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The COVID-19 Crisis: Implications for the Development and Growth of Agricultural Sector in EU countries and Russia

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  • Baira Faulks

    (School of Management, Wuhan University of Technology, Wuhan, China)

  • Song Yinghua

    (School of Management, Wuhan University of Technology, Wuhan, China)

Abstract

The COVID-19 crisis impacted negatively sustainable growth and the wellbeing of businesses and national economies. The economic outlook of 2020 and 2021 reflects a slowdown in the global economy, with poverty and unemployment rates ascending, national debts growing, and fiscal and monetary burden increasing. All the sectors of the economy have been affected across all of the EU countries, including the agricultural sector. Coronavirus posed unprecedented challenges for the agricultural sector, ranging from a labour shortage to demand changes. Lockdowns caused immense disturbances in farmers’ supply chains, causing them to doubt their long-term viability. Due to the social distancing and restrictions on social gatherings, marketplaces either closed or were devoid of customers. At the same time, the agricultural sector has proved quite resilient during the COVID-19 crisis. In this paper, we discuss the challenges which the agricultural sector has faced during the COVID-19 pandemic, and suggest that further growth and development can be sustained through innovation, more precisely, digital technology. The current conceptual research contributes to the body by exploring the effect of the novel COVID-19 virus on national economies and especially the agricultural sector.

Suggested Citation

  • Baira Faulks & Song Yinghua, 2021. "The COVID-19 Crisis: Implications for the Development and Growth of Agricultural Sector in EU countries and Russia," International Journal of Innovation and Economic Development, Inovatus Services Ltd., vol. 7(1), pages 37-46, April.
    • Handle: RePEc:mgs:ijoied:v:7:y:2021:i:1:p:37-46
    DOI: 10.18775/ijied.1849-7551-7020.2015.71.2004
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    References listed on IDEAS

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    Cited by:

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    2. Nashwan M. A. Saif & Jianping Ruan & Bojan Obrenovic, 2021. "Sustaining Trade during COVID-19 Pandemic: Establishing a Conceptual Model Including COVID-19 Impact," Sustainability, MDPI, vol. 13(10), pages 1-20, May.

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    More about this item

    Keywords

    The COVID-19 crisis; Agricultural sector; Economic implications of COVID-19; COVID-19 in EU countries.;
    All these keywords.

    JEL classification:

    • M00 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - General - - - General

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