HYPERION ECONOMIC JOURNAL

Hyperion University of Bucharest
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HYPERION ECONOMIC JOURNAL

January 2023
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The Impact of the COVID-19 Pandemic and the Evolution of the Financial Field in an Uncertain Economy

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Authors:
  • Alexandra – Andreea Bratu, Ph.D. Student, Affiliation: Valahia University of Targoviste, Romania
Pages:  29 : 36
Abstract:

In the following pages I have carried out research on the challenges of the new decade in the field of financial services. During the research I discussed about the impact of the Coronavirus Pandemic in the previous year, which was the response of the financial field in front of the crisis, but also what measures and changes were implemented. The motivation for choosing this topic is due to the current economic context. The incidence of the Coronavirus Pandemic has had a major impact on Romania, by triggering the double crisis, the health and economic crisis, thus demonstrating the degree of importance of digitization, the concrete proof coming from companies that have invested in lawsuits and had a greater degree of resistance in front of the Coronavirus Pandemic. Due to the current context, digitalization and information technology have registered an accelerated growth, so that the economic field has had to turn to new innovative systems, to make investments in database development and process technology. These investments are necessary because in the field of financial services, data are the basis of decision-making processes and directly influence any decision on the allocation of the budget. The main results obtained during the study were based on concrete information from specialized studies carried out by institutions representing the financial field. During this study we analyzed the process of digitalization, what essential points it has pursued, what practices it has adopted, the extent to which it has been influenced by the European Commission, the level at which it was located on the territory of Romania compared to the other Member States of the European Union and the advantages and opportunities it has offered to the collapsing economy due to the Covid-19 Epidemic launched in Romania in 2020.

JEL classification:  G2, N2, M2

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