Abstract:
Over time, people have strived to improve continually the process of resource allocation so that they can enjoy an increasingly better standard of living, despite the scarcity of resources. In the long run, the improvement of the material and spiritual condition of man depends on the process of economic development, which is a defining feature of human history. However, the process of economic development is not continuous, it is threatened by various factors. One of these factors, of a non-economic nature, is the pandemic. The purpose of this article is to highlight the impact generated by the COVID-19 pandemic on the population's concerns about its standard of living in the countries of the European Union. Through a quantitative analysis, the authors aim to explain the effects of the COVID-19 crisis on GDP and the main concerns of the population regarding the possible decline in living standards, caused precisely by the decline in GDP. In addition, the authors highlight the vulnerabilities of the European economy to such a crisis and propose, in summary, some policies to limit its negative effects.