Impacts of the COVID-19 pandemic on the state of global and national economies

Abstract

The article analyses the peculiarities of the global pandemic COVID-19 impact and related quarantine restrictions imposed on the economic growth of Ukraine and other countries of the world. The purpose of the study is to determine the negative consequences of such an impact due to the global pandemic COVID-19, as well as to outline the effectiveness of implemented (planned) measures of governments to neutralize the effects of this impact on the economy. Particular attention is paid to: the study of changes in GDP dynamics, the volume of foreign trade, and the level of public debt in different countries of the world in three phases of the pandemic: I-phase (2019–2020), II-phase (2021-2022) and III-phase (second half of 2022, first half of 2023); determining the effectiveness of anti-crisis measures of governments during the global crisis of 2019–2022. The scientific paper notes that the negative factor influencing the quality to the economic growth of the country’s world (during the pandemic) is non-diversification of economies with emerging markets and their dependence on global foreign trade flows. It has been determined that the increase in social spending and the level of debt in developing countries is a threat to their financial security in the future, since the maximum level of public and guaranteed debt in relation to GDP in some countries exceeded the limit of 60% according to the Maastricht criteria.