Analysis of Measures to Support the Economy in the Context of the COVID-19 Pandemic
The successful functioning of the country’s economy is closely linked to optimal budget support. This determines the effectiveness of the state’s economic policy and its impact on economic and financial stability, the standard of living of the population, etc. This issue becomes particularly relevan...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Mukachevo State University
2020-06-01
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| Series: | Науковий вісник Мукачівського державного університету. Серія Економіка |
| Subjects: | |
| Online Access: | https://economics-msu.com.ua/en/journals/tom-7-1-2020/analiz-zakhodiv-z-pidtrimki-ekonomiki-v-umovakh-pandemiyi-covid-19 |
| Summary: | The successful functioning of the country’s economy is closely linked to optimal budget support. This determines the effectiveness of the state’s economic policy and its impact on economic and financial stability, the standard of living of the population, etc. This issue becomes particularly relevant in certain crisis periods, such as the 2020 and the COVID-19 pandemic. The purpose of the paper is to study the state and trends of the impact of COVID-19 on the economic situation in the world and determine the socio-economic losses that Ukraine will suffer from the pandemic. The paper proves that reducing the financial capabilities of the state requires reformatting the instruments of the state’s financial policy in favour of other, less expensive sources of incentives. It was determined that the vast majority of countries in the world distinguish tax incentives as an influential stimulating factor of economic development. The system of incentive measures to support businesses in such countries as Germany, Italy, and the United States is analysed. The features and courses of incentive measures applied in Ukraine are determined. It is concluded that in the context of the “coronavirus crisis”, Ukraine has resorted to the steps that all civilised countries of the world are taking: it reduces planned budget revenues and increases expenditures aimed at countering the pandemic. However, the system of proposed incentive measures is not enough to support business structures. It was proved that the vast majority of measures are not economic but social. The scientific originality of the results obtained is conditioned upon the need to apply instruments of more active tax and fiscal policy aimed at thoroughly supporting business structures to reduce the negative impact of the global economic crisis. It was determined that first of all, the most considerable factor should be the support for small businesses and the self-employed population of Ukraine as the most vulnerable category of business structures in Ukraine. Further research will be aimed at analysing the economic consequences of quarantine, economic losses after overcoming the coronavirus diseas |
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| ISSN: | 2313-8114 2518-1254 |