When the Economy is Sick: Impact of the COVID-19 Pandemic on the Regional Real Economy

Dmitry Rodnyansky, Elena Drobot, Elena Drobot, Ivan Makarov, Ivan Makarov, Natalia Pakhomova, Marina Titova

2021

Abstract

In the context of the COVID-19 pandemic, an economic decline is observed in most regions of the world in 2020–2021. The restrictive measures caused a significant reduction in business activity. Falling incomes and reduced demand of households should be considered as the main channel for the impact of coronavirus on the economy. All above mentioned in turn causes a reduction yield and a feedback effect. Russian economy has been significantly affected both by the deteriorating external economic conditions, such as drop in oil prices, currency fluctuations, financial market volatility, and by the established accepted and voluntary restrictive measures. The purpose of the article was to analyze the impact of the COVID-19 pandemic on the world economy in general and Russia in particular. The authors examine macroeconomic statisticsЧ on gross domestic product (GDP) fluctuations and assess possible economic downturns in the world and in Russia. Changes in the real sector of the economy in the world and in Russia are revealed. The results of the study can be used for further research on the impact of global virus attacks on the socio-economic systems at all levels.

Paper Citation

in Harvard Style

Rodnyansky D., Drobot E., Makarov I., Pakhomova N. and Titova M. (2021). When the Economy is Sick: Impact of the COVID-19 Pandemic on the Regional Real Economy. In Proceedings of the International Scientific and Practical Conference on Sustainable Development of Regional Infrastructure - Volume 1: ISSDRI, ISBN 978-989-758-519-7, pages 215-221. DOI: 10.5220/0010588402150221

in Bibtex Style

@conference{issdri21,
author={Dmitry Rodnyansky and Elena Drobot and Ivan Makarov and Natalia Pakhomova and Marina Titova},
title={When the Economy is Sick: Impact of the COVID-19 Pandemic on the Regional Real Economy},
booktitle={Proceedings of the International Scientific and Practical Conference on Sustainable Development of Regional Infrastructure - Volume 1: ISSDRI,},
year={2021},
pages={215-221},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0010588402150221},
isbn={978-989-758-519-7},
}

in EndNote Style

TY - CONF

JO - Proceedings of the International Scientific and Practical Conference on Sustainable Development of Regional Infrastructure - Volume 1: ISSDRI,
TI - When the Economy is Sick: Impact of the COVID-19 Pandemic on the Regional Real Economy
SN - 978-989-758-519-7
AU - Rodnyansky D.
AU - Drobot E.
AU - Makarov I.
AU - Pakhomova N.
AU - Titova M.
PY - 2021
SP - 215
EP - 221
DO - 10.5220/0010588402150221