Abstract
This chapter discusses the developments leading and following the sixth crisis of the world economy proposed in the book, the worldwide recession associated with the COVID-19 pandemic in 2020. This was a major crisis with a much deeper contraction of the world economy than in 2009 during the Great Recession. The chapter elaborates on the the pandemic, the economic crisis and economic recovery following 2020 and concludes examining the consequences for the world economy of the Russian invasion of Ukraine in 2022.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Notes
- 1.
“NBER determination of the February 2020 peak in economic activity”, www.nber.org/cycles/june2020.pdf, accessed September 2020.
- 2.
“The coronavirus crisis—Deluge Continues: 26 million jobs lost in just 5 weeks”, NPR, April 23, 2020, www.npr.org/sections/coronavirus-live-updates/2020/04/23/841876464/26-million-jobs-lost-in-just-5-weeks.
- 3.
Elliott (2020), “ECB’s plan to support eurozone banks is underwhelming: Christine Lagarde delivered a disappointing set of measures to mitigate the impact of coronavirus”, The Guardian, March 12; Tooze (2020), “How coronavirus almost brought down the global financial system”, The Guardian, April 14.
- 4.
OECD website, www.oecd.org/economy/g20-gdp-growth-second-quarter-2020-oecd.htm, accessed September 2020.
- 5.
Rubinstein (2020), “‘We’re at war’: New York City faces a financial abyss”, The New York Times, September 28.
- 6.
Tankersley (2020), “Federal borrowing amid pandemic puts US debt on path to exceed World War II—Federal debt, as a share of the economy, hit 98% in the 2020 fiscal year”, New York Times, September 2.
- 7.
Oxford University, ourworldindata.org/coronavirus#explore-the-global-situation, accessed February 20, 2023.
- 8.
Crosby (2003), America's forgotten pandemic: The influenza of 1918.
- 9.
Yeung (2020), “Australia's deadly wildfires are showing no signs of stopping”, CNN, January 13; Flavelle (2020), “Wildfires hasten another climate crisis: Insurers, facing huge losses, have been pulling back from fire-prone areas across California”, New York Times, September 2, B1, B4; Earth Observatory NASA, “Intense flooding in Bangladesh”.
- 10.
WMO (2022), State of the global climate 2021, 2.
- 11.
National Security Archives, George Washington University, “NATO expansion: What Gorbachev Heard”, nsarchive.gwu.edu/briefing-book/russia-programs/2017-12-12/nato-expansion-what-gorbachev-heard-western-leaders-early, accessed March 7, 2023.
- 12.
NATO, “Enlargement and article 10”, www.nato.int/cps/en/natolive/topics_49212.htm, accessed March 7, 2023.
- 13.
- 14.
Gamio & Swanson (2022), “How Russia pays for war”, New York Times, October 30.
- 15.
BBC News, “Ukraine crisis: Who is buying Russian oil and gas?”, December 6, 2022, www.bbc.com/news/world-asia-india-60783874, accessed March 7, 2023.
- 16.
Editorial Board (2023), “Who benefits from confrontation with China”, New York Times, Sunday Opinion, 9.
- 17.
Tooze (2020), “The death of globalisation has been announced many times: But this is a perfect storm”, The Guardian, June 2.
- 18.
WDI data, accessed March 7, 2023.
- 19.
Tankersley (2023), “Swelling debt is bipartisan in its origins: Now at 31.4 trillion”, New York Times, March 7, A1; WDI data, accessed March 7, 2023.
- 20.
As cited by Schwartzberg (2004) and Streit (1939).
Author information
Authors and Affiliations
Corresponding author
Rights and permissions
Copyright information
© 2023 The Author(s), under exclusive license to Springer Nature Switzerland AG
About this chapter
Cite this chapter
Tapia, J.A. (2023). From the COVID-19 Depression to the War in Ukraine. In: Six Crises of the World Economy. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-38735-7_9
Download citation
DOI: https://doi.org/10.1007/978-3-031-38735-7_9
Published:
Publisher Name: Palgrave Macmillan, Cham
Print ISBN: 978-3-031-38734-0
Online ISBN: 978-3-031-38735-7
eBook Packages: Economics and FinanceEconomics and Finance (R0)