Horizons of the post-pandemic recovery of the world economy

Abstract

The shock experienced by the global economy as a result of the novel coronavirus pandemic is un-precedented in strength and specifi city of its impact, and the current global recession seems to be becoming protracted and will require a restructuring of the mechanisms of multilateral economic regulation that developed earlier. The purpose of our study was to analyze the key aspects, opportunities and mechanisms for the restoration of the world economy in the short and medium term. We came to the conclusion about the greater scale of the current global crisis in comparison with the previous recessions, which determines the uncertainty of the further trajectory of the impact of the pandemic on the world economy, and its particular impact on the economies of developing coun-tries. We believe that the structural reform of the economies of diff erent countries will accelerate due to the current crisis, which will also be facilitated by further digitalization and automation. In a pandemic, to revive economic growth, countries need to build confi dence from investors and con-sumers, and the economy must increasingly detach itself from speculative fi nancial markets to the real sector. Despite the opposite scenarios of the global economic recovery, it is now more related to progress with vaccinations, which is a key factor in lifting quarantine restrictions and further eco-nomic growth. At the same time, it is necessary to solve the problem of economic productivity growth and challenges in the development of international borrowing. Multilateral cooperation be-tween countries should be aimed at eliminating over-indebtedness, overcoming imbalances in the balance of payments, and improving the fi scal and monetary policies of key countries of the world.