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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

Author

Listed:
  • G. A. Petrosyan

    (Russian-Armenian University)

  • I. B. Petrosyan

    (Russian-Armenian University)

  • E. G. Petrosyan

    (Russian-Armenian University)

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.

Suggested Citation

  • G. A. Petrosyan & I. B. Petrosyan & E. G. Petrosyan, 2023. "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," Studies on Russian Economic Development, Springer, vol. 34(4), pages 554-564, August.
    • Handle: RePEc:spr:sorede:v:34:y:2023:i:4:d:10.1134_s1075700723040135
    DOI: 10.1134/S1075700723040135
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    References listed on IDEAS

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