COVID-19 has emerged as a profound global crisis with long-term implications for countries, international structures, companies, and societies. Some even compare the implications of the pandemic to World War II. In only nine months, the life we used to live has certainly changed dramatically, and we are now talking about a “new normal.” The pandemic-induced economic recession and rise in unemployment have undermined countries’ vital interests, while the virus itself has exposed existing crisis-management methods in many countries as dysfunctional. All states have all felt the pandemic’s negative consequences, regardless of their position in the international system. For this reason, the pandemic has made political structures fragile, isolated individual states, and rendered conventional decision-making mechanisms redundant. Thus, there is an imperative for states to embrace new methods of decision-making that emphasize public health.
At the beginning of the crisis, the World Labor Organization announced that 30 million people had lost their jobs worldwide in the first quarter of 2020. This figure reached 195 million in the second quarter. Compared to the 25 million people who lost their jobs in the 2009 global economic crisis, the extent of the pandemic’s damage is colossal. The entertainment sector was hit the worst, as artistic events such as concerts and theaters as well as sporting events were suspended. During the summer, we saw limited openings in this sector, but by the fall, they were suspended again. The transportation sector was also hit hard by the pandemic. International and national travel were interrupted, and governments closed their borders temporarily. Many airline companies went bankrupt. Land, air, sea, and rail transport collectively saw a 50% reduction in the number of passengers. Accordingly, the tourism sector was decimated. Meanwhile, schools started distance education, and academic activities such as large-scale conferences were cancelled. The manufacturing sector, on the other hand, faced severe challenges after the period of interruption, and the automotive industry was one of the most affected, with an endemic imbalance between supply and demand. Thus, demand for second-hand cars soared.
