Subject. The 2020 economic crisis has become a global threat to the economic security of States, corporations and households. The elimination of this threat to economic security is a key priority of the State.
Objectives. The article is dedicated to factors of the current crisis, both individually and in aggregate, as well as forecasts of the economic development during the crisis.
Methods. The study is based on the scientific knowledge as dialectic, a combination of historical and logical unity, structural analysis, traditional methods of economic analysis and synthesis.
Results. We carried out the comparative analysis of crisis theories, forecasted the economic development of the IMF, the World Bank, the Audit Chamber, and considered analytical agencies in dynamics, taking into account adjustments when the crisis manifests itself. Counteraction methods are reviewed from theoretical and practical perspectives. The article also analyzed the international expertise in crisis management.
Conclusions and Relevance. The economic crisis was found to be at its initial stage, with negative scenarios being more probable. Proposed and implemented, local measures can mitigate the economic decline, prevent massive bankruptcies and a social explosion. Meanwhile, measures to restructure the economic policy may contribute to overcoming the crisis. The findings can be used by federal government bodies to adjust economic policies, develop programs and strategies for the socio-economic development of regions, and economic security strategies for corporations.
Employment in Ontario’s Industrial Heartland: Evidence of Economic Decline in a
Mid-Sized Industrial City