Complex and contradictory processes of modern social transformations and the need to overcome the crisis in the economy require the appropriate influence of the state and a clear system of socio-economic management through the formation and implementation of effective state economic policy. The main elements of economic policy are financial and credit, budgetary, scientific and technical, structural, social, investment, agricultural, regional, foreign economic policy. The implementation of state economic policy is considered in terms of the relationship between social problems and the state. Therefore, the purpose of the article is to study the essence, tools and methods of state economic policy in modern conditions. It is also necessary to identify the main risks and features of further development of state economic policy of individual states in a global imbalance and crisis. The theoretical part is devoted to the study of the essence of state economic policy, theoretical and practical aspects of its organization in the state, as well as tools that can be used by the state. The resulting part is devoted to the consideration of the situation, in which the world economy has found itself in 2020 in the conditions of the economic COVID-19 crisis. General forecasts have not provided to individual states because it has been impossible to predict the end of the pandemic and the return of the world to normal life. However, it is clear that the world economy has undergone irreversible processes that will synergistically affect different states in different ways. The crisis has hit a significant number of industries, including tourism, logistics, hotel business, the crisis has been felt in world markets: oil prices have collapsed, as well as the stock markets. Undoubtedly, there are areas with a rapid growth, especially the pharmaceutical industry and retail, online delivery services, IT entertainment and communications industry, information marketing business and education and training services. It is likely that the indicators of economic development in the states by the end of the year will be better than the results of the first half of the year. The basic forecast of economic world development assumes a sharp growth of the economy after a short recession after quarantine. The financial capabilities of the EU states vary considerably, but each state must pursue counter-cyclical policies aimed at stabilizing its own economy. The answer to the question of what kind of crisis response policy they can afford depends on the fiscal policy of the states before the crisis. In economically developed states, where emergency measures have been introduced, governments and central banks issue trillions of dollars in government spending, social support of citizens, and interest-free business loans to limit the economic damage of quarantine. At the same time, in Latin America and Southeast Asia, total quarantine is impossible in multi-million cities. Such states have a triple effect of suffering from the virus, the environment and poverty. States dependent on the export of natural resources and raw materials, when faced with the crisis, are forced to sell them for nothing, so they will suffer great losses. More than 150 states have set up anti-crisis headquarters and are taking anti-crisis measures. The authors have also tried to predict how largescale the global economic crisis will be for Ukraine, what consequences await it, and what measures need to be taken to overcome it.
How to Cite
economic policy, COVID-19 crisis, consequences of crisis, state mechanism, anti-crisis headquarters, anti-crisis measures, Ukrainian policy, forecast scenario, forecast risks
Adamovska, A. (2017). Mechanism of state regulation of economy and choice of direction of economic policy in modern conditions of management. Public Administration: Improvement and Development, no. 4. Retrieved from: http://www.dy.nayka.com.ua/?op=1&z=1063
Amelin, A. (2020). Economic crisis – 2020: What are the consequences for Ukraine and how to deal with it. Retrieved from: https://zik.ua/blogs/ekonomichna_kryza_2020_yaki_naslidky_dlia_ukrainy_ta_iak_z_tsym_vporatys_962014
Arkhypenko, Y. (2019). Foreign experience in the formation and implementation of regional economic policy. Public Administration and Local Self-Government, no. 2(41). Retrieved from: http://www.dridu.dp.ua/vidavnictvo/2019/2019_02(41)/6.pdf
Didkivska, L. I., & Holovko, L. S. (2000). State regulation of the economy: textbook. tool. Kiev: Knowledge Press.
Emerson, M., & Kovziridze, T. (eds) (2018). Deepening Relations between Georgia and the EU – Why, what and how?, CEPS and Rowman & Littlefield International, 2 nd edition.
Global Competitiveness Report 2018, World Economic Forum. Retrieved from: https://www.weforum.org/focus/davos-2018
Kusa, I. (2020). The crisis in the United States, the Middle East on fire, controversial Europe: what the world will be like in 2020. Retrieved from: https://dif.org.ua/article/kriza-v-ssha-blizkiy-skhid-u-vogni-superechliva-evropa-yakim-bude-svit-u-2020-mu
Luzin, Pavel (2015). “The Caucasus: Imperial Realpolitik or Historical Retreat”, Intersections, 7 December.
Maclean, Rory (2013). “Heroic Adventures in Transnistria”, New Eastern Europe, No. 4 (IX), p. 158.
Makarychev, Andrey and Strukov, Vlad (2017). “(In)complete Europe vis-à-vis (in)complete Russia”, PONARS-Eurasia website, 5 June.
Martunyuk, V. (2017). “Eastern Partnership summit: Compromise for the sake of continuation”, Ukrainian Prism, Foreign Policy Council, 27 November.
Martunyuk, О., Vitvitskaya, О., & Lagodiienko, V. (2019). Formation of an innovative concept of management on the basis of reconstruction of genetic algorithm of management technology. Periodicals of Engineering and Natural Sciences, vol. 7, no. 2, pр. 487–499. doi: https://doi.org/10.21533/pen.v7i2
Matsaberidze, D. (2015). “Russia vs. EU/US through Georgia and Ukraine”, Connections, The Quarterly Journal, spring, p. 86.
Maystro, S. (2013). Theoretical and methodological principles of the implementation of state economic policy. Public administration theory and practice, no. 2(41), pр. 1–7. Retrieved from: http://www.kbuapa.kharkov.ua/e-book/tpdu/2013-2/doc/2/02.pdf
Kulysh, L. (2019). Competition policy in the system of instruments of state regulation of the economy. Economy and the state, no. 1. Retrieved from: http://www.economy.in.ua/pdf/1_2019/23.pdf
Radchuk, O. (2020). The New World Economic Crisis: Will Ukraine Meet the Challenges? Retrieved from: https://www.slovoidilo.ua/2020/03/05/kolonka/aleksandr-radchuk/ekonomika/nova-svitova-ekonomichna-kryza-chy-vporayetsya-ukrayina-vyklykamy
Savitsky, O. (2020). The crisis of 2020: the end of the colonial world and the beginning of a new one. Retrieved from: https://ua.boell.org/uk/2020/04/13/kriza-2020-roku-kinec-kolonialnogo-svitu-ta-pochatok-novogo
Serzhanov, V., & Kostovyat, A. (2018). Strategic management in the system of socio-economic development of Ukraine. International conference «Regional sustainable development – through competitiveness, innovation and human capital».
Soloviov, V. (2017). “For Moldova’s journalists, surveillance is the new norm”, Open Democracy, 7 April.
Ukraine on the Economic Freedom Level (2018). Economic Discussion Club Public Association. Public Administration: Improvement and Development, no. 4. Retrieved from: http://edclub.com.ua/analityka/ukrayina-za-rivnem-ekonomichnoyi-svobody-2018
Umantsiv, Yu. M. (2015). Mekhanizm ekonomichnoyi polityky : navch. posib.: The Mechanism of Economic Policy: A Study. guide: Retrieved from: http://pidruchniki.ws/15970122/ekonomika/metodologichni_zasadi_formuvannya_realizatsiyi_ekonomichnoyi_politiki#159
Vinichuk, Y. (2020). What happens to the Ukrainian quarantine business Retrieved from: https://biz.censor.net.ua/resonance/3190487/scho_vdbuvatsya_z_ukranskim_bznesom_na_karantin
Voloshin, M. (2020). Global Crisis 2020 and Coronavirus: What will happen to the economy? Retrieved from: https://vgolos.com.ua/news/svitova-kryza-2020-i-koronavirus-shho-bude-z-ekonomikoyu_1191896.html
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.