Financial and business news from Bulgaria

How will the world meet the non-medical side of the pandemic?

“Coronavirus kills the world economy much faster than it kills the infected sick. This fact spreads to every corner of the world. Many more small and family enterprises will financially perish rather than physically. This type of damage will be longer term than a pandemic.”
This was stated on the air of “Plus-Minus.The comment after the news” former Deputy Minister of Foreign Affairs Milen Keremedchiev.

“Everything that is related to economic processes is derived from the coronavirus. This is the oil war between Russia and Saudi Arabia. 20% was the decline in oil consumption by China — one of the largest consumers of oil from the Gulf states.

China currently ranks 14 for transported passengers around the world. This hit the oil trade and led to disagreements between Russia and Saudi Arabia, "Keremedchiev said.

He explained that the European Union must allocate funds to fight the dangerous contagion.

“Europeans respond subsequently. We did not do five years to strengthen the EU's external borders, and when the migrant crisis erupted, we thought to spend money rebuilding border crossings.

In Italy, banks began to give credit relief because people have to breathe and financially”, Keremedchiev said.

In his words, what is happening in Italy will have an impact on the Eurozone.

“Italy is suffering badly and the recovery of the Italian economy will suffer a major crisis. The Lombardy region has serious economic potential. After all, Italy is the third largest economy in the EU.

What happens in it will have an impact on the decision of the budget,” the former Deputy Minister of Foreign Affairs added.