Due to the coronavirus pandemic, the world economy entered another phase of crisis at a fairly rapid pace from the beginning of 2020. The COVID-19 pandemic has affected more than 50 million people in almost every country in the world. Because of the crisis caused by COVID-19, governments around the world were operating in complete uncertainty, facing a difficult situation. with the choice of compromises, taking into account the existing health, economic and social challenges. By the spring of 2020, more than half of the world's population had been restricted by strong restraint measures. The widespread coronavirus pandemic, in addition to a health and human tragedy, caused the most serious economic crisis in the world since World War II.
The main feature of the pandemic crisis was the emergence of a double shock in terms of "supply" and "demand". It was truly unprecedented for the world economy, which led to unusually large economic shocks and unpredictability of future developments.
Naturally, the levels of economic decline varied from country to country, depending on the nature of the economy, the factors of influence, the extent of the pandemic, the nature of the restrictions applied, the range of support measures, and the targets. In particular, in 2020, the average economic decline in the region of Central East Asia was -2.9%, and the decline in world GDP - -3.1%. As for European countries, the level of economic decline in some countries has been quite high.
Although the full assessment of the effects of the pandemic was unpredictable from the beginning, the effects of the global economic crisis may persist for a long time, which is likely to cause major structural changes in the world economy.
It should be noted that judging by the development trends of late 2020, the world economy has entered a V-recovery phase, as evidenced by the high dynamics of 5.9% economic growth in 2021, as well as the forecasts of international organizations that in 2022 World economic growth will be 4.4%.