Why Has COVID- 19 Affected The Economies Of The World Differently?

Why has COVID- 19 affected the economies of the world differently?

First and foremost, one of the main reason is different spread of the pandemic. The harder the virus hit the country, the stricter the operating restrictions imposed by the states. All this affected the economies of all countries. Citizens 'and businesses' expectations of the future are one of the main factors determining the direction of the economy. At a time when everyone is in ignorance, saving and postponing purchases and investments, people's incomes are falling and the economy is falling into even greater ignorance.

Second reason are the measures chosen by states to combat a pandemic. Some countries chose for strict quarantines and hoped to concentrate health and economic crises in the short term. Other countries, such as Sweden, have opted for a softer strategy. For example: Lithuania has taken very strict measures to contain the pandemic already in the first wave, when the number of cases has certainly not been high, and they are doing the same at the moment, when the numbers are rising, but they are trying to contain the corona virus in the following ways: closed learning establishments, only shops and libraries are working, protective masks are required everywhere.