The impact of the pandemic on major world economies

This article examines the impact of the coronavirus pandemic on the global economy as a whole and on its individual spheres of activity. The relevance of this work is due to the fact that the COVID-19 pandemic has exacerbated existing problems in the socio-economic sphere and required the adoption of measures of a fundamentally new nature. Relations between economic entities in the aspect of the formation of aggregate supply and demand were under serious pressure. To solve the emerging problems in the field of economics, the tools of tax regulation, support of the labor market, employment, income of the population and enterprises were applied. At the same time, the solution of economic problems turned out to be associated with issues in the field of health. Using the example of the largest economies in the world, this study assesses the degree and extent of the impact of the pandemic on the global economic system. The following indicators are used: the dynamics of GDP, the unemployment rate, the dynamics of the price of Brent crude oil in dollars per barrel. During the analysis, it was revealed that in 2020 the global gross domestic product decreased by 2.32%, in March-April there was a sharp increase in the unemployment rate due to the almost complete suspension of activities in such areas as tourism, sports, catering, hotel and restaurant business, the price of non-Brent crude oil decreased by more than 45%. In the future, the situation radically changes and the values of the analyzed indicators not only return to pre-crisis values and normal values, but also demonstrate positive dynamics. The coronavirus pandemic has slowed down the growth rates of the budget systems of the countries of the world and their population, which was caused by an almost complete or partial suspension, a decrease in the scale of activities in a number of sectors of economic activity, as well as a drop in energy prices for economies with raw material specifications.