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The Coronavirus Pandemic and Economic Policy Trends

Vladimir Mau ()

Published Papers from Gaidar Institute for Economic Policy

Abstract: A turbulent decade ended with the turbulent year of 2020. Starting with the global financial crisis of 2008-2009, the world economy and politics were in a state of unstable uncertainty, which ended with a full-scale explosion - the pandemic of a new coronavirus. The further socioeconomic development of the world as a whole and of individual countries (developed and leading developing) will be determined by how the lessons of the past 12 years and of 2020 in particular are studied, interpreted and assimilated. The events of 2020 have been compared with different crisis periods of the past, especially economic ones: the Great Depression of the 1930s2, the structural crisis of the 1970s, the financial and economic crisis of the 1970s, and the economic crisis of the 1980s. These comparisons are fair, especially if you compare their quantitative characteristics - the depth of the recession, the scale of unemployment, etc. But to understand the current situation and identify ways to overcome the crisis, we need an analysis that goes beyond historical analogies (important as they are) and beyond economic subjects and arguments.

Keywords: Russian economy; COVID-19; economic growth; economic crisis; economic policy (search for similar items in EconPapers)
JEL-codes: P16 P26 P48 (search for similar items in EconPapers)
Pages: 22 pages
Date: 2021, Revised 2021
New Economics Papers: this item is included in nep-cis, nep-cwa and nep-isf
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