Socio-economic Impact of the COVID-19 Pandemic and Anti-crisis Measures

Irina Minakova, Tatyana Bukreeva, Lucrețiu Dancea

2021

Abstract

According to the Organization for Economic Cooperation and Development, in 2021 the economic losses from the pandemic will amount to about USD 7 trillion. It will exceed the losses from the global economic downturn of 2008 known as ‘the Great Recession’. The Covid-19 pandemic has had a huge impact on both the global and Russian economies. Due to the quarantine, many companies were forced to temporarily close; there was a decrease in aggregate demand and a rise in unemployment. According to official data, in 2020 Russia’s GDP decreased by 3.1% compared to the previous year and the household income decreased by 3.5%. From January to August 2020, the unemployment rate in Russia increased from 4.7% to 6.4%, the highest over the past 8 years. A wide range of anti-crisis measures is involved to overcome the consequences of the economic crisis that engulfed almost every country. These measures can be implemented in monetary policy and fiscal policy. The purpose of the research is to systematize the socio-economic consequences of the pandemic for the Russian economy and developed economies, and analyse the anti-crisis measures taken by them. The study was carried out on the basis of statistical and economic analysis, synthesis, comparison, analogy, modelling, and expert forecasts.

Paper Citation

in Harvard Style

Minakova I., Bukreeva T. and Dancea L. (2021). Socio-economic Impact of the COVID-19 Pandemic and Anti-crisis Measures. In Proceedings of the 2nd International Scientific and Practical Conference "COVID-19: Implementation of the Sustainable Development Goals" - Volume 1: RTCOV, ISBN 978-989-758-617-0, pages 305-310. DOI: 10.5220/0011119700003439

in Bibtex Style

@conference{rtcov21,
author={Irina Minakova and Tatyana Bukreeva and Lucrețiu Dancea},
title={Socio-economic Impact of the COVID-19 Pandemic and Anti-crisis Measures},
booktitle={Proceedings of the 2nd International Scientific and Practical Conference "COVID-19: Implementation of the Sustainable Development Goals" - Volume 1: RTCOV,},
year={2021},
pages={305-310},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0011119700003439},
isbn={978-989-758-617-0},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 2nd International Scientific and Practical Conference "COVID-19: Implementation of the Sustainable Development Goals" - Volume 1: RTCOV,
TI - Socio-economic Impact of the COVID-19 Pandemic and Anti-crisis Measures
SN - 978-989-758-617-0
AU - Minakova I.
AU - Bukreeva T.
AU - Dancea L.
PY - 2021
SP - 305
EP - 310
DO - 10.5220/0011119700003439