Formalization the assessment process of the Covid-19 impact on the competitive markets and economies

Abstract

The article describes the influence of COVID-19 on different economic parameters such as FDI flows, unemployment, global partnership. It covers changes in the stock market, electronics, IT sphere, and industrial area. The main industrial results are shown through aircraft products, commodities sector, steel sector, car manufacture. The analysis of the impact of COVID-19 on economies proposed to be done via competitive markets. Since it has different degrees of depth and scale of research and, unfortunately, there is no approach that analyzes all aspects of the economy or market simultaneously, authors proposed their own approach. The proposals are based on integrated and systematic approaches with an economic analysis of the impact of coronavirus on a competitive market. It is a complex model since market conditions are very unstable and depend on numerous factors of internal and external influence, hence it should cover all aspects of market activities. The method is composed of proposed basic principles of formalizing the process of assessment. These principles build on the potential to contribute to finding solutions to problems caused by negative impact of the COVID-19 on markets and consequently on economies.