UDC: [616.98-036.21:578.834.1]:339
BBC: Р194.31:У5
Kudriavtseva A.S., Arkadeva O.G.
Impact of Coronavirus (COVID-19) on the Global Economy
Keywords: global economy, pandemic crisis, COVID-19, risks, consequences, impact
The COVID-19 pandemic and associated lockdowns have hit the global economy and affected the basis of the socio-economic and business models, which have already undergone some complex changes. Industrialized countries are witnessing a steady decline in interest rates and GDP growth rates, possibly due to medium-term demographic and technological changes, a growing demand for savings assets, and increasing divergences between individuals, firms, and regions. In conditions of the demographic transition, pension provision and health care are placing an additional burden on the state budget. These trends are increasingly restricting monetary and fiscal policy to stabilize the economy in the event of adverse shocks. On the technological side, the digitalization of consumption and production requires structural adjustments in various areas in order to remain competitive and create new opportunities for displaced jobs. For a number of years, globalization has been facing serious obstacles associated with growing protectionism and skepticism about the universal benefits due to ever-increasing international trade and financial integration. The article focuses on the interaction of these trends and the shock caused by COVID-19. International economics and economic policy deal mainly with macroeconomic, trade and technological aspects. The article concluded that measures to restore the economy should be comprehensive, not limited to individual areas.
References
- Aleksandrova O.G., Berezina N.V. Otsenka sotsial’nykh programmnykh raskhodov byudzheta SShA [Estimation of social program expenditures in the USA]. Vestnik Chuvashskogo universiteta, 2014, no. 3, pp. 104–109.
- Arkadeva O.G., Berezina N.V. K voprosu ob aktualizatsii fundamental’nogo znaniya o publichnom byudzhetirovanii – aspekty bezopasnosti [On the issue of updating fundamental knowledge about public budgeting – aspects of security]. In: Ekonomicheskaya bezopasnost’ kak paradigma sovremennoi teorii i praktiki upravleniya: sb. materialov Vseros. nauch.-prakt. konf. [Proc. of Rus. Sci. Conf. «Economic security as a paradigm of modern management theory and practice»]. Cheboksary, Chuvash State University Publ., 2019, pp. 30–35.
- Berezina N.V., Arkadeva O.G. Ogranicheniya gosudarstvennoi otsenki riskov obshchestven-nogo razvitiya [Limitations of the state assessment of the risks of social development]. In: Razvitie innovacionnoi ekonomiki: dostizheniya i perspektivy: materialy VI Mezhdunar. nauch.-prakt. konf. [Proc. of. VI Int. Sci. Conf. «Development of an inno-vative economy: achievements and prospects»]. Moscow, 2019, pp. 81–91.
- V 2020 godu mirovaya ekonomika sokratilas’ na 4,3% [The global economy shrank by 4.3% in 2020]. Kommersant [Kommersant]. Available at: https://www.kommersant.ru/doc/4661983 (Accessed Date 2022, Jan. 23).
- Vliyanie COVID-19 na ekonomiku. Analiticheskie materialy Coface [Impact of COVID-19 on the economy. Coface analytical materials]. Available at: https://www.coface.ru/Novosti-i-Publikacii/Publikacii/Vliyanie-COVID-19-na-ekonomiku.-Analiticheskie-materialy-Coface (Accessed Date 2022, Jan. 23).
- Indeks MosBirzhi i Indeks RTS [Moscow Exchange Index and RTS Index]. Available at: https://www.moex.com/ru/issue.aspx?code=MOEX&shares=MOEX (Accessed Date 2022, March 17).
- Indeksnaya istoriya: kak rynki otreagirovali na novyi shtamm koronavirusa. Chego ozhidat’ ot rublya i nefti v pervuyu nedelyu dekabrya [Index story: how the markets reacted to a new strain of coronavirus. What to expect from the ruble and oil in the first week of December]. Available at: https://iz.ru/1255834/natalia-ilina-roza-almakunova/indeksnaia-istoriia-kak-rynki-otreagirovali-na-novyi-shtamm-koronavirusa (Accessed Date 2022, Jan. 23).
- Ispol’zovanie byudzhetnykh sredstv. Svedeniya ob ispol’zovanii Rosstatom, ego terri-torial’nymi organami i podvedomstvennymi organizatsiyami byudzhetnykh sredstv [Use of budget funds. Information on the use of budget funds by Rosstat, its territorial bodies and subordinate organizations]. Available at: https://rosstat.gov.ru/funds (Accessed Date 2022, Jan. 23).
