Causes and consequences of the 2021 energy crisis

Abstract

The growth rates of the fuel and energy complex of countries exports energy resources are closely related to economic growth rates of countries imports these. The growth or decline in macroeconomic indicators of exporting and importing countries is accompanied by a change in energy balance and, accordingly, a change in the state of energy markets. This market is also influenced by the policies promoted by the world key players. Therefore, it is very important to investigate the causes and consequences of the 2021 energy crisis. The article systematizes the opinions of a number of economists about the causes of the energy crisis, provides evidence confirming the author's opinion on this subject of research and presents the expected consequences of the crisis both for the economy and for the welfare of the population. This study has been supported by the State Program 20.80009.0807.29 “Improving the application mechanisms of the innovative instruments oriented towards the sustainable growth of the well-being of population of the Republic of Moldova.”