DEVELOPMENT OF NATIONAL ECONOMIES IN THE CONDITIONS OF PANDEMICS

Tetiana Melnyk (), Nataliia Mazaraki () and Kateryna Pugachevska ()
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Tetiana Melnyk: Kyiv National University of Trade and Economics, Ukraine
Nataliia Mazaraki: Kyiv National University of Trade and Economics, Ukraine
Kateryna Pugachevska: Kyiv National University of Trade and Economics, Ukraine

Baltic Journal of Economic Studies, 2021, vol. 7, issue 1

Abstract: 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.

Keywords: economy; pandemic; COVID-19; global economy development; national economy; society (search for similar items in EconPapers)
JEL-codes: F12 F13 F41 F43 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:bal:journl:2256-0742:2021:7:1:8

DOI: 10.30525/2256-0742/2021-7-1-69-76

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