Abstract

The coronavirus has affected almost all sectors of the economy. Some areas have suffered and declined, while others have developed and benefited from the pandemic. Due to the COVID-19 pandemic, economies around the world have experienced a downturn. The effects of the pandemic will undoubtedly reverberate around the world for decades to come. The global threat of the COVID-19 epidemic has greatly affected people, families, communities and businesses. Countries have begun implementing a wide range of measures both within and between countries to combat the humanitarian and commercial impact of COVID-19. The effects of the worldwide epidemic and the emergency situations to be taken in this context were felt more and more in business life. Considering that the epidemic progressed very quickly, it was observed that it caused constant negative pressure on business and stock markets. This situation is interpreted as a harbinger of a global crisis. On the other hand, issues such as disruptions in supply and distribution channels, closure of workplaces and ports, disruption of customs processes, lack of manpower and decrease in consumption, operations in the stock market continued in a negative direction day by day. The consistent exposure of COVID-19 around the world, especially in developing economies, suggests that developing economies are seen as a major driver of macroeconomic instability compared to developed countries. After the initiation of economic reforms, with the increase of national income, aggregate production and employment, the trend of increasing economic volatility in developing economies has also been observed. Considering all this, it can be noted that the topic of the article is quite relevant. In the article, the negative impact of the pandemic on the economy of the world, as well as Azerbaijan, is examined in a broad aspect, and the methods of eliminating the damage caused by it are determined.