Goran R Milovanović, Aleksandra Andjelkovic, Gabrijela Popovic

DOI Number
First page
Last page


The key research objective is to analyze the global economic consequences of the COVID-19 pandemic based on the analysis of valid academic, statistical and Internet sources and to prove the assumption that these consequences are significantly greater than those caused by the 2008 Global Financial Crisis. The paper also presents possible recovery curves of the global economy, and assesses the measures taken by institutions in the EU, the USA and the Republic of Serbia in the fight against COVID-19.


pandemic, global crisis, recovery curve, “safety net”, helicopter money

Full Text:



Ahir, H., Bloom N., and Furceri D. (2020, April 04). World Uncertainty Index. Available at: (12/12/2020)

Baldwin, R. (2020), “The supply side matters: Guns versus butter, COVID-style.” VOXEU,

March. Available at:

covid-style (1/7/2020)

Baldwin, R., and Beatrice, W.M. (2020), Economics in the Time of COVID-19. London:

CEPR Press.

Barro, R. J., Ursua, J. F., Weng, J. (2020), “The Coronavirus and the Great Influenza

Epidemic-Lessons from the "Spanish Flu" for the Coronavirus's Potential Effects on Mortality and Economic Activity.” CESifo, Working Paper No. 8166. Available at: (3/8/2020)

Coronavirus outbreak could cost world's airlines up to $314bn. Available at: worlds-airlines-up-to-314bn (19/4/2020)

Cuddington, J. T., and Hancock. J. D. (1994), “Assessing the Impact of AIDS on the Growth

Path of the Malawian Economy.” Journal of Developing Economics 43:363-368.

Cuddington, J. T., and Hancock, J. D. (1995), “The Macroeconomic Impact of AIDS in

Malawi: A Dualistic, Labor Surplus Economy.” Journal of African Economies 4:1-28.

ECB announces €750 billion Pandemic Emergency Purchase Programme (PEPP). Available



ECB unveils €750 billion stimulus against coronavirus. Available at: (21/4/2020)

Eichenbaum, M., Rebelo, S., Trabandt, M. (2020), “The Macroeconomics of Epidemics.”

Working Paper 26882. Available at: (3/8/2020)

Eurogroup agrees on €540 billion corona-package. Available at: (22/4/2020)

European Car Sales Fall the Most in Decades, Signaling Slump. Available at: (7/5/2020)

Eurostat, Newsrelease, Euroindicators, 74/2020 - 30 April 2020. Available at:

EN.pdf/526405c5-289c-30f5-068a-d907b7d663e6 (4/5/2020)

FactSet, 2020.

Freire, S. (2004), “Impact of HIV/AIDS on saving behaviour in South Africa.”

TIPS/DPRU/Cornell University Forum: African Development and Poverty Reduction.

Forecasted change in revenue from the travel and tourism industry due to the coronavirus

(COVID-19) pandemic worldwide from 2019 to 2020. Available at: (18/4/2020)

Gormsen, J. N., and Koijen, R. S. (2020), “Coronavirus: Impact on Stock Prices and

Growth Expectations.” University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2020-22. Available at: (15/5/2020)

Haacker. M. (2020), The economic consequences of HIV/AIDS in Southern Africa.

International Monetary Fund, 2.

Here’s what happened to the stock market on Thursday. Available at:

joins-dow-in-bear-market.html (22/12/2020)

IATA Members. Available at: (19/4/2020)

Key dates and milestones in the S&P 500's history. Available at:


Lagarde: eurozone faces unprecedented peacetime slump. Available at: (2/5/2020)

Lee J-W., and McKibbin, W. (2004), “Globalization and Disease: The Case of SARS.” Asian

Economic Papers 3 (1): 113-131.

Marc-Olivier Strauss-Kahn (May 2020), Can we compare the COVID-19 and 2008

crises? SUERF Policy Note, Issue No. 164. Available at:


Milovanović, G., Radisavlјević, G., Đukić, G. (2020). The impact of COVID-19 pandemic on

the Serbian economy. 23rd DQM International Conference ICDQM-2020



Milovanović, G., Milanović, S., Radisavljević, G. (2020). “Structural Changes in Foreign Trade

as a Factor of Competitiveness of the Republic of Serbia.” Economic Themes, 58(2): 149-

DOI 10.2478/ethemes-2020-0009.

Milovanović, G. (2020). Globalno snabdevanje u eri pandemije bolesti KOVID-19. “Digitalna

transformacija u funkciji privrednog razvoja Republike Srbije.” Niš: Ekonomski fakultet

Univerziteta u Nišu.

Next: navigating a downturn and positioning for recovery. Available at: (7/5/2020)

Shannon, G. W., and Willoughby, J. (2004), “Severe Acute Respiratory Syndrome (SARS) in

Asia: A Medical Geographic Perspective.” Eurasian Geography and Economics, 45(5): 359-381.

Stock Market Crash 2008. Available at:

market-crash-2008/ (27/12/2020)

The latest: European Commission forecasts historic recession for 2020. Available at: (12/5/2020)

Top 10 Dow Jones Drops. Available at:,28804,1845523_1845619,00.html


Trade Woes Push IMF Global Growth Outlook to Decade-Low of 3%. Available at: (17/4/2020)

VW sees multi-speed coronavirus rebound led by China. Available at: (27/5/2020)

Western Balkans Regular Economic Report: Spring 2020. Available at: (5/5/2020)

World Economic Outlook, April 2020: The Great Lockdown. Available at: (28/5/2020)

Wren-Lewis, S. (2020), The economic effects of a pandemic. U Baldwin, R., and Beatrice,

W.M. (eds). Economics in the Time of COVID-19. A Book, Centre for Economic

Policy Research, London. Available at: (1/5/2020)

Yahoo Finance, 2020.



  • There are currently no refbacks.

© University of Niš, Serbia
Creative Commons licence CC BY-NC-ND
Print ISSN: 0353-7919
Online ISSN: 1820-7804