Subject. The article addresses the system of measures used to support the economy during the COVID-19 pandemic. Objectives. The focus is on the comparative analysis of efficiency of measures for economy support during the COVID-19 pandemic in different countries, identification of possible correlation between economic recovery and the amount of financial assistance provided. Methods. We employed methods of systems, comparative, structural, and logical analysis. Results. The paper characterizes measures of socio-economic support in China and other countries, discloses relative volumes of support as a percentage of the gross domestic product, analyzes the structure of economic support measures. The performed analysis did not reveal direct impact of the relative amount of assistance to the economy on the growth of real gross product. Using the example of the People's Republic of China, we unveiled the effectiveness of administrative actions to localize the pandemic and support the economy, specified the role of fostering appropriate civic initiative. During the pandemic, the key factor of the subsequent economic recovery is discipline and responsibility of the authorities and society, rather than credit volumes and provision of loans and benefits. Conclusions. The study demonstrated the effectiveness of the institution of strong central government with high social responsibility, and secondary nature of economic support measures compared to administrative measures to support the economy during the COVID-19 pandemic.
Keywords: COVID-19 pandemic, economic support measure, international comparison
References:
Betrus M. COVID-19: Lockdowns on Trial. Kindle Edition, 2020, 359 p.
Purkerson N. The Big Book of COVID-19: Its Impact on Health, Economy, and the World: Truth about COVID-19. Kindle Edition, 2020, 126 p.
Armstrong M.A. The Cycle of War and the Coronavirus: The New Threat to World Peace & Battle of the Billionaires. Gatekeeper Press, 2020, 508 p.
Lampsi A.S. [Support of Economy in CIS Countries during the Pandemic]. Rossiya i novye gosudarstva Evrazii = Russia and New States of Eurasia, 2020, no. 3, pp. 80–93. URL: Link (In Russ.)
Lomovtseva O.A., Soboleva S.Yu., Sobolev A.V. [Comparative characteristics of models of State support for national economies of the world in the context of the COVID-19 pandemic]. Vestnik universiteta = University Bulletin, 2021, no. 1, pp. 91–98. URL: Link (In Russ.)
Odintsova T.M., Dolya A.A. [The majors of support during coronavirus pandemic]. Aktual'nye voprosy ucheta i upravleniya v usloviyakh informatsionnoi ekonomiki, 2020, no. 2. (In Russ.) URL: Link oivn3w1bt4i4kyn7zcxuam3xgmde4047/2020-2-Sbornik_AVUUVUIE.pdf?ysclid=llmjh59onw435284768
Izotov D.A. [Economic policy responses to COVID-19 of the Northeast Asia countries]. Prostranstvennaya ekonomika = Spatial Economics, 2021, vol. 17, no. 3, pp. 156–178. URL: Link (In Russ.)
Shulygina K.V. [Overview of measures taken by countries to support the economy during the coronavirus pandemic]. Innovatsionnaya nauka = Innovation Science, 2021, no. 12-2, pp. 48–56. URL: Link (In Russ.)
Nesterkina K.Yu., Kuz'menkova V.D. Politika gosudarstv po okazaniyu podderzhki ekonomiki v period pandemii. V kn.: Ekonomika: problemy, tendentsii, perspektivy: monografiya [Policies of States to support the economy during a pandemic. In: Economics: Problems, trends, prospects: a monograph]. Gzhel, Gzhel State University Publ., 2022, pp. 64–67.
Filin S.A., Shuai Liu. [Management of electronic network structures in trade: Evidence from the People's Republic of China]. Natsional'nye interesy: prioritety i bezopasnost' = National Interests: Priorities and Security, 2018, vol. 14, iss. 11, pp. 2116–2229. (In Russ.) URL: Link
Filin S.A., Chaikovskaya L.A., Aitymbetova A.N. et al. [U.S. taxation: The description and impact on small businesses]. Mezhdunarodnyi bukhgalterskii uchet = International Accounting, 2021, vol. 24, iss. 2, pp. 166–185. (In Russ.) URL: Link
Filin S.A. Teoreticheskie osnovy ekonomicheskikh tsiklov i upravlenie v usloviyakh krizisa: monografiya [Theoretical foundations of economic cycles and management in crisis: a monograph]. Moscow, Rusains Publ., 2015, 334 p.
Filin S.A., Pomazkin P.V. [Development of new forms of trade in the context of the COVID-19 pandemic]. Ekonomika i upravlenie: problemy, resheniya = Economics and Management: Problems, Solutions, 2021, vol. 2, no. 8, pp. 80–92. (In Russ.) URL: Link
Deming W.E. The New Economics for Industry, Government, Education. Third edition. Dev Publishers & Distributors, 2019, 260 p.
