Unemployment Problem and Global Financing Related to COVID-19 Epidemic

International Asian Congress on Contemporary Sciences-IV 2021

5 Pages Posted: 11 Aug 2021

See all articles by Vedat Akman

Vedat Akman

Beykent University

Cevdet Kizil

Istanbul Medeniyet University

Date Written: August 4, 2021

Abstract

The COVID-19 epidemic has caused a serious economic fluctuation in the World. One of the leading reasons behind this great impact is the lack of an evident authority concerned with the management of global economy. That has caused the already existing unemployment problem reaching to new critical levels. COVID-19 has also created a perception that, local governments will get stronger following the epidemic. However, almost all governments in the World are currently dealing with the unemployment problem that has become more severe. Definitely, it seems that all governments have their own methods to deal with the growing unemployment issue triggered by COVID-19 epidemic. This paper argues that, passive methods to eliminate the unemployment problem through COVID-19 epidemic such as incentives, benefits, aids and unemployment insurance are not completely correct techniques. The reason is that, we believe such methods bring a great burden on national budgets and they are also temporary short-term solutions. This study puts forward that, active methods aimed at the long-run should be implemented in order to solve the unemployment problem permanently. Also, efficiency based wage rise policies must be adopted for the welfare of economy, employees and employers. Absolutely, the COVID-19 epidemic has proved us that, healthy and safe working environments are a must for the employees. In fact, this factor is expected to become more important in the post-COVID-19 era.

Keywords: COVID-19, Accounting, Finance, Economy, Unemployment

JEL Classification: I150, M41, G010

Suggested Citation

Akman, Vedat and Kizil, Cevdet, Unemployment Problem and Global Financing Related to COVID-19 Epidemic (August 4, 2021). International Asian Congress on Contemporary Sciences-IV 2021, Available at SSRN: https://ssrn.com/abstract=3899336 or http://dx.doi.org/10.2139/ssrn.3899336

Vedat Akman

Beykent University ( email )

Buyukcekmece
Istanbul, 34900
Turkey

Cevdet Kizil (Contact Author)

Istanbul Medeniyet University ( email )

D-100 Karayolu
Merdivenkoy Mevkii No:6/1 Goztepe/Kadıkoy
Istanbul
Turkey

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