Assessment of the impact of COVID-restrictions on the economy of Ukraine and the world

Serhii Voitko,Tetiana Mazanko

doi:10.15587/2706-5448.2021.235461

Abstract

The object of research is the processes of reducing economic activity in Ukraine and the world during COVID-restrictions, reducing the amount of carbon dioxide emissions in 2020 compared to 2019 by country and in various sectors of the economy. The most topical researches and publications in which the given questions are covered are analyzed. Based on statistical data, the paper shows a slight decline in Ukraine's GDP in 2020. Based on the consideration of the negative impact of quarantine restrictions, it was noted that the type of economic activity (EA) such as passenger transport suffered the most. At the same time, as the production of foreign trade, the performance of retail trade and construction has improved its dynamics. Elsewhere in the world, there has also been a slight economic downturn, while China has been able to maintain a slight increase in GDP. For 2021, there is a positive outlook for economic growth. The introduction of lockdowns and quarantine restrictions has led to a simultaneous reduction in CO2 emissions worldwide and reduced the negative impact on the environment. Thanks to the data of carbon dioxide emissions monitoring, it is possible to see a significant reduction in emissions since the beginning of COVID-restrictions in 2020. At the end of the year, the level of emissions reached almost the same level as before the restrictions, but the total volume for the year decreased significantly. If to look at the sectors, the largest amount of carbon dioxide emissions decreased in the aviation sector. This also applies to the land transport sector. Peaks of falling CO2 emissions occur in April 2020. The study showed that the reduction in economic activity due to «lockdowns» and quarantine restrictions affected the fall in energy consumption, especially in the aviation and land transport sectors, and this, in turn, led to a reduction carbon dioxide. This duly explains the relationship between declining economic growth and reducing CO2 emissions. The conducted research will be of interest to relevant ministries and departments in terms of their areas of responsibility, relevant organizations dealing with environmental and economic research, specialists who study and use in practice research on socio-economic problems of society.

Highlights

The development of the post-COVID economic system has significantly changed the structure of social formations in the vast majority of countries
Production and commercial activities were suspended during the lockdowns, air transportation was partially canceled, students and pupils were transferred to distance learning, administrative institutions switched to distance work, catering establishments work on removals and fulfill orders with delivery
The aim of research is the assessment of the impact of COVID-restrictions on the economy of Ukraine and the World, in particular the dependence of CO2 emission reductions on economic activity

Summary

Introduction

The development of the post-COVID economic system has significantly changed the structure of social formations in the vast majority of countries. Production and commercial activities were suspended during the lockdowns, air transportation was partially canceled, students and pupils were transferred to distance learning, administrative institutions switched to distance work, catering establishments work on removals and fulfill orders with delivery. This has led to a sharp decline in economic development and has had a direct impact on the ecological state of the environment. The aim of research is the assessment of the impact of COVID-restrictions on the economy of Ukraine and the World, in particular the dependence of CO2 emission reductions on economic activity

Methods of research

Research results and discussion

Conclusions

Press-conference

Findings

10. European Commission study