Some economists say that we are getting closer to the times, when economic recession takes place. Following the definition from Wikipedia, recession is a business cycle contraction when there is a general decline in economic activity. This means it is not a surprise that it will happen. The question is are we are able to predict it?
Let me introduce you a video that will get you into the topic of economic recession which will tell you what causes it.
No one is able to tell the exact day when the recession will hit us, but having the basic knowledge from this video may be a good starting point for predictions.
1. How close are we, in your opinion, to the moment of a recession?
2. Do you think that SARS-CoV-2 virus is going to influence the economy for long?
3. Are you following the news related to the economy?
1. How close are we, in your opinion, to the moment of a recession?
2. Do you think that SARS-CoV-2 virus is going to influence the economy for long?
3. Are you following the news related to the economy?
Comments
Of course, I follow all news related to economics, because the current time is a very dynamic period on the global stock exchanges. All you need is some news related to the fact that a given company has found a coronavirus vaccine and the company's shares are soaring. It's easy to earn some extra money, but it's still easy to lose money. Although we are in a dramatic period, big fish continue to bite:
https://wiadomosci.gazeta.pl/wiadomosci/7,173952,25810933,newsweek-wlasciciel-reserved-wykupil-z-rynku-maski-ochronne.html
How close are we, in your opinion, to the moment of a recession?
I think we are very close because of the current situation that's goona seems to last next few months. It is very interesting to watch such things as they are not happening quite often.
Do you think that SARS-CoV-2 virus is going to influence the economy for long?
Definitely. In my opinion we should prepare for the globar crisis that didn't happened for over 100 years. Things that happen in economy are already a days to remember in history and it is just a beggining.
Are you following the news related to the economy?
A little bit. I am watching stock prices, cryptocurrencies values and follow news about decisions made by companies to prevent their crises.
When it comes to cryptocurrencies, I think there is a big potential for earning. Of course, I don't know if they will drop or go high now, but in such moments cryptocurrencies rates are very dynamic.
2. Yes, I think it will have a significant impact on the global economy. Many people will lose their jobs, small businesses will go bankrupt, medium and large enterprises will suffer losses. GDP forecasts range from -5 to + 5% in Poland. First time since 1986. China will not record economic growth. It is difficult to predict how long we will feel the economic effects of the pandemic.
3. I usually don't follow this kind of message. But in the current situation I watch the US and Polish financial markets. In addition, I check oil, gold and dollar prices.
2. Yes, sure, because the current condition of the economy is too weak to handle that kind of threat. Normally, without any catastrophes it is barely moving forward, so the global epidemic can knock it out. I am curious if people will still vote for the same people after they realise that they won’t get any help from the state they are paying tremendous amounts of money every day. I’m afraid I know the answer…
3. Sometimes I read articles about it, but I don’t follow the news very frequently, which is bad, because we should be conscious about the situation every time.
3. I've started to. Unfortunately, they confirmed what I was thinking.
Months perhaps, maybe little more. It depends on the overall situation in the society. But when it comes we are going to have te worst time we can propably imagine right now.
2. Do you think that SARS-CoV-2 virus is going to influence the economy for long?
Yes, from the data we have right I can imagine the quarantine will last till July perhaps so yes the economy may fall in some sectors dramatically.
3. Are you following the news related to the economy?
Some of them I follow mostly the pandemic specific news but economy more than often comes with it.
1. I think we are very close to recession because of the coronavirus. I believe that in the next few weeks or months there will be an economic collapse.
2. Definitely yes, coronavirus will hit our economy because we are a country with an underdeveloped economy. Maybe on vacation.
3. Honestly, I don't really follow the news about the Polish and world economy because I don't have time to read. I'm just up to date with the latest and most important news
2) I am worried the virus will be wrecking the world’s economy for many months.
3) I try to don’t read anything about Coronavirus, but my curiosity makes me do it anyway.
