An Overview of The Macro 21st Century Crises That Affected Economies Globally

Abstract

This review article explains the causes, implications and policy responses globally and in the Republic of Kosovo of the five crises of the 21st century. Three out of five crises included in this paper (financial crisis, debt crisis and inflation) had happened before the 21st century as well, so they are repeated, but the other two (energy crisis and COVID-19 crisis) are specific, especially the COVID-19 crisis because of the lockdown measures that have been undertaken globally. Indeed, throughout the history of human beings, it is impossible to find another crisis (apart from COVID-19) that forced the whole world to go into lockdown. This global lockdown, respectively, this global crisis known as COVID-19 has been a tremendous challenge to countries all over the world, because it caused many macroeconomic, social and financial consequences globally, which consequences and implications are interconnected with other crises such as inflation and maybe energy crisis, too. Data of this paper are secondary, i.e. they are collected from academic articles, books, websites and other relevant open sources.