Analysis of measures to support the economy during the COVID-19 pandemic

Abstract

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.