Circular Economy - The Way to Survive in a Post-pandemic Situation

Abstract

The crisis caused by coronavirus has hit the world economy and business sector particularly hard. The recovery process after this crisis will not be easy. The circular economy has become one of the most crucial discussion topics globally. It can help countries overcome the emerging economic problem caused by the coronavirus pandemic. The circular economy is a production and consumption model which involves sharing,leasing, reusing, repairing, refurbishing and recycling existing materials and products for as long as possible, thus extending the lifecycle of products. According to preliminary estimates, the circular economy could create 700,000 jobs in the EU by 2030 and increase GDP by billions of dollars. In order to implement the circular economy, the joint involvement of the private and public sectors is vital to achieving a positive synergistic effect. This paper discusses why the circular economy is essential because it is facing global climate change and what steps should be implemented. At the same time, it can create the opportunity for rapid economic recovery in the post-crisis period. Additionally, how can this approach contribute to economic recovery and business revival in a post-pandemic situation, and what role do political decision-makers play in implementing the circular economy.