Aftermath of Covid-19 outbreak: Assessing economic repercussions - LEVENT YILMAZ

Aftermath of Covid-19 outbreak: Assessing economic repercussions

In addition to the training of qualified workforce required by law enforcement at the Police Academy, both academic and field studies are ongoing with regards to issues that closely concern both the global and local agendas.

In this regard, a report titled "Covid-19 Epidemic and Economic Aftermath: Financial Aspects" was published by the academy, following another one released last week titled "Covid-19 Epidemic and Post-Psychological and Sociological Assessments."

Report Conclusions

The report discusses the repercussions of the novel coronavirus (Covid-19) outbreak on economies in the global economy and measures taken to alleviate the economic side effects of the outbreak.

The report, which consists of four parts, also evaluates the criticisms of the established economic system and the measures taken by select countries to combat the economic aspects of the epidemic.

Some of the findings in the report are as follows;

• The cost of economic measures taken within the scope of combating the epidemic is increasing with every passing day and brings serious burdens on the economies.

• A troubled period awaits us as another cycle of global private sector and public debts mature, which had reached record levels before the epidemic.

• The outbreak is expected to result in Gross World Product (GWP) and substantial declines in trade volume.

• The outbreak is expected to further increase inequalities.

• It is expected that the problem of the inadequacy of the healthcare infrastructure and social security systems, especially in high-income countries, will trigger some social movements.

• Many measures taken in the context of combating epidemic negatively impact global supply chains.

• It is expected that the outbreak ushered an outlier period in the markets as observed in the fluctuations of WTI crude oil prices.

• Time consuming debates about the end of globalization or giving up the liberal economy entirely, miss the epidemic’s potential benefits for countries such as Turkey after the outbreak is brought under control, which should emphasized.

“The Covid-19 Catch-22”

One of the remarkable concepts discussed in the report is the “Covid-19 Catch-22”.

In the report; On the one hand, it is stated that the governments have to impose lock-downs that carry a negative impact on the economy in order to combat the outbreak, and on the other hand, they want to reopen the economy as soon as possible to manage the economic cost.

ECONOMIC SECURITY AND ECONOMIC INTELLIGENCE

Another issue addressed in the report is about the change in the security paradigm.

Members of the Police Academy, who penned the report, consider that discussions of a change in the security paradigm will shift towards “economic security” axis of emphasis.

In this context, it is emphasized that economic activities should be strengthened in order to gain an advantage in the global competitive environment and to take proactive measures against economic attacks, as the concept of economic security is being used more and countries follow more effective policies with regards to economic security.

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