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Review of Impacts of Covid-19 on Circular Economy and Sustainability in Developed and Developing Countries with Lesson Learnt |
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PP: 55-70 |
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doi:10.18576/ijye/050105
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Author(s) |
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Khawla Al-Muhannadi,
Doğuş Binek,
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Abstract |
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| Circular Economy is considered by many as a promising approach for achieving economic,
social, and environmental sustainability, simultaneously on the ground, in short, and long
terms, and so saving the planet, the business, and people’s livelihood. Covid-19 pandemic and
shutdown of businesses, demolishing of social lifestyle beyond recognition, with approval or
non-resistance of almost everyone, have shown an extreme example of how much drastic
changes are possible, and overnight, without a ratified five-year plan, or social unrest, at least
at the first month. This paper reviews recently published articles (in 2020) that are looking at
impacts related to Circular Economy implementation, opportunities, and lost ones, for public
and private organizations, with a focus on SMEs, during the Covid-19 Pandemic, which started
globally in February 2020 and still ongoing. SMEs are very important for any economy, and
they can be an irreplaceable player at crises times for instance to provide jobs, provide the link
between polices and people and to feed the nation. SMEs however are small by definition, with
small budget and staff, and less access to bank loans and also, they are more vulnerable to
shutdown and movement restrictions. The research main question is how can SMEs be
enabled to play their vital role in getting nations through the crises, understanding current
impacts and opportunities for pushing towards a greener and more sustainable development.
A systematic review focused on environmental impacts of the pandemic and showed
conflicting findings. Economic and social impacts were also reviewed. The different impacts
mentioned in different literatures were discussed and compared. This paper discusses the role
played by SMEs in national economies, the strength and weakness of SMEs and impacts on
them by the Pandemic and also potential for them to be part of the solution for their countries
in relevance to their strength, weaknesses and potential. The paper concludes with
recommendations reviewed from the different studies that took place on 2020 in diverse
places globally, for how SMEs can contribute in supporting Circular Economy and
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International Journal of Youth Economy, Issue 1, Vol 5 50
sustainability building on its intrinsic strength and benefiting from recommended support
that can be provided by governments and decision makers. The paper reemphasized the
importance role SMEs can play in difficult situation to promote sustainability with its three
pillars, and recommendations include how government’s policy |
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