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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

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Studies on Russian Economic Development Aims and scope

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.

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Notes

  1. BIS Quarterly Review, March 2021, Bank for International Settlement, p. 10.

  2. IMF, World Economic Outlook Database. October 2019. https://www.imf.org/en/Publications/WEO/weo-database/2019/October.

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Funding

The research was supported by the RA Science Committee within the framework of the scientific project no. 21T-5B254 “Policy of overcoming the consequences of the COVID-19 pandemic and the war in the Republic of Armenia”.

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Authors and Affiliations

  1. Russian-Armenian University, 0051, Yerevan, Armenia

    G. A. Petrosyan, I. B. Petrosyan & E. G. Petrosyan

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  1. G. A. Petrosyan
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  2. I. B. Petrosyan
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  3. E. G. Petrosyan
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Correspondence to G. A. Petrosyan.

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Petrosyan, G.A., Petrosyan, I.B. & Petrosyan, E.G. 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. Stud. Russ. Econ. Dev. 34, 554–564 (2023). https://doi.org/10.1134/S1075700723040135

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