Non-Changing Patterns with the Covid-19 Epidemic: Re-Examining the Relationships and Business Conducting Structures through Globalization Process from the Perspective of Accounting and Finance

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Akman V., Kızıl C.

International Asian Congress on Contemporary Sciences - IV, Baku, Azerbaijan, 26 - 28 June 2020, pp.188-192

  • Publication Type: Conference Paper / Full Text
  • City: Baku
  • Country: Azerbaijan
  • Page Numbers: pp.188-192


The Covid-19 epidemic has affected the World tremendously, not only in the health manner, but also in the economical manner. Several authorities believe and argue that, economic affects of the Covid-19 epidemic is more severe than the economic depression of 1929. Definitely, all countries across the continents have taken different measures and actions in order to lower the negative health and economical impacts of the Covid-19 epidemic. However, the Covid-19 epidemic has shown us that, consuming behaviors of societies possess a great danger for the future. It is observed that, undeveloped and developing countries are still consumers, not producers. In others words, the Covid-19 epidemic reflected the mentioned reality to undeveloped and developing countries. Moreover, the Covid-19 epidemic has shown that, more and more people will get unemployed in the coming years. The reason is that, workforce required to provide goods and serviced demanded by the wealthy population will decrease. Besides, the cost saving pressure because of global competition, economic crises and Covid-19 epidemic will also trigger further unemployment. Furthermore, it is ironic that governments all over the World have preferred economic activities and boom instead of health while unemployment rates still go up. The Covid19 epidemic has also proved that, liqudity and keeping reserves are ciritically important for any business from an accounting and finance perspective.