Contradictions in global economic development

The aim of the study is to demonstrate empirically the convergent and opposing dynamics of modern economic systems in order to assess their socio-economic environment during the COVID-19 pandemic. The study revealed that the market economy and the command-administrative economy both had co-directional and divergent dynamics of economic development, which was reflected in the changes of economic indicators. The study of empirical data showed that GDP, GDP per capita, gross savings, consumer spending, and the share of income of the poorest 20% of the population were changing similarly in Russia and China. At the same time, such indicators as inflation rate, imports of goods and services, external debt and unemployment had opposite trends. The findings show that the command-administrative system is more stable in times of crisis, characterised by greater inflation stability, reduced dependence on imports, and increased equity in income distribution.