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Sanitary, oil and economic crisis: causes and ways to overcome

Abstract

The sanitary crisis that began in 2020 in China, causing unprecedented quarantine measures, led to the shutdown of enterprises, a temporary decline in the national economy, the most severe one in the past 28 years. The world economy in the conditions of globalization, tight binding to production chains, exoeriences the strongest fluctuations of the Domino effect. The virus suspended the Chinese economy in the first quarter of 2020, which caused, in turn, a reduction in demand for oil, a decrease, or even a complete halt in the supply of components along many production chains to other countries. In many countries, output has also decreased, and a number of industries have stopped working. It should be noted that the pandemic prompted the economic crisis that was brewing for 2020-2021, which included the situational crisis from the pandemic, the associated tactical oil and cyclical economic crisis, as they say, “three in one”. According to experts, two years before that, there were all the signs of an economic crisis that the world will face. The health crisis has practically exposed the hidden symptoms of the economic crisis. Kazakhstan has developed a number of anti-crisis measures. The pandemic revealed the strengths and weaknesses of the national economy. In general, we have created an economy that is resistant to stress and shock, the agro-industrial complex, the food industry, the construction sector, and communications have shown particular sustainability. The crisis has shown that one of the main requirements for the national economy is its stability and safe self-sufficiency.

About the Author

R. A. Alshanov
Университет «Туран»
Kazakhstan


References

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Review

For citations:


Alshanov R.A. Sanitary, oil and economic crisis: causes and ways to overcome. Bulletin of "Turan" University. 2020;(2):9-14. (In Russ.)

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ISSN 1562-2959 (Print)
ISSN 2959-1236 (Online)