Authors
Igor Britchenko
State Higher Vocational School Memorial of Prof. Stanislaw Tarnowski In Tarnobrzeg
Maksym Bezpartochnyi
National Aerospace University Named After N. Zhukovsky “Kharkiv Aviation Institute”
Abstract
Before pandemic the world economy had a pre-crisis situation which was characterized by unprecedented imbalances in the global financial and economic system, the lack of growth in world GDP, which posed a real threat to the world economic order. Almost all global analysts predicted a global economic crisis at the end of 2019. For the first time since time immemorial, bank interest rates in all countries have dropped to unprecedented low levels. Often interest rates were 0% or even negative. The EU’s financial system has been so disfigured by the VAT tax that fraud with this tax has reached a scale far exceeding hundreds of billions EUR and in fact got out of control of the authorities.
Keywords world economic  economic system  financial system  global economic crisis  labor value  pandemic economic
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