STUDY OF THE PANDEMIC INFLUENCING ECONOMIC SYSTEMS THROUGH THE PRISM OF ECONOMIC SECURITY

Abstract

The study reveals the features of the pandemic’s impact on various countries’ economic systems. The pandemic’s limitations on the state’s development are systematized. Methods for adapting the state’s economic system to epidemic threats are proposed. A comparative analysis of social and economic indicators showing the development of such countries as Russia, the United States of America, China, Germany, India, and Brazil in 2019‒2021 is conducted in order to detect the issues caused by the coronavirus pandemic. It is concluded that the death rate is lower in developed countries with advanced healthcare systems. At the high epidemic threat stage, there was a deterioration in the nominal gross domestic product growth rate, with China and Germany demonstrating the most adequate performance. The decrease in industrial production during the pandemic demonstrates a previous trend in many countries, which recovers after the pandemic. The negative impact on gross fixed capital formation turned out to be minimal in most countries’ economies. The study determined that the pandemic caused an increase in global unemployment in 2020 and 2021. China demonstrated the best inflation management performance, while other countries continue to face inflation as a threat. Depending on the economic development issues, a set of measures is proposed to adapt economic systems to the changing environment.