scholarly journals “The World Economy of Coronavirus”: Search for Optimal Ways to Overcome the Consequences of the Crisis

2020 ◽  
Vol 13 (3) ◽  
pp. 243-266 ◽  
Author(s):  
E. N. Smirnov
Keyword(s):  
Economic Development ◽  
Global Economy ◽  
World Economy ◽  
Negative Impact ◽  
Methodological Approach ◽  
Supply And Demand ◽  
Economic Regulation ◽  
Negative Effects ◽  
Investment Policies ◽  
The World

The current pandemic of COVID-19 has already become a test of strength for world economy and institutions of global economic regulation. The main goal of the article is to review existing research on the economy of pandemics focusing on COVID-19, and to develop a conceptual framework for further assessment of negative impact of COVID-19 on the economies of the world and ways to minimize this impact on economic development. The author’s methodological approach goes beyond the traditional interpretation of the pandemic economy; we use the term “coronavirus global economy” to show the unprecedented and comprehensive impact of a pandemic on the development of the world economy, the movement of factors of production, economic integration and economic growth. Under these conditions, many theories of economic development, the mechanisms of trade and investment policies need to be seriously reevaluated. The review shows that the increasing negative impact of COVID-19 on the global economy lies in the fact that it has not managed to recover from the global crisis of 2008 and was in a "pre-recession" state; the preparedness of countries to counter the pandemic was extremely low, and the institutions of international cooperation were paralyzed failing to develop measures to effectively protect against the current consequences of COVID-19. The review of the literature demonstrates the uniqueness of the current pandemic in terms of negative effects on both the supply and demand side of the global financial system, which is especially aggravated by the high debt burden of many countries. Globalization is considered to be the main determinant of the high spread of the coronavirus pandemic in both the medical and economic contexts, but at the same time, states remain fragmented and protectionist in terms of combating the pandemic.

scholarly journals Assumptions of the Global Economic Crisis and Its Inception in the Spring of 2020 Due to the COVID-19 Pandemic

2020 ◽  
Vol 15 (2) ◽  
pp. 191-212
Author(s):  
Alexey Portanskiy ◽  
◽  
Yulia Sudakova ◽  
Alexander Larionov ◽  
◽  
...  
Keyword(s):  
Financial Crisis ◽  
Economic Crisis ◽  
International Organizations ◽  
Global Economy ◽  
World Economy ◽  
Global Financial Crisis ◽  
Negative Impact ◽  
International System ◽  
The World ◽  
Global Economic Crisis

Analytical agencies, as well as international organizations, have identified significant threats to the development of the world economy, increasing the likelihood of a new global financial crisis in late 2020–early 2021. The main challenges to the system come from trade wars that could lead to a crisis in the international system of trade regulation, a decrease in the effectiveness of public policy instruments, and a deterioration in the dynamics of global economic growth. An important factor leading to a slowdown in the global economy in 2020 will also be the coronavirus pandemic, although it is difficult, in the first half of 2020, to assess its final impact. The combination of these negative factors, coupled with the unresolved problems of the 2008 global financial crisis, significantly increases the likelihood of a new global economic crisis which could surpass the Great Depression of the 1930s. This study systematizes the main forecasts by international organizations and analytical agencies for the growth of the world economy and considers various theoretical concepts to identify the symptoms of the impending crisis. Ultimately, this article offers options for reducing the negative impact of the crisis on Russia. In connection with the coronavirus pandemic, preliminary estimates have been made of the likely damage to the world economy and the prospects for its recovery.

scholarly journals CURRENT TRENDS IN ENSURING THE COMPETITIVENESS OF COUNTRIES IN THE GLOBAL ECONOMY

2020 ◽  
pp. 55-63
Author(s):  
Tetiana Marchenko ◽  
Vitalii Okhota
Keyword(s):  
Economic Development ◽  
Global Economy ◽  
World Economy ◽  
National Interests ◽  
National Importance ◽  
Theoretical Approaches ◽  
Modern Development ◽  
The World ◽  
Economy Globalization ◽  
National Economies

Introduction. Modern development of the world economy and especially the processes of globalization of the world economy, increasing the interdependence of economies, the formation of global commodity and financial markets have led to increased interest in the problem of increasing the competitiveness of countries involved in these processes. Issues of competitiveness at the level of the economy in the degree of urgency are among the issues of national importance, as they are closely linked to the achievement of dynamic economic development of the country and improving the living standards of its population. Methods. The theoretical and methodological basis of the study is the fundamental provisions of economics, the work of domestic and foreign economists to study the competitiveness of countries in the global economy. Materials of publications in periodicals, monographs on the researched problem are used in the article. Results. The main theoretical approaches to determining the competitiveness of countries in the global economy are considered in the article. The main functions of the state in strengthening the position of competitiveness of countries in the context of strengthening globalization are highlighted. Ukraine's positioning in the ranking of countries by the level of globalization is made and proposals are made to increase its competitiveness in the global economy. Discussion. The analysis of the positions of competitiveness of countries in the global economy provides an opportunity to deepen the theoretical and methodological foundations and development of practical recommendations for improving the competitiveness of Ukraine, which forms the prospects for further scientific research. Key words: competitiveness of countries, global economy, globalization, national economies, national interests, internationalization, economic development.

