The Impact of the Global Crisis on the Economies during the Corona Virus Pandemic and Mitigating Measures

Dr. Tursun Shodiev, Dr. Bakhodir A. Khasanov, Dr. Akram A. Khashimov, Dilnavoz A. Abdiyeva and Golibjon B. Akramov

The study examined the causal relationship between the global spread of the corona virus pandemic and the economic downturn, the scientific basis has been created to assess the negative impact of the corona virus pandemic on the global and regional economies, including developed and developing economies, economic development of the countries as well as economic losses as a result of the crisis. Also the forecast of the influence of measures taken by governments to soften the consequences of the crises on post-crisis development was made. The study confirmed that the spread of the corona virus pandemic in developed countries is positively related to the index of globalization and economic losses, and inversely related to the post-crisis recovery period. However, these relationships are opposite for developing countries. Therefore, the hypothesis that the aggregate supply curve of post-crisis expected development is as U-shaped in developed countries, and as V-shaped in developing countries including Uzbekistan has been proven in the study on the bases of econometric modeling.

Volume 12 | Issue 7

Pages: 290-299

DOI: 10.5373/JARDCS/V12I7/20202011