Faculty of Economics, Administrative and Social Sciences

Economical Impacts of Coronavirus

How did the virus impact national economies?

First of all, we should say that countries were caught unprepared for this. In fact, the debt spiral that continued to increase in the world after the 2008 financial crisis and reached 278 trillion USD (three times more than the size of the global economy!) had signaled for a huge breakup in the global financial system. You can read about these signals in detail in the book “Good Finance” written by our lecturer Prof. Vedat Akgiray last year. IMF announced that the world entered recession just 2.5 months after it revised its global economic growth expectation up from 2.9% to 3.3% on January 09, 2020.