Turning point economic development of modern Russia

10.12737/430 ◽  
2013 ◽  
Vol 1 (1) ◽  
pp. 4-9 ◽  
Author(s):  
Басовский ◽  
Leonid Basovskiy ◽  
Басовская ◽  
Elena Basovskaya
Keyword(s):  
Economic Development ◽  
World Economy ◽  
Turning Point ◽  
Negative Impact ◽  
Econometric Models ◽  
Sustainable Growth ◽  
Federal Law ◽  
Russian Economy ◽  
The World ◽  
Corporate Profits

The transition of the Russian economy to grow in 1998 and studied the transition to slower growth in 2008–2009. Based on catastrophe theory shows that in 1998 and in 2008–2009 Russia’s economy was turning point in its development. After passing the turning point of 2008–2009 economy entered a period of sustainable growth retardation. Slower growth rates do not exceed the rate of growth of the world economy. The transition to slower growth generated by the policy, as reflected in federal law enacted in 2005–2011. Built econometric models, reflecting the negative impact of imperfect institution of ownership on the productivity of the economy and corporate profits, found arisen with institutional trap.

scholarly journals Competition Policy as a Strategic Determinant of Economic Development in the Post-pandemic Period: Management and Legal Aspects

2021 ◽  
Vol 39 (7) ◽  
Author(s):  
Nina Avanesova ◽  
Viktoriia Vovk ◽  
Natalia Reshetniak ◽  
Nataliia Volosnikova ◽  
Yuliia Yehorova
Keyword(s):  
Economic Development ◽  
Global Economy ◽  
Legal Aspects ◽  
Economic Situation ◽  
Economic Losses ◽  
Negative Effects ◽  
World Community ◽  
Cultural Life ◽  
The World

The state and tendencies of COVID-19 influence on the economic situation in the world are studied and the socio-economic losses suffered by the world economy during the pandemic are analyzed. The entire world community, starting in mid-December 2019, has come under the enormous influence of the World Coronavirus Epidemic, called COVID-19. The pandemic caused by this virus has already caused thousands of casualties around the world, imposed significant restrictions on the socio-cultural life of the population and radically changed the trends of the global economy. Today, it is difficult to predict what final human casualties and economic losses will be suffered by states in the short, medium and long term. However, it is important to consider individual economic development forecasts and measures selected by the governments of the world's leading countries to overcome the negative effects of the COVID-19 pandemic. This will allow to form a real vision of the possible course of economic processes that will directly affect the level of socio-cultural life of the population.and the real measures taken to stabilize the financial and economic situation at the micro and macro levels.

scholarly journals Informatization of global economic development and place of Ukraine in the information environment

2019 ◽  
Keyword(s):  
Economic Development ◽  
Information And Communication Technologies ◽  
Global Economy ◽  
World Economy ◽  
Communication Technologies ◽  
Global Market ◽  
Development Index ◽  
The World ◽  
Information And Communication ◽  
The Impact

This publication studies the impact of information and communication technologies on the global economy; using the main Indices (Network Readiness Index, Global Innovation Index, E-Government Development Index, E-Participation Index and ICT Development Index) the authors analyzed at a on information society development. Information and communication technologies are an integral part of the global economy; the decisive factor of the country's economic development is the level of ICT use in various areas of public life. The fact of the transition from the “old industrial order” to the “new economy”, which affects the processes of production, processing and transmission of information, transforming the economy, politics and culture in the modern world, becomes obvious. The rapid development and spread of new ICT technologies acquire the nature of the global information revolution. This leads to an irreversible transformation into a new post-industrial type of society. The main idea of this research is relevant within the scientific and practical terms. The subject of the research is the informatization of global economic development. The purpose of the research is to study informatization processes and to analyze ICT as a resource of the modern development of the world economy. The object of the study is the dynamics of the informatization process development and the detailed analysis of the impact of ICT on the world economy. The scientific methods are a system analysis, a factor analysis and a graphical method. The study reveals new components of the world economy and countries’ positions on the global market. The authors conclude that due to the development of ICT, almost all areas of the economy, which have an impact on the development of states and people's welfare, are getting intensified.