I think this is impossible to predict. As long as coronavirus is a threat consumption will be worst than normal.
2. Do you think that SARS-CoV-2 virus is going to influence the economy for long?
In my opinion it will take a long time until everything will go back to previous situation. For example oil extraction right now is bigger than current needs.
3. Are you following the news related to the economy?
In last days i am trying to follow some news because i want invest some money. I am not an expert yet but i am still learning what is the best.
The economy is bound to suffer greatly. There are already a lot of unemployed. Owners of 55% of companies already assess the effects of the virus as very serious. The smaller the company, the worse the situation is. Among micro companies (up to 9 employees), 63% of companies are in a very serious situation. The situation of the companies is very difficult and the speed of launching the instruments of assistance for enterprises will depend on what decisions the business will make.
All the help should go to the companies. For two reasons:
- there will be companies, there will be work for people, tax revenue and the economy will slowly recover
- if we give money to people and there are no companies and goods (supply), everything will go up in inflation (companies that survive will raise prices due to lack of competition and strong demand)
2. Do you think that SARS-CoV-2 virus is going to influence the economy for long?
In 2008 the bubble simply burst, now we were heading for the crash anyway, but the coronavirus accelerated it and deepened it considerably. Then companies could work without problems. Now at the beginning many one-man businesses do not work because they are closed. The factories are closed, there are interruptions in the supply chain, all subcontractors of large companies that have become insolvent will also collapse. We'll either get together for 10 years, or the Chinese will buy us out.
3:Yes
1.
It's hard to tell right now there were some news last year that 2020 would bring the start of recession, but it's all supposition. In my personal opinion there won't be any major recession in the near future.
2.
It could do some changes economy. Some industries will be affected more by it (travel) for example), while others not so much. I think that when the panic subsides it will return to normalcy.
3.
I'm not interested in economy, so don't watch news related to it.
I think the recession is coming soon, you see, as the flow of goods, services and people is facing more and more restrictions, the global economic recession caused by the SARS-CoV-2 is getting closer and closer to us. Moreover over the past half month, Trump has announced plans to suspend European travel to the United States for 30 days, the Italian government has ordered almost all shops to close and India has suspended most visas, Twitter requires employees to work from home and the US NBA has suspended games this season.
2. Do you think that SARS-CoV-2 virus is going to influence the economy for long?
Yes, I think so as my answered to the last question, although every country is trying hard to curb the spread of the SARS-CoV-2, every quarantined city, cancelled flights, sports events and conferences will impact global demand this quarter and beyond, consumers are eager to hoard necessities at first, and then there may be months of consumer restraint.
3. Are you following the news related to the economy?
To be honest, I am not that much into economy, but I follow the important ones sometimes.
2. I think that if it’s going to end soon it’s going to have little impact, but if it’s going to last longer the bigger influence is going to be. Also this is a life cycle that there’s going to be some crisis, it comes, you have to survive it and after everything comes back to normal.
3. No I am not following news related to economy on daily basis but things with big importance comes to my ear.
Given that, according to the simplest definition, it is an economic slowdown occurring in the next two quarters, it seems that we are close. On the other hand, two quarters are 6 months, half a year. Anything can happen!
2. Do you think that SARS-CoV-2 virus is going to influence the economy for long?
This will be able to tell after the publication of the first quarterly or semi-annual balance sheets. However, I personally think that it will strongly influence the economy of our country and for a longer period of time. I expect a minimum of 2-3 years.
3. Are you following the news related to the economy?
Of course I follow. At some point in life, it's difficult to make decisions without economic news. You need to know when, for what and what credit to take. Today, it's hard for a "normal person" to live without credit for an apartment or house. Economic information is needed for this.
Do you think that SARS-CoV-2 virus is going to influence the economy for long?
I suppose this pandemic influenced the economies of many countries like nothing else and it will take around 1 year for the recovery to take place. I am not an expert at least it is something I heard from news.
Are you following the news related to the economy?
