Prostranstvennaâ Èkonomika (Feb 2021)
The Economy of the Pandemic: A Far Eastern Russian Aspect
Abstract
The article presents continuation of analysis of national and international aspects in assessment of economic after-effects of a new corona virus pandemic. It analyzes the finance and economy performance for 11 months of 2020 with a stress on specific economic situation in the Far Eastern Federal Okrug (FEFO, district). It regards a basic difference in the pandemic situation between overall Russia and its Far East. The author notes that the macro region demonstrates a tighter balance between the load and the available reserves in primary health care (medical and social) as compared to Russia overall. Estimated and assessed are economic losses related to the pandemic in the key structural segments of the Far Eastern Russia economy (industry, budgets, foreign trade, labour market, construction). Variance of program indicators is considered. The following most meaningful lines of the pandemic influence on the Far East economy have been identified: curtailing output and revenue from a stop-over or even exit from the market; scaling-down production after a fall in demand; decreasing value of exports with closing borders; falling foreign market demand and falling mineral resource extraction; an upswing rise in prices caused by shrinking imports; a growing shortage of manpower from closed borders; growing expenses and decreasing tax revenues for regional budgets. Three larger FEFO economy sectors are described as to their losses from the pandemic: the bigger sector (almost 2/3 of the entire economy) is formed by the types of economic activity that have lost and are still losing revenue and those that have reduced turnover following the shrinking demand; 13% of the economy have suffered from a spring lock-down; approximately 20% of the economy are either winners or those neutral to the situation
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