-ekonomskite-posledici/;

www.SETimes.com – “Globalization and free economy”

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Published

2021-10-07

How to Cite

Turkeshi, N., & Bela, B. (2021). THE IMPACT OF THE PANDEMIC (COVID-19) ON THE ECONOMY, WITH SPECIAL EMPHASIS ON THE REPUBLIC OF NORTH MACEDONIA. KNOWLEDGE - International Journal , 48(1), 87–90. Retrieved from http://ikm.mk/ojs/index.php/kij/article/view/4684