GLOBAL PANDEMICS AS LESSONS FROM THE PAST AND CONTEMPORARY CHALLENGES FOR THE ECONOMY AND SOCIETY

Анотація

Introduction. The study addresses the profound socio-economic impacts of global pandemics, with a focus on COVID-19. Highlighting the lessons from historical pandemics, the research emphasizes their role in shaping economic, social, and policy frameworks. The relevance of the topic is rooted in understanding the vulnerabilities of a globalized world and developing strategies for mitigating future crises. Materials and Methods. The research employs statistical analysis, comparative approaches, and systemic evaluation of key economic indicators such as GDP, employment, and consumer spending. Historical pandemics, including the Spanish flu and COVID-19, serve as case studies. Data were drawn from diverse sources, including national statistics, international organizations, and peer-reviewed literature. Results and Discussion. The findings reveal significant disruptions in economic activity, reduced consumer spending, and increased unemployment across different sectors. COVID-19 uniquely demonstrated rapid global transmission due to interconnected economies and extensive international travel. While fiscal and monetary interventions mitigated short-term economic damages, they exposed systemic inequalities and varying capacities for recovery. Comparative analysis highlights the more severe impact on service-dependent economies like Italy, where tourism – 13 % of GDP – suffered drastically, reducing revenues by over 60 %. Conclusions. Pandemics are not only health crises but also catalysts for socioeconomic transformation. The study underscores the need for enhanced international coordination, robust healthcare infrastructure, and adaptive economic policies. Long-term strategies should focus on sustainable development and resilience to future global challenges. This structured analysis provides insights for policymakers, contributing to the discourse on pandemic preparedness and socio-economic recovery.

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