The rapid global spread of Coronavirus Disease 2019 has changed the world. While a massive effort is under way to develop a vaccine, economists have debated whether the shock to the global economy will be ‘temporary' or ‘permanent'. Given the research interest on the biggest challenge in the modern history, we made an attempt to predict potential economic consequences of a pandemic in a short and long-term perspective on the basis of the scientific works, experts' opinions and currently available data. An experience of influenza pandemic became a theoretical framework for research. The novelty and timeliness of our research relies on being able to study the impact of pandemic for global economy, government policy and business just at the beginning of its spreading. The research informs citizens and policymakers about the risks, possible ways to prevent economic crisis and how to deal with the potential consequences with a particular focus on COVID-19 response of international community © 2022, European Journal of Comparative Economics. All Rights Reserved.