The effects of the crisis and fiscal policy measures

Gospodarstvo tijekom vremena prolazi kroz faze ciklusa. Većinu se vremena gospodarstvo nalazi na rastućoj putanji, međutim s vremena na vrijeme dolazi da pada gospodarske aktivnosti koje se naziva ekonomska kriza ili recesija. Glavni makroekonomski pokazatelj ekonomske krize je BDP koji mora biti negativan dva uzastopna kvartala. Ekonomska se kriza zbog smanjenje ekonomske aktivnosti najčešće manifestira i na povećanju deficita država zbog smanjenja prihoda iz poreza, povećanju nezaposlenosti, ali i promjenama u inflaciji. Nacionalna se gospodarstva s recesijom bore fiskalnom i monetarnom politikom. U ovom radu analiziraju se zadnje dvije ekonomske krize, koje su učinke imale na gospodarstva pojedinih država i koje su mjere (primarno fiskalne) korištene kako bi se te recesije prebrodile što uspješnije. Prva ekonomska kriza analizirana u radu je svjetska financijska kriza nastala 2008. godine u Sjedinjenim Američkim Državama kojoj je glavni uzrok bio neprimjerena regulacija financijskog sektora, a druga je kriza izazvana pandemijom s kojom se svijet još uvijek bori i koja nema nikakvog ishodišta u ekonomskom svijetu, ali je njen značaj toliko jak da je izazvala pad svjetske gospodarske aktivnosti kakav nije viđen od drugog svjetskog rata. Dvije ekonomske krize imale su vrlo različite uzročnike, ali su i jedna i druga imale snažan utjecaj na pad globalnog gospodarstva. Dok su tijekom financijske krize neke države bile prilično trome pri donošenju antirecesijskih mjera, što za je posljedicu imalo ekonomsku krizu koja je u pojedinim državama trajala više od pet godina, dolaskom krize izazvane pandemijom države su reagirale brzo i gotovo jednakim mjerama pa je i pretpostavka kako će ekonomska kriza nestati čim se pandemija obuzda.The economy goes through the phases of a cycle over time. Most of the time the economy is on a growing trajectory, however from time to time there comes a decline in economic activity called economic crisis or recession. The main macroeconomic indicator of the economic crisis is GDP, which must be negative for two consecutive quarters. The economic crisis due to the reduction of economic activity is most often manifested in the increase of government deficits due to the reduction of tax revenues, as increase in unemployment, but also changes in inflation. National economies are dealing with a recession in fiscal and monetary policy. This paper analyzes the last two economic crises, which had effects on the economies of individual countries and which measures (primarily fiscal) were used to overcome these recessions as successfully as possible. The first economic crisis analyzed in the paper is the global financial crisis in 2008 in the United States, the main cause of which was inadequate regulation of the financial sector, and the second crisis was caused by a pandemic that the world is still struggling with and has no origin in the economic world, but its significance is so strong that it has caused a decline in world economic activity not seen since World War II. The two economic crises had very different causes, but both had a strong impact on the decline of the global economy. During the financial crisis some countries were rather slow in adopting anti-recession measures, which resulted in an economic crisis that lasted, in some countries, for more than five years, with the arrival of the pandemic crisis, countries reacted quickly and almost equally and assumption is that the economic crisis will end as soon as the pandemic is contained