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Showing posts from April, 2020

Coronavirus and its possible impact on the world economy on the examples of international oil production and oil prices

    By: Nika Chitadze President of the George C. Marshall Alumni Union, Georgia – International and Security Research Center Director of the Center for International Studies Professor of the International Black Sea University In terms of social-economic aspects related to COVID 19, International Community is faced before the following sad reality. According to the International Monetary Fund, if humanity manages to defeat Coronavirus by the end of 2020, then the world economy will shrink by about 3%, which is a relatively optimistic scenario. By the other words, the world will suffer much worse if the international community fails to defeat Coronavirus by the end of this year. It is noteworthy that during the economic crisis of 2008-2009, the world economy shrank by only 0.08%.  As for the 3% decrease of the world economy during the year, it can be assumed that if according to today's data, the world's Gross Domestic Product