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Unevenness in the Economic Impact of the COVID-19 Pandemic: The Depth of the Economic Decline in Different Countries and the Factors that Caused It

G. A. Petrosyan (heghineh18@gmail.com), I. B. Petrosyan and E. G. Petrosyan
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G. A. Petrosyan: Russian-Armenian University
I. B. Petrosyan: Russian-Armenian University
E. G. Petrosyan: Russian-Armenian University

Studies on Russian Economic Development, 2023, vol. 34, issue 4, 554-564

Abstract: Abstract— The article provides calculations of economic losses in 2020 and total losses for 2020–2021 due to the COVID-19 pandemic, as well as an econometric assessment of the impact of various indicators on their value in different countries of the world. Three groups of factors have been studied: macroeconomic indicators, macroeconomic policy factors, and factors describing the degree of institutional development of countries. As a result of the study, it was found that in 2020 macroeconomic policy measures did not play a significant role in mitigating the economic consequences of the crisis caused by the COVID-19 pandemic, however, fiscal policy measures contributed to the recovery process of national economies and reduced the amount of cumulative losses. Institutional factors had a similar impact.

Keywords: COVID-19; economic losses; institutional development; macroeconomic stability; anti-crisis measures (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1134/S1075700723040135

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