- Makroekonomicheskii prognoz na 2022 god. Luchshie investitsionnye strategii dekabrya [Macroeconomic forecast for 2022. Best Investment Strategies for December]. Available at: https://events.vedomosti.ru/events/academ21 (Accessed Date 2022, Jan. 23).
- MVF uluchshil prognoz VVP Rossii na 2021 god [The IMF has improved Russia’s GDP forecast for 2021]. Available at: https://www.kommersant.ru/doc/4662521 (Accessed Date 2022, Jan. 23).
- Mitrofanova O.A., Berezina N.V. Vliyanie makroekonomicheskoi situacii na razvitie rynka potrebitelskogo kreditovaniya [The impact of the macroeconomic situation on the development of the consumer lending market]. In: Problemy povysheniya konkurentosposobnosti regiona: sb. materialov Mezhdunar. nauch.-prakt. konf. [Proc. of Int. Sci. Conf. «Problems of increasing the competitiveness of the region»: pressing issues]. Cheboksary, Chuvash State University Publ., 2020, pp. 177–183.
- Rossiiskii fondovyi rynok perezhil krupneishii obval s nachala pandemii [The Russian stock market has experienced the largest collapse since the beginning of the pandemic]. Available at: https://www.bbc.com/russian/news-60040278 (Accessed Date 2022, Jan. 23)..
- Yakovleva A.S. Vliyanie pandemii COVID-19 na sostoyanie regional’nykh bankov Chuvashskoi Respubliki [Impact of the COVID-19 pandemic on the state of regional banks of the Chuvash Republic]. In: Sayapinskie chteniya: sb. materialov Vseros. nauch.-prakt. konf. [Proc. of Rus. Sci. Conf. «Sayapin Readings»]. Cheboksary, Chuvash State University Publ., 2021, pp. 138–144.
- Yakovleva A.S. Otsenka urovnya ekonomicheskoi bezopasnosti kreditnoi organizacii [Assessment of the level of economic security of a credit institution]. In: Ekonomicheskaya bezopasnost’ kak paradigma sovremennoi teorii i praktiki upravleniya: sb. materialov Vseros. nauch.-prakt. konf. [Proc. of Rus. Sci. Conf. «Economic security as a paradigm of modern management theory and practice»: pressing issues]. Cheboksary, Chuvash State University Publ., 2019, pp. 381–386.
- Alesina A., Ardagna S. The Design of Fiscal Adjustments. Tax Policy and the Economy. Cambridge, 2012. DOI: 27. 10.2139/ssrn.2151380.
- Briggs D., Telford L. et al. Lockdown: Social Harm in the Covid-19 Era. Springer Nature Switzerland, 2021, 380 p. DOI: https://doi.org/10.1007/978-3-030-88825-1.
- Samur T. The Coronavirus Challenge of the European Union and Theoretical Perspectives, 2021. DOI: 10.13140/RG.2.2.17015.75686/1.
- The Impact of the Crisis on Budget Policy in Central and Eastern Europe [Электронный ресурс]. Available at: https://www.oecd-ilibrary.org/governance/the-impact-of-the-crisis-on-budget-policy-in-central-and-eastern-europe_budget-10-5km7s5m3nlvd.
- Vries, de K., Erumban A. & van Ark B. Productivity and the pandemic: short-term disruptions and long-term implications. Int Econ Policy, 2021, vol. 18, pp. 541–570. DOI: https://doi.org/10.1007/s10368-021-00515-4.
About authors
- Kudriavtseva Alena S.
- Master’s Program Student of the Direction «Finance and Credit», Economics Faculty, Chuvash State University, Russia, Cheboksary (alenabvggol@yandex.ru; )
- Arkadeva Olga G.
- Candidate of Economics Sciences, Associate Professor, Department of Finance, Credit and Economic Security, Chuvash State University, Russia, Cheboksary (knedlix@yndex.ru; ORCID: https://orcid.org/0000-0003-4868-2365)
Article link
Kudriavtseva A.S., Arkadeva O.G. Impact of Coronavirus (COVID-19) on the Global Economy [Electronic resource] // Oeconomia et Jus. – 2022. – №2. P. 44-51. – URL: https://oecomia-et-jus.ru/en/single/2022/2/6/. DOI: 10.47026/2499-9636-2022-2-44-51.
