Response of the Russian business to the COVID-19 pandemic (the case of six industries)

Abstract

The paper presents an overview of a monograph "Response of the Russian business to the COVID-19 pandemic (the case of six industries)" prepared by a team of authors from the Higher School of Economics. According to the initial review of research publications about the pandemic's effect on the economy, there is a lack of studies on local consequences of coronavirus restrictions for particular industries. Methodologically, the monograph relies on a wide range of approaches, such as the theory of industrial markets, macro- and microeconomics, and new institutional economic theory. Among the main research methods are evaluating the traditional economic indicators and qualitative analysis of expert assessment. It has allowed obtaining a comprehensive understanding of the processes during the strictest lockdown measures, as well as the processes of business adaptation to the new post-pandemic reality. The monograph's authors examine six industries: retail trade, IT, tourism, pharmaceutical, chemical and automotive. The book reveals one of key paradoxes of the current crisis in the Russian practice: oftentimes companies from the most affected industries have found themselves in a winning position, whereas industries that initially received advantages have suffered losses. This is largely attributed to the digitalization of interaction with customers and suppliers attained in the pre-pandemic period.