In this difficult period of time I believe everyone needs to follow the news and not only economic of course as this virus affected many spheres of our lives. Every day people expect that the quarantine won`t be prolonged, in my country we were told that it would last until 3.04 and now it is prolonged until the end of April, which is tragic for many people, who lost their job and don`t have means for survival, no income and consequently are not secured now.
I got off the subject a bit, just a cry from the heart.
I'm not an expert on the subject, so I can't predict this but from what I understood from the video, if the current situation with coronavirus keeps affecting business. It's a matter of weeks.
2. Do you think that SARS-CoV-2 virus is going to influence the economy for long?
I think we still have more than 6 months fighting this virus, and as long as we focused on fighting it the economy will continue to be affected, for me, it’s already been a long time and cases are still increasing.
3. Are you following the news related to the economy?
I believe we should focus on stopping the virus and deal with the economy later. So, No I don't.
1. How close are we, in your opinion, to the moment of a recession?
Recession has strict timeframe definition and we would need to continue bear market for couple for months.
2. Do you think that SARS-CoV-2 virus is going to influence the economy for long?
In my honest opinion we will be climbing back to starting point for at least as long as we will be in bear market.
3. Are you following the news related to the economy?
I am. I'm actively investing money on the market so I'm directly affected by current economic dynamics
I think that we are right before recession. It was too many years living in a bubble.
2. Do you think that SARS-CoV-2 virus is going to influence the economy for long?
Yes, i believe that it is making and will make huge impact, not nececerrly bad. Becouse now every country started its race of digitalization of every life aspect.
3. Are you following the news related to the economy?
Yes, it's one of my daily tasks in my schedule. I am following newspapers like Reuters, Business Insider and Forbes
My economic knowledge is very limited but in my opinion we are closer to an recession than we have been for many years. Our current pandemic which took everybody by storm will surely do it's part.
2. Do you think that SARS-CoV-2 virus is going to influence the economy for long?
I hope not. I guess that while we are still trying to fight this epidemic and the fight is far from done we can't tell for sure how long the effects of this virus can make our economic situation worse. I hope and I think that this can be possible, that the problems caused be Covid19 might be cured very early after the epidemic is dealt with.
3. Are you following the news related to the economy?
Unfortunately - no. I do it much more often than I did even few months back but I still can't say that I am following those news "properly". There is much more for me to learn to fully understand what is happening right now and how can it afect our lifes.
I think we are very close to the economic recession. I don't know if it's even happening now. Unfortunately, this is a lot of problem and will be
had effects for many years.
2. Do you think that SARS-CoV-2 virus is going to influence the economy for long?
It is difficult to say, but the economy will fall partly. At the moment, many companies already have financial problems. In the company he works for
we already have a big crisis :(
3. Are you following the news related to the economy?
I don't follow this information so often but sometimes I read about economics in the country and the world.
2. Of course. Even slight changes around the world may have impact on economy in long terms, so the more pandemic that happens everywhere. There might even be big reshuffle in superpower nations. US isn't as prepared for crisis as people might think and may lose its long reign of supremacy in favor of China, most of EU countries will take big hits as well. In our backyard so far only Germany seems to be candidate for benefactor of those changes, as they are going to pump lots of funds into saving economy. I wish our government did the same, but unfortunately with populistic-socialist left wing parties there's even no point in having hope for such solutions.
3. Not specially, but if I see something interesting to read I do so.
I think we are very close of a recession. The coronavirus pandemic has caused many companies to cease production. People don’t go shopping, eat in restaurant or travel to another countries. Many companies are one step to close their business. People lose their jobs. Small companies are in a bad shape.
2. Do you think that SARS-CoV-2 virus is going to influence the economy for long?
It is difficult to answer this question. I think its depends on when the pandemic will end. For today many governments of many countries trying to help companies to survive. The virus cause many problems. People work in home or don’t work. If the virus is not defeated soon, I think it will have a long-term effect on the economy.
