This chapter analyzes the impact of the coronavirus COVID-19 on the
world economy and international business with special emphasis on its
consequences for the European Union (EU). Over the last half a century,
the humanity has perpetually experienced one major economic crisis per
decade. Thus, oil crises slowed down the world economic growth in the
1970s and 1980s. COVID-19 has closed borders, stopped international
tourism, and in most countries, reduced drastically domestic travel.
High unemployment rates, especially among socially mobile young people,
combined with the mental malaise caused by the COVID-19 pandemic would
inevitably build social pressures, increase the support of extremist
movements and might consequently cause riots. Predicting the permanent
legacy of the pandemic is in fact difficult because of the enormous
uncertainty. Hopefully, the COVID-19 pandemic would help us understand
that all countries are interdependent on each other and that no nation
can base its operations on its own goals only.