Modelling structural relations between financial, social-economic and healthcare factors

Abstract

Relevance of the article topic consists in the fact that it is critical to analyse relations between financial, social-economic and healthcare determinants for the post-pandemic recovery of macroeconomic stability. Consideration of these relations can provide complex recovery strategies, which will contribute to economic, medical amd social resiliemce. The latter is extremely important when there are new global challenges to overcome. The manuscript aims at identifying structural and functional connections between social-economic determinants that influence the healthcare sector. To achieve this purpose, we used the following research methods: induction and deduction, analysis and synthesis, comparison and logical generalisation, table and diagram visualisation, observation and assessment, method of principal components, structural modelling. The research data are taken from the World Bank. Totally, the paper analyses statistical data from 15 European countries in 2000-2021. The modelling input data comprise 18 indexes (financial, social-economic, healthcare ones). The constructed structural model provided the following conclusion: if healthcare indexes increase by 1, social-economic development decreases by 0.014. One of the reasons for that is the negative mortality value. The most important aspect is an efficient reaction to epidemics and pandemics. Development of containment plans, including the healthcare scaling and inter-authority coordination is critical for effective crisis management. We should develop a stable economy and policies to provide an affordable and equal access to healthcare for all population groups. Only a complex approach in each separate country may drop mortality and minimise impacts on different aspects of society life. The obtained results can be applied by authorities of public health to improve efficient recovery strategies, raise healthcare standards, make proper decisions for social-economic development.