Abstract
The research problem is that the COVID-19 pandemic has become a threat to the sustainable development of the EEU and caused uncertainty in terms of the management of corporate social responsibility. This paper is aimed at identifying the impact of the COVID-19 pandemic on sustainable development of the EEU from the perspective of the interaction of the member states of the integration association and their mutual trade risks through the prism of the management of corporate social responsibility. The methodological foundation of the research is composed of the provisions of a comprehensive approach that has been used as a basis for determining the cause-and-effect relationship between the member states of the integration association and their mutual trade risks in the age of the COVID-19 pandemic in 2020. The analysis of statistical data is based on the methodology of econometric theory; in particular, the methods of horizontal and trend analysis. This paper analyzes the measures that were taken by the EEU member states to fight the pandemic of a new coronavirus infection both at the national level and at the level of the EEU institutions. The authors showed the asynchronous nature of measures introduced at the national level, while in certain circumstances the economic inefficiency of the introduction of measures, taken at the supranational level, and the impact of imposed restrictions on the current situation with mutual trade in goods and services, and free movement of workers. It has been substantiated that the examination of the economic interaction of the EEU member states in the period of restrictions dictated by a new coronavirus infection has revealed several endemic problems and had a major impact on the achievement of the main objectives of the integration association, transforming the terms for the management of corporate social responsibility. The originality of the paper is that the unique experience of the integration association of the EEU is for the first time studied from the perspective of the impact of the risks of mutual trade during a pandemic on it through the prism of the management of corporate social responsibility.
Highlights
Influenza pandemics, which represent epidemics that cover most of the world, in addition to human losses, invariably entail substantial economic losses both in the economies of certain states and integration associations in particular and in the world economy in general.the most powerful known influenza pandemic is considered to be the “Spanish flu”, caused by the H1N1 virus that occurred in 1918–1920, which, in terms of its losses, makes this epidemic one of the largest catastrophes in the history of mankind (Morens and Taubenberger 1918; Patterson and Pyle 1991), since between 20 and 40% of the population of our planet suffered from its action
The analysis has shown the asynchronous nature of measures introduced by the Eurasian Economic Union (the EEU) member states at the national level, which increase uncertainty and made the management of corporate social responsibility more complex
In particular, while the state of emergency was introduced in some EEU member states, such a state was not introduced in other member states; the measures of partners to restrict the movements of people with air transport were asynchronous as well, despite the establishment of the EEU, and the objective of ensuring free movement of workers were asynchronous as well (Table 1)
Summary
Influenza pandemics, which represent epidemics that cover most of the world, in addition to human losses, invariably entail substantial economic losses both in the economies of certain states and integration associations in particular and in the world economy in general.the most powerful known influenza pandemic is considered to be the “Spanish flu”, caused by the H1N1 virus that occurred in 1918–1920, which, in terms of its losses, makes this epidemic one of the largest catastrophes in the history of mankind (Morens and Taubenberger 1918; Patterson and Pyle 1991), since between 20 and 40% of the population of our planet suffered from its action. Some researchers have linked the recession in developed countries in 1919–1921 to the Spanish flu epidemic, according to their estimates, the epidemic cost the world 6.6% of GDP on average (Barro and Ursua 2009). At the same time, according to a World Bank report, an epidemic of a similar scale, for example, in 2015, would cost the world economy up to 5% of GDP (International Working Group on Financing Preparedness 2017). The subsequent “Asian Flu” of 1957 and the “Hong Kong Flu” of 1968 killed more than one and a half million people and caused economic losses of about US $32 billion at that time (Mizinceva et al 2020). In 2009, the swine flu damaged the world economy in the amount of 50 billion US dollars, and in 2014–2016, the Ebola epidemic in West Africa cost $53 billion (Prevent Epidemics 2019)
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