The pandemic crisis: The mechanisms of development and solutions for economic policy

Abstract

The new coronavirus pandemic has created new challenges for experts in economic analysis and substantiation of economic policy. The difference between a pandemic crisis and the mechanisms of a traditional business cycle crisis requires a description of the key mechanisms of its development. The relatively more favorable macroeconomic results of the Russian economy in 2020 were determined both by its structural features and by the parameters of economic policy. At the same time, the crisis led to significant social losses, which resulted in an increase in excess mortality and a decrease in real incomes of the population, and unemployment rising. The crisis has shown the impossibility of targeted support for all the affected segments of the population. In this regard, a rapid recovery of economic activity on the basis of state support can be the most effective way to restore the level and quality of life of the population.