3. Are you following the news related to the economy?
No, I don’t. For me economy is boring and I am not interested in this thema. I know it's important for our life but I think media such as radio will say when we need to worry.
Take a look at Infopiguła project on Facebook, maybe you will find it interesting.
2.Yes, in my opinion it will and maybe even it has already changed our economy irrevocably. It is the first time when people from around world have to struggle with that situation.The economies of many countries will suffer greatly, incur huge costs and have an impact on people.
3. I am not much interested in information about the economy, but I know what is happening in the world and in the country around me.The virus situation has certainly contributed in some way to my interest in following this topic.
Well, in February we had a situation when the indexes dropped to the level from last year’s summer/autumn. I think it’s a matter of time. Given that countries are at different levels of virus’ spread, it might collapse sooner or later.
2. Do you think that SARS-CoV-2 virus is going to influence the economy for long?
Looking at the numbers how many people already have lost their jobs and how many companies are at the verge of collapsing, I think so. Yes, countries are implementing solutions for crisis management but it’s not that we’re going to jump back up. The virus’ first wave is said to slow down somewhere in May but there is probably a second one coming in autumn/winter seasons. It’s unknown how long it’s going to take its toll but as long it’s here, it’s going to have a big impact on the overall economy.
3. Are you following the news related to the economy?
Yes, I do. I read some blogs as well.
I think we are very close, it will start in the next months in my opinion. Now we can do nothing about it to lengthen this process. Coronavirus has a huge impact on it. The economy of countries will have a huge loss.
2. Do you think that SARS-CoV-2 virus is going to influence the economy for long?
Of course it will. He already changed it and he will do much more. Moreover I hope that the influence will be not as dangerous as I think it will be. In the worst situation it will be the poorest countries, because they don’t have such a good local economy.
3. Are you following the news related to the economy?
It depends in my situation of the topic. If there is something interesting for me I am following this, if not I do not.
2.I think the Coronavirus will change the economy pretty drastically. I looked into stock market and it is going crazy. Prices of different currencies are changing so much everyday, it's very interesting to observe. I think a lot of countries, especially some european ones that the virus hit the most, will be in crisis for a long time. All the jobs that people have lost will be hard to gain back. Unemployment levels will skyrocket.
3.I do follow the news about economy. I even started thinking about learning a little bit more about it - some basic and more advanced stuff :)
I'm not an economists and I don't even have such a knowledge to make a guess about it. But recently my interests in finances raised and forcingly I've seen some assumptions beeing made by people who knows something more about it, that the situation is getting worse day by day and the more time it takes to keep everything closed the bigger consequences it will have on a period of time we will live in a economical recession.
I do, but I've started beeing interested in this topic not so long ago. Just at the beginging of the year I think. So I'm a newbie in the world of economy and finances, but I've already learned some basic concepts.
2. I don't have a degree in economy. Currently the market is in trouble not because of novel virus but rather because of panic created by the disease. Imagine if we won't be able to shut down the virus fast enough and it will start to impact shareholders physically. Now in such case it will be probably a complete reshuffle on the markets. I personally think that after all this crisis people will really be interested in investing into environment-friendly stuff.
3. Not really, I read news if they catch my eye. I also check the stock prices and exchange rates. But the biggest source of economy news are coming from my girlfriend who studies at Kozminsky.
As far as I understood from the conclusion of economic experts, we are one step away from the economic recession. Today, all the factors that influence the development of the economy, not only in Europe but also around the world, are in standby mode. Production is suspended, floating exchange rates and the price of oil, which is falling every day, all this negatively affects the financial performance of companies and, as a result, the economic performance of countries. In addition, there are problems with air traffic all over the world, the result is that the tourism industry in many countries, which brought huge income, is now frozen.
