Economy of Russian regions in the context of the coronavirus epidemic

ABSTRACT

For the global economy, the shock caused by Covid-19 was faster and more severe than the global financial crisis of 2008. Unlike other economic downturns, the drop-in output during today's crisis is not caused by demand it is an inevitable consequence of measures taken to contain the spread of the disease. Against the backdrop of the growing Covid-19 pandemic, a review of numerous public and private sector models shows that the global economy is facing significantly lower growth rates in 2020. In the near future, both the set of factors of production and their content will change. The technologies that will ensure an efficient future for the entire economy will benefit. This will be a very important moment that cannot be missed in any way. In this sense, Russia has a huge competitive advantage over other countries. The article examines the impact of the coronavirus epidemic on the state of the economy, considers the measures taken for business on the example of Russian regions. It analyzes the new way of life and economy that will replace the previous one after the end of the pandemic, will open up completely new opportunities for life and even prosperity. © 2020 Published under licence by IOP Publishing Ltd.