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National Interests: Priorities and Security
 

New challenges to the economic security of Russia and the world and counteraction methods

Vol. 16, Iss. 7, JULY 2020

Received: 7 May 2020

Received in revised form: 24 May 2020

Accepted: 10 June 2020

Available online: 16 July 2020

Subject Heading: ECONOMIC SECURITY

JEL Classification: B22, G01, G14, G15, N20

Pages: 1246–1263

https://doi.org/10.24891/ni.16.7.1246

Zainullin S.B. Peoples' Friendship University of Russia (RUDN University), Moscow, Russian Federation
zaynullin_sb@pfur.ru

https://orcid.org/0000-0001-9818-4706

Zainullina O.A. Moscow University for Industry and Finance Synergy (Synergy University), Moscow, Russian Federation
korotkova.oa@mail.ru

ORCID id: not available

Subject. The 2020 economic crisis has become a global threat to the economic security of States, corporations and households. The elimination of this threat to economic security is a key priority of the State.
Objectives. The article is dedicated to factors of the current crisis, both individually and in aggregate, as well as forecasts of the economic development during the crisis.
Methods. The study is based on the scientific knowledge as dialectic, a combination of historical and logical unity, structural analysis, traditional methods of economic analysis and synthesis.
Results. We carried out the comparative analysis of crisis theories, forecasted the economic development of the IMF, the World Bank, the Audit Chamber, and considered analytical agencies in dynamics, taking into account adjustments when the crisis manifests itself. Counteraction methods are reviewed from theoretical and practical perspectives. The article also analyzed the international expertise in crisis management.
Conclusions and Relevance. The economic crisis was found to be at its initial stage, with negative scenarios being more probable. Proposed and implemented, local measures can mitigate the economic decline, prevent massive bankruptcies and a social explosion. Meanwhile, measures to restructure the economic policy may contribute to overcoming the crisis. The findings can be used by federal government bodies to adjust economic policies, develop programs and strategies for the socio-economic development of regions, and economic security strategies for corporations.

Keywords: COVID-19, coronavirus pandemic, economic crisis, recession, stock market crash

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