On Consequences of Event-Driven Economic Crisis of 2020 at National and Regional Levels

Abstract

The article presents an analysis of specific results, the most significant trends in the development of the Russian economy in 2020, caused by the spread of coronavirus infection. An assessment of social and economic indicators for 2020 compared to average values for the previous years 2017–2019 is given. The impact of an increase in the COVID-19 incidence on the demographic situation, introduction of quarantine restrictions on the regional economy of the Karachay-Cherkess Republic, a federal entity of the North Caucasian Federal District, is shown. Obviously, the degree of manifestation of the economic crisis depends on the level of social and economic development of the regions of Russia. The authors note the characteristic features of the crisis generated by the pandemic, which must be taken into account when developing anti-crisis policy, as well as economic policy at the stage of overcoming the crisis. Some enterprises found themselves on the verge of bankruptcy not as a result of their own inefficient activities, not because of errors in state regulation of economic development, but because of the closure of borders and the introduction of lockdowns. The recession threatens to turn into a depression. Year 2020 showed the importance of timely adaptation to a changing reality, the need to take emergency and extraordinary medical, economic, social measures to mitigate the impact of the pandemic. In the course of the study, the features of changes in the state economic policy caused by crisis phenomena are highlighted. The crisis had an impact on the strategic goals of regional development, contributed to a change of fiscal and credit policies, changed the ways of coordination between government and business, and activated approaches and models of anti-crisis management. The recovery growth of the country’s economy with subsequent of sustainable development, the combination of anti-crisis measures with the implementation of structural modernization tasks will prevent the deterioration of the economic situation and overcome quickly the negative consequences of the crisis.