Impact of the Covid-19 Pandemic on the Industrial Sector: Implications for Economic Policy

Lebedeva, Larysa; Moskalenko, Oleksandra

doi:10.30525/2256-0742/2021-7-5-114-122

Cited by 6 publications

(4 citation statements)

References 9 publications

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“…Retail sales fell, except for food and beverages. Lebedeva and Moskalenko [46], using Ukraine as an example and 2020 data, found that industries such as car manufacturing, leather production, light industry, furniture manufacturing, coal mining, and oil and gas extraction were most affected. De Vet et al [47] examined industrial production in the EU27.…”

Section: The Impact Of Covid-19 On Business and Social Lifementioning

confidence: 99%

Changes in Energy Consumption and Energy Intensity in EU Countries as a Result of the COVID-19 Pandemic by Sector and Area Economy

et al. 2022

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Energy is vital for the proper functioning of the various sectors of the economy and social life. During the pandemic, there have been some changes in these aspects that need to be investigated. The main objective of this article is to identify the direction of change caused by the COVID-19 pandemic in energy consumption and energy intensity in sectors and economic areas in EU countries. The specific objectives are to identify the importance of energy consumption in sectors and areas of the economy in individual EU countries; to determine the dynamics of change and variability during the pandemic in energy consumption in individual sectors and areas of the economy in EU countries, especially during the COVID-19 pandemic; to determine the changes in energy intensity of individual economic sectors and the differences in energy intensity between individual EU countries, including during the COVID-19 pandemic. Using a purposive selection method, all 27 EU Member States were selected for the study on 31 December 2020. The analysed period covered the years 2005–2020. The sources of material were literature and data from Eurostat. Descriptive, tabular and graphical methods, dynamic indicators with a fixed base and variable base, Gini coefficient, coefficient of variation, Pearson’s linear correlation coefficient, and multi-criteria analysis were used for analysis and presentation. It was found that the structure of energy consumption had remained unchanged for several years, with transport, industry and households dominating. There were no significant differences between countries. The COVID-19 pandemic reduced energy consumption in all sectors of the economy, the largest in transport and services and the smaller in industry. At the same time, household energy consumption increased. As a result of the pandemic, there was an increase in energy intensity in all sectors of the economy, the largest in industry. Western European countries had a lower energy intensity of the economy than Central and Eastern European countries. There was little change over several years. Countries generally maintained their ranking. The pandemic did not change anything in this respect, meaning that it had a similar impact on individual EU countries.

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Section: The Impact Of Covid-19 On Business and Social Lifementioning

confidence: 99%

Changes in Energy Consumption and Energy Intensity in EU Countries as a Result of the COVID-19 Pandemic by Sector and Area Economy

et al. 2022

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“…COVID-19 pandemic has become the most serious test for the countries of the world in the last 150 years (Lebedeva, Moskalenko, 2021).…”

Section: Macroeconomic Dynamics and Industrial Lending: The Impact Of...mentioning

confidence: 99%

Macroeconomic Aspects of the Development of Bank Lending to Industrial Enterprises: Challenges of Today

Herasymenko

2022

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The aim of the article is to highlight the key modern macroeconomic aspects and trends in the development of bank lending to industrial enterprises in highly developed countries of the world and to identify promising areas for its further development. The methodological basis of the study is the generalization of the results of applied research in the field of economics, scientific papers, statistical data, which highlight certain aspects of the development of the modern globalized economy, in particular its impact on the macroeconomic features of industrial development and bank lending to industrial enterprises. Results. The influence of financialization on the macroeconomic environment and the development of bank lending to industrial enterprises (on the example of the USA, Great Britain, Germany) is investigated. The influence of such unprecedented for the XXI century force majeure factors as the COVID-19 pandemic and the war in Ukraine on the macroeconomic environment and the development of bank lending to industrial enterprises is considered. The key trends in global economic development that stimulate transformations and structural changes in the macroeconomic environment of highly developed countries are highlighted. The role of bank lending to industrial enterprises in these processes is determined, which consists in lending to industrial innovations, as well as in the development of such promising areas as the "green" and "blue" economy. Practical implications. The practical results can be the basis for further research: on solving the problems of convergence of the financial and real sectors of the financialized economy, in particular with the participation of bank lending to industrial enterprises; on the role and importance of bank lending to industrial enterprises in overcoming the current macroeconomic consequences of the war in Ukraine; on certain aspects of the integration of bank capital into the development of industrial enterprises that are part of the "green", "blue" economy. Value/originality. The results of the study provide a deeper understanding of the role and contribution of bank lending to industrial enterprises in the processes of ensuring positive macroeconomic dynamics and maintaining macroeconomic stability, as well as allow to assess the depth of prospects for the development of bank lending to industrial enterprises.

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“…[16][17][18] Conversely, the slowdown in manufacturing activities due to lockdowns resulted in reduced demand for chemicals used in non-essential industries, such as construction and automotive. [19][20][21][22][23][24][25] Moreover, the pandemic had profound implications for the chemical industry's workforce. Ensuring the safety and well-being of employees in chemical plants and facilities became a top priority, leading to the implementation of stringent health protocols and safety measures.…”

Section: Introductionmentioning

confidence: 99%

“…With the healthcare sector under immense pressure to secure medical supplies, disinfectants, and pharmaceuticals, certain chemicals experienced an unprecedented surge in demand 16‐18 . Conversely, the slowdown in manufacturing activities due to lockdowns resulted in reduced demand for chemicals used in non‐essential industries, such as construction and automotive 19‐25 …”

Section: Introductionmentioning

confidence: 99%

COVID‐19 and the chemical industry: impacts, challenges, and opportunities

Abedsoltan

2023

J of Chemical Tech & Biotech

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The COVID‐19 pandemic imposed unparalleled challenges for the chemical industry, leading to disruptions in supply chains and demand dynamics. This period of crisis tested the adaptability and resilience of global chemical companies. Despite the challenges, the chemical industry exhibited remarkable innovation, collaboration, and adaptability. It demonstrated its capacity to respond swiftly and effectively to societal needs. Key lessons emerged, emphasizing the importance of diversifying supply chains, implementing scenario planning, and embracing digitalization for enhanced preparedness. As the world progresses toward recovery, the chemical industry is poised to leverage the valuable lessons learned. Industry 4.0 adoption, agile decision‐making, and collaborative efforts with various sectors, research institutions, and governments have accelerated digital transformation and enabled collective responses to global challenges. By focusing on healthcare, advanced materials, and circular economy initiatives, the industry can align with market trends and contribute to societal needs. Furthermore, prioritizing sustainability, regionalization, and responsible practices will be integral to future success. Proactive measures such as strengthening supply chain resilience, enhancing digital capabilities, and fostering a culture of innovation will empower chemical companies to navigate future challenges with confidence. By investing in sustainability, employee well‐being, and responsible practices, the chemical industry can play a pivotal role in building a more resilient and sustainable world. © 2023 The Authors. Journal of Chemical Technology and Biotechnology published by John Wiley & Sons Ltd on behalf of Society of Chemical Industry (SCI).

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Impact of the Covid-19 Pandemic on the Industrial Sector: Implications for Economic Policy

Cited by 6 publications

References 9 publications

Changes in Energy Consumption and Energy Intensity in EU Countries as a Result of the COVID-19 Pandemic by Sector and Area Economy

Changes in Energy Consumption and Energy Intensity in EU Countries as a Result of the COVID-19 Pandemic by Sector and Area Economy

Macroeconomic Aspects of the Development of Bank Lending to Industrial Enterprises: Challenges of Today

COVID‐19 and the chemical industry: impacts, challenges, and opportunities

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