scholarly journals IMPACT OF COVID-19 ON WORLD ECONOMY: THE FIRST SUMMARY OF 2020

2021 ◽  
Author(s):  
Kateryna Sydorenko ◽  
◽  
Olha Sheremet ◽  
Keyword(s):  
Global Economy ◽  
World Economy ◽  
Large Scale ◽  
Negative Impact ◽  
Commodity Prices ◽  
Developed Countries ◽  
Development Planning ◽  
Synthesis Methods ◽  
Economic Relations ◽  
The World

The purpose of article is to comprehensively assess the consequences of COVID-19 for global economy, regions, industries and different forms of international economic relations. In early 2020, the world was hit by the COVID-19 pandemic. To save the lives of citizens and the integrity of the health care system, countries were forced to resort to radical measures: lockdowns, which included the complete or partial cessation of international traffic and the reduction of economic activity. Such actions had a negative impact on the world economy: a drop in world production, a decrease in international demand, an increase in unemployment and poverty, a decline in FDI flows. The situation has reached the level of the Great Depression of the 1930s. The COVID-19 crisis has affected regions in different ways. The research methodology combines general and special methods of scientific knowledge: descriptive-analytical, analysis and synthesis, methods of quantitative and qualitative comparisons. The information basis of the article is research and periodical publications of foreign economists, materials and analytical reports of international organizations. The results of the study revealed that the global economic crisis caused by COVID-19 started with China, which applied extremely strict quarantine restrictions and already at the end of 2020 showed economic growth. And gradually spread to Europe, North America and the rest of the world. The negative impact of COVID-19 on developed countries with a high proportion of the older people among the population most vulnerable to the disease has been most noticeable. Europe is the region that has suffered the most. For Latin America, Africa and parts of developing Asia, the COVID-19 crisis has been burdened by permanent economic problems and natural disasters: the weakness of the financial system, large public debt, high dependence on commodity prices, locust infestations etc. Developed countries had a margin of stability, so they conducted large-scale programs to support business and households, especially effective were credit guarantee and job preservation state programs. While developing countries were less affected by the spread of the disease but did not have the financial resources to deploy large-scale government assistance programs. New imbalances have emerged in the structure of the world economy. Some industries suffered huge losses and found themselves on the brink of survival (tourism, hotel and restaurant business, entertainment, etc.), unemployment rose significantly; others, on the contrary, worked at full capacity 24/7 and workers were forced to work overtime. FDI flows fell below the level of 2008-2009. The least FDI came to developed countries. Most FDI accounted for mergers and acquisitions in 2020, while investment in existing production assets suffered the most. This trend is expected to continue in 2021. According to the forecast, 2021 should mark the beginning of economic recovery, but it is unlikely to reach the level of 2019. The results of this study could be used in further research, also as in development, planning and implementation of state crisis strategies.

scholarly journals Correlation Between the Level of Socio-economic Development and the Use of the Information and Communication Technologies

2013 ◽  
Vol 22 ◽  
pp. 93-103
Author(s):  
Irina A. Rodionova ◽  
Uliana V. Mizerovskaya
Keyword(s):  
Economic Development ◽  
Information And Communication Technologies ◽  
Global Economy ◽  
World Economy ◽  
Science And Technology ◽  
Communication Technologies ◽  
The World ◽  
Socio Economic Development ◽  
Information And Communication ◽  
Structural Shifts

During recent decades, the rate of structural shifts in the world economy has been especially fast. One of the factors used to influence these processes was to actively develop hi-tech industries and information and communication technologies. With the course of time, the level of informatization of society becomes a defining factor for a country’s competitiveness and predefines its ability to integrate into the global economy. The article characterizes the readiness of different countries to make a move to an innovative way of development based on analysis of combined rating tables that contain integral indices of society’s informatization level. The level of accomplishment of the task to form an innovative type of economy can be assessed in the link between implementation of science and technology progress achievements (i.e.: through the use of information and communication technologies) and the level of socio-economic development of the world countries. Current positions held by Russia and Poland according to some integral indices are also being analyzed.          

scholarly journals PROBLEMS OF DIFFERENTIATION OF SOCIO-ECONOMIC DEVELOPMENT IN THE GLOBAL ECONOMY

2020 ◽  
Vol 9 (2) ◽  
Author(s):  
Marat R. Safiullin ◽  
Gulnaz M. Galeeva ◽  
Raushaniya I. Zinurova
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Global Economy ◽  
World Economy ◽  
Life Quality ◽  
Developed Countries ◽  
The United States ◽  
The World ◽  
Socio Economic Development ◽  
Great Leap Forward

