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The impact of the derived economic crisis of COVID-19 in the working models. Challenges and pending reforms

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2021
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info:eu-repo/semantics/closedAccess
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Central and Eastern European Online Library
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The pandemic has caused a great impact on economies around the world to which it has been very difficult to react with some serenity and reflection. The political decisions adopted, apparently based on health recommendations, have generated far-reaching economic effects that have yet to be quantified and have required adaptations in record time to the prevailing forms of work in both the public and private sectors. One of the fundamental differences compared to previous crises such as that of 2007-13 is that the causes of the Covid- 19 crisis are known, although its consequences have not yet been accurately determined. This differential feature has the advantage that it allows governments to adopt measures to remedy it and to try to be prepared for what may come in the immediate future. This not only from the health point of view, which is obvious, but from the economic and labor market perspective too. In practical terms, if the lesson is assimilated and what has been learned is put into practice, it will be possible to avoid making the same mistakes to solve a similar situacion. This should be the message to try to temper both the sanitary and economic effects of the second wave of the pandemic, in whose frontispiece we seem to find ourselves. Although the 2008 crisis already revealed extraordinary weaknesses in the Spanish economy, its very strong dependence on construction (the so called the real estate boom) and the fragility of job stability in this "drag" sector of the economy, it has again been the real estate sector one of the most affected by the 2019 crisis. We have learned little and, what is worse, few adjustments have been made in the Spanish production model since then. The same can be preached about tourism. Spain has been for decades a power in this sense, competing for the top positions in the world ranking with countries such as France or the United States. It is true that the previous crisis also seriously harmed this sector, but far from modernizing and restructuring its production model, our country has lived off the income derived from the political instability of other rival states that have seen their potential visitors heading towards our territory as a consequence of the instability of their political regimes as a result of the so-called “Arab Spring”. What no one can deny is that we are facing an economic and labor crisis of which we still do not know the consequences and the duration. This is one of the first differences with respect to what happened a little over 10 years ago when certain imbalances could be visualized based mainly on an excess of debt -both public and private- mainly due to uncontrolled domestic demand, especially in Spain, but which no one was able to predict exactly. To try to clarify some of these issues in order to design future strategies for economic recovery, the following is a set of data provided by official sources and private organizations trying to measure the effects of the pandemic on economic aggregates and the labor market, as well as some personal reflections on the changes experienced in the economic model and those that are expected to occur, as a result of labor market adjustments, in the most immediate future.
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Covid-19 economic crisis, New forms of work, changes in the production model, strategies to face the crisis
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Facultad de Derecho
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Economía Aplicada y Gestión Pública
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