Global Economic Consequences And Possible Solutions To COVID-19

Abstract

The purpose of the study is to determine the impact of the self-isolation regime due to the pandemic on the world economy and the economies of economically developed and developing countries, as well as the prospects for the development of GMO technologies and human wastes into biogas and electricity to obtain positive effects in the socio-economic and environmental spheres of society. Countries can use а new polices and new technologies such as (Genetically Modified Crops, Animals Cloning and Turning the human wastes into biogas and electricity) that can help us to face and overcome this recession and increase the GDP in a short time. Research methods include: historical approach to the object of research, methods of quantitative statistical analysis. Conclusions and results of the study include: comparison of the economic situation under the influence of coronavirus in Russia and Egypt showed the similarity of problems due to the similar structure of the economy, the high role of the state in solving crisis economic situations; to ensure the availability of food products in the conditions of constantly decreasing consumer solvency of the majority of the world’s population with low and middle income, the authors presented the achievements and advantages of GMO products in crop and livestock production and – the authors justify a set of measures to implement the policy of support and development of the production of GMO goods and services at the global and national level and human wastes into biogas and electricity.