COVID-19 and the Growth of Social-Democratic Capitalism

According to the information dated November 4, 2020, there are more than 47 million infection cases and more than 1 million deaths worldwide. For Azerbaijan these figures were published as 57,000 infection and 753 death cases.[1]

Two scenarios are implemented on economic impact of COVID-19 pandemic. Under the best-case scenario, defined as a two-month travel prohibition and a sharp drop in domestic demand, the global Gross Domestic Product (GDP) is expected to lose about 76.7 billion (-0.54%) US dollars. Under the worse-case scenario defined as six-month travel prohibition, the global GDP is expected to lose about 346.98 billion (-2.43%) US dollars (Duffin, 2020). And this case is characterized by the International Monetary Fund (IMF) as greater than the slowdown during the financial crisis in 2008 (IMF, 2020).

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