Policy measures for economic resilience of Visegrad Group and Ukraine during the pandemic

Abstract

The COVID-19 pandemic has posed unprecedented healthcare and economic resilience challenges for the world. This study systematizes the policy measures taken by the Visegrad Group and Ukraine to support national economies in response to the pandemic. The paper is based on a grouping method to systematize the policy measures, and a tabular method to present the results of the policy measures classification. Following systematization results, the policy measures for ensuring the economic resilience under the pandemic are classified as quarantine and compensatory measures. Additionally, quarantine measures were classified into prohibitions, restrictions, and recommendations. Compensatory measures were classified by the type of policy and grouped according to the global dimension in periodization of the COVID-19 waves. The analysis of quarantine measures in Ukraine and Visegrad Group also shows that prohibitions had been used most frequently and for the longest time in Ukraine, particularly they included school closures, public transport closing, and restrictions on internal movement. Meanwhile, fiscal, macroprudential, and microprudential measures prevailed among the compensatory measures. Simultaneously, 38% of all fiscal measures were direct grants to households and enterprises. The largest number of various measures (78) were implemented in Poland, linking quarantine and compensatory measures. The least compensatory measures were implemented in Ukraine (19) and Slovakia (15). Overall, policy measures helped to avoid a worse scenario of pandemic impact but did not help to overcome the effects of the pandemic fully.

Keywords

• COVID-19 crisis
• national economy
• policy measures
• resilience