This paper considers the differentiation of the development level of some countries of the world using different models of socio-economic development. The study consisted of several stages and was based on data published on the official websites of the World Economic Forum, the World Bank, and the International Monetary Fund. In this regard, we studied the methods for assessing the quantitative and qualitative parameters of the development of countries in the world economy. We also studied the leading countries in terms of socio-economic development, strategies and their competitive advantages, and identified priority areas for the development of the economies of countries under consideration during the analyzed period. This paper presents an analysis of economic parameters, a comparison of national economies, their development dynamics using quantitative indicators of economic growth. According to the study, China has prospects for a great leap forward in economic development, the United States is the leader in many respects, and Japan has slowed down in economic growth and risks continuing to suffer losses in a number of economic indicators. Chad, India, China and developed countries have strong differentiation in terms of per capita GDP growth rates according to PPPs. All this speaks of the processes of strengthening differentiation, taking place in the world economy, widening the gap in the level of life quality among countries

scholarly journals DEVELOPMENT OF NATIONAL ECONOMIES IN THE CONDITIONS OF PANDEMICS

2021 ◽  
Vol 7 (1) ◽  
pp. 69-76
Author(s):  
Tetiana Melnyk ◽  
Nataliia Mazaraki ◽  
Kateryna Pugachevska
Keyword(s):  
Economic Development ◽  
World Economy ◽  
Human Life ◽  
Negative Effects ◽  
Slowing Down ◽  
The World ◽  
One Year ◽  
National Economies ◽  
Political Economic ◽  
The Impact

Among many global problems of mankind, a special place is occupied by the phenomenon of pandemics. A pandemic has been one of the constant companions of human existence since ancient times. This is evidenced by both the texts of religious and mythological orientation, and recorded events in historical life. Pandemic is always an emergency that threatens the very existence of humanity. Various circumstances are heard as the causes of pandemics: sacred (violation of divine laws), domestic (unsanitary conditions of existence), civilizational (technocratic human intervention in the environment), political, economic, etc. The purpose of this article is to study the effects of pandemics that have occurred in different historical periods and their impact on the development of society and the economy. Based on this goal, the objectives of the article are to study the world economy in a pandemic COVID-19; to analyse the trends and forecasts of its further development, including Ukrainian economy; to offer an assessment of the main opportunities and risks of the functioning of Ukraine’s economy in quarantine. This article reveals the theoretical and practical principles of the pandemics impact on global economic development. The result of the article is the statistical analysis of pandemic impact on the world economy, which leads to the rupture of economic chains and slowing down the economic and social development for several months or even up to one year. As a conclusion it may be noted, that since periodic pandemics have become an integral part of human life, no country in the world is safe from their direct or indirect impact and, as a result, countries must be economically ready to provide strict measures according to the formula “combating the epidemic – minimizing the negative effects in the short, medium- and long-term periods”. Practical implications. The main theoretical propositions, the authors’ conclusions presented in the article, are supposed to form a methodological basis in substantiating the priorities of the state support of business in conditions of pandemic and quarantine restrictions. Value/originality. The proposed results can be used for modeling and forecasting the impact of quarantine restrictions on the economic development of countries.

Horizons of the post-pandemic recovery of the world economy

2021 ◽  
pp. 164-175
Author(s):  
Evgenii Nikolayevich Smirnov
Keyword(s):  
Global Economy ◽  
World Economy ◽  
Economic Regulation ◽  
Current Crisis ◽  
Economic Productivity ◽  
The World ◽  
Key Factor ◽  
International Borrowing ◽  
Novel Coronavirus ◽  
The Impact

The shock experienced by the global economy as a result of the novel coronavirus pandemic is un-precedented in strength and specifi city of its impact, and the current global recession seems to be becoming protracted and will require a restructuring of the mechanisms of multilateral economic regulation that developed earlier. The purpose of our study was to analyze the key aspects, opportunities and mechanisms for the restoration of the world economy in the short and medium term. We came to the conclusion about the greater scale of the current global crisis in comparison with the previous recessions, which determines the uncertainty of the further trajectory of the impact of the pandemic on the world economy, and its particular impact on the economies of developing coun-tries. We believe that the structural reform of the economies of diff erent countries will accelerate due to the current crisis, which will also be facilitated by further digitalization and automation. In a pandemic, to revive economic growth, countries need to build confi dence from investors and con-sumers, and the economy must increasingly detach itself from speculative fi nancial markets to the real sector. Despite the opposite scenarios of the global economic recovery, it is now more related to progress with vaccinations, which is a key factor in lifting quarantine restrictions and further eco-nomic growth. At the same time, it is necessary to solve the problem of economic productivity growth and challenges in the development of international borrowing. Multilateral cooperation be-tween countries should be aimed at eliminating over-indebtedness, overcoming imbalances in the balance of payments, and improving the fi scal and monetary policies of key countries of the world.

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