Scenario approach to assessing the prospects for the impact of the COVID-19 pandemic on the economy of countries (using the example of the United States, China and Russia)

Abstract

The article is devoted to the study of the phenomenon of the scenario approach to assess the prospects for the impact of the COVID-19 pandemic on the economies of countries using the example of the largest world leaders: the United States, China, Russia. The emerging global epidemiological problem is a serious constraining factor for the development of the economies of states. From the point of view of scientifi c novelty, the analysis and assessment of development scenarios for the economies of the studied states can become the basis for drawing up an action plan to eliminate the consequences of the COVID-19 pandemic. To this end, within the framework of this work, scenarios of further development were considered for each of the countries. For Russia, the following scenarios were chosen baseline scenario — the pace of development of the world economy will be slow, full recovery will take place at the end of 2023; deflationary scenario — in this scenario, the impact of the COVID-19 pandemic, as well as the current restrictions, will persist for a long time. At the same time, oil prices will reach $ 50 per barrel only after 2023, inflation by 2023 will reach 1.5-2.5 %; pro-inflationary scenario — the effects of the pandemic will subside quickly enough, but the potential level of output in the global economy will fall deeper. At the same time, oil prices by 2023 will be $ 42–43 per barrel; risk scenario — within the framework of this scenario, the possibility of a repeat of the COVID-19 pandemic is allowed and the tightening of restrictive measures, which will negatively affect the economies of states, is not excluded. The choice of the studied states was determined not only by world leadership, but also by the degree of influence of the coronavirus on their economies. During the study, a forecast of key indicators of the economies of the United States, China and Russia for 2021 was carried out, the prospects for their dynamics in the current economic situation were assessed, and the main trends followed by the governments of states were examined and identified.