2. Do you think that SARS-CoV-2 virus is going to influence the economy for long?
I think that all this will last at least a couple more months, until the situation around the world is stabilized. And of course, the consequences of the recession and other residual phenomena after the virus will also be noticeable. Maybe this will help the world community to unite and join forces to fight common problems. Therefore, we hope that soon the current virus pandemic will stop and everyone will again feel like they are residents of the developing 21st century.
3. Are you following the news related to the economy?
Yes, of course. In connection with the events that take place around the world, I follow not only the news that takes place in my country, but also the world news from various fields, including economic news. So much is happening all over the world and it seems to me that this will allow people to become more literate and erudite in many areas. But it is better to get knowledge in other conditions, just to prevent such a phenomenon, but not when we are fighting these phenomena.
2. Yes i do, until the vaccine will be made available, which may take more over a year, most people will be buying only the things they are in need of. This will lead to an economic crisis in some sectors of economy.
3. Not really, it's not something I'm interested in, although from time to time a will read an article or two about the topic.
1. A better question is- when we would realize, that real recession has started. For over the years the USA was printing additional dollars that pushed other countries to do the same with their currencies. Now we can see, each countries economies, one by one started to slow down China, Germany, USA, Japan)
2. Yes. The impact of this virus would harm world economies for more than a year. Unfortunately, we observe that many democratic governments haven’t done their homework from 2008 (global economic crisis), and from 2002 (SARS), so many companies are going into trouble right now.
3. Yes, I’m up to date with the global micro and macroeconomy.
2. I hope not but it is very likely. People stopped working, businesses are gonna get closed because they will go bankrupt. If we won't find a solution soon it will be a disaster for countries economies.
3. Yes, I do. I think it is important to know what is happening around you and stuff like economy, politics affect us.
2. In my opinion It can take a months to get rid of this virus. And if this will happen many country will suffer for double time.
3. Sometimes I watch some news, but I'm not keen on financial things and I don't understend them really often. I rather prefer to watch news about politics and current situation at the world.
2. SARS-COV-2 can very easily influence the economy for as long as people don't listen and go outside to spread it.
3. Not particularly, however I do follow economic news pertaining to IT.
I think the recession is starting now. We can see it already on Polish stock exchange. Main indices dropped vastly in previous days.
2. Do you think that SARS-CoV-2 virus is going to influence the economy for long?
I think there will be changes lasting for long as a consequence of this pandemic.
3. Are you following the news related to the economy?
I'm trying to, I'm listening to Trójka and sometimes TOK FM economic programs. Sometimes I also read economic news in Rzeczpospolita newspaper.
People are losing their jobs in this very moment. Right now in Poland there is almost one milion people who lost their jobs.
2. Do you think that SARS-CoV-2 virus is going to influence the economy for long?
There will be some changes I think.
Like always – where someone loses another wins.
3. Are you following the news related to the economy?
Yes I am following news about stock exchange mostly.
2. Yes, I do not think that this affected in the first place, but it became one of the future reasons, but I think it will end quickly.
3. Yes, I often follow the news and economic as well.
It's very easy to be wise when one it's already happening. Hopefully, it wouldn't last too long.
2. Do you think that the SARS-CoV-2 virus is going to influence the economy for long?
I think it's very hard to predict how long the economy would be under the influence of the current crisis. To some degree - it would be changed forever - this crisis is boosting the process of work automatization. If we are talking about the negative effects I would try to guess - but a couple of months in the optimistic scenario.
3. Are you following the news related to the economy?
Yes, especially in those hard times.
For the first time in 25 years, we have a recession in Poland, the COVID pandemic hit us really hard, and I believe that it will be much worse.
2. Do you think that SARS-CoV-2 virus is going to influence the economy for long?
I think that SARS-CoV-2 virus has just pushed us into a recession that was coming for us since the last financial crisis in 2008, that crisis was the first one in history in which any measures weren't taken to assure it wouldn't happen again. It was long coming and the pandemic has just expedited the process.
3. Are you following the news related to the economy?
Yes, I try to be up to date with financial news.