COVID-19 effects in public finance and impact development

COVID 19 EFFECTS IN PUBLIC FINANCE AND IMPACT DEVELOPMENT The COVID-19 pandemic is the biggest challenge of our time. What started as a public health emergency has turned into the deepest global recession since the Great Depression. The magnitude of the crisis threatens all that has been achieved in sustainable development over the past five years and much of the development progress achieved under the previous Millennium Development Goals. While the pandemic affects us all, it doesn't affect us equally. The crisis has highlighted and deepened existing inequalities between and within countries. It's s had its most adverse impact on countries and groups currently at highest risk of developmental delay. The crisis is also affecting megatrends in different ways. For example, the growth of online work due to imposed restrictions has accelerated the digitization of the economy and spurred more technological innovation. But not all work can be done online, and access to high-speed Internet is very different. This means that the COVID-19 crisis is exacerbating the digital divide and inequality. On the positive side, economic activity has decreased and with it, greenhouse gas emissions, air and water pollution have decreased. The status of biodiversity has improved. However, these gains may be short-lived if nature and climate are not the focus of the economic recovery. However devastating the crisis may be, it is also a tremendous opportunity to rethink, rebuild "better than it is" our institutions, our economic and social structures, our behavior and many of our activities in order to reorient them decisively towards sustainable development. Many governments have taken bold and resourceful steps and large-scale interventions in responding to the crisis. This may bode well for a way out of the crisis, but this way out should not just be a return to what we had before. Keywords: Pandemic, COVID 19, economy, modern era, crisis