COVID-19: ВИКЛИКИ ДЛЯ ФІСКАЛЬНОЇ ПОЛІТИКИ

Abstract

The new viral infection COVID-19, its spread and pandemic has become a new global challenge for all mankind. The COVID-19 pandemic has caused an unprecedented crisis in health, economic and financial stability. Today, there is considerable uncertainty about its duration and scale of consequences, which is why the emergence of a new viral infection COVID-19, its spread and growth into a pandemic is a new global challenge for all mankind. This article identifies features that distinguish the current Covid-19 crisis from most previous crises. The most significant negative consequences of the COVID-2019 pandemic and the crisis caused by it for the world and individual national economies are considered. Two main strategies for combating the spread of coronavirus infection COVID19 and restoring macroeconomic stability have been identified. The study examines how different governments are trying to mitigate the negative effects of COVID-19 through fiscal and monetary policy measures. It is noted that in order to fully overcome the crisis, national governments need to continue the weakened fiscal and monetary policies, to coordinate the measures of these policies. At the turn of 2019-2020, the world faced the pandemic COVID-19, which was called the "corona crisis". To limit the spread of coronavirus infection, national governments and health organizations around the world have been forced to introduce the following security measures: border closures, quarantine (full, partial or adaptive), social distancing, and so on. It should be noted that these measures disrupted macroeconomic stability and negatively affected economic development (from aggregate demand – falling real incomes, and from aggregate supply – due to the closure of many enterprises, especially small and medium-sized businesses). As a result, various sectors of the economy have declined, many workers have lost their jobs and incomes, consumer and business sentiment has deteriorated, world tourism and trade have declined, and so on. The rapid spread of the pandemic has become a global challenge that requires immediate action to address it effectively. The corona crisis stimulated states to develop packages of monetary and fiscal solutions in the short term to minimize its negative consequences.