Abstract
Governments around the world are looking for ways to manage economic consequences of COVID-19 and promote economic development. The aim of this study is to identify the areas where the application of economic policy measures would enhance the resilience of societies on epidemic risks. We use data on the COVID-19 pandemic outcome in a large number of countries. With the estimation of multiple econometric models, we identify areas being a reasonable choice for economic policy intervention. It was found that viable remediation actions worth taking can be identified either for long-, mid-, or short-term horizons, impacting the equality, healthcare sector, and national economy characteristics. We suggest encouraging research and development based on innovative technologies linked to industries in healthcare, pharmaceutical, and biotech, promoting transformation of healthcare systems based on new technologies, providing access to quality healthcare, promoting public healthcare providers, and investing in the development of regional healthcare infrastructure, as a tool of equal regional development based on economic assessment. Further, a central element of this study, i.e. the innovative identification matrix, could be populated as a unique policy framework, either for latest pandemic or any similar outbreaks in future.
Highlights
The COVID-19 pandemic is a case of a health-triggered economic crisis resulting in a simultaneous health and economic crisis [1]
Besides the initial economic shock, together with simultaneous demand and supply disruptions, the COVID-19 pandemic was of a size not experienced before, and economic consequences could even lead to long-lasting declines in global economic output [3]
We considered estimations on multiple regression models to draw an integral framework for identification of areas, where the determinants of severity of COVID-19 outcome came from
Summary
The COVID-19 pandemic is a case of a health-triggered economic crisis resulting in a simultaneous health and economic crisis [1]. Besides the healthcare sector operating on its limits, there is not a single economic sector left not being impacted by COVID. The measures to slow-down or control the spread of virus impacted the daily life of households and, what is more, caused economic costs. There were disrupted supply chains causing delay in production and delivery of goods [2]. Besides the initial economic shock, together with simultaneous demand and supply disruptions, the COVID-19 pandemic was of a size not experienced before, and economic consequences could even lead to long-lasting declines in global economic output [3]
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
