Corona-test of the Real Economy and Financial and Economic Imperatives to Overcome the Effects of the COVID-19 Pandemic

Abstract

The article aims at highlighting the financial and economic imperatives and semantics of the practical ways for overcoming the negative effects of the COVID-19 pandemic by country, and finding capabilities for their implementation in Ukraine, taking into account the corona test results of the real economy expressed in the national measures of sustainable and comprehensive development, traditionally taken as a whole. The state of institutional and sectoral units of the real sector of economy during the COVID-19 global pandemic has been analyzed. The key factors of the negative impact on economic sustainability have been systematized based on the criterial invariance of the quantitative and qualitative indices of the production, logistics, labor availability (saving) and bankruptcy parameters. The research results in suggesting two types of measures to overcome the pandemic effects: the first one is at the enterprise level, and the second one is at the state level. The first group should include the companies’ strategy decomposition, e.g. reducing costs, restructuring activities, diversifying production to meet the domestic market needs, supporting employees’ mobility and engagement in remote work (online operation). The second group should include deferring tax payments, providing assistance (support) to enterprises and employees, state guarantees on loans, interest-free loans, one-time financial help, one-time grants for certain sectors, which are among the most sensitive ones to the COVID-19 pandemic effects. A critical analysis of the best practices in overcoming the pandemic effects in such countries as France, the USA, Germany, Great Britain, Italy, Turkey, Japan, China, South Korea and others has been carried out. Possible ways of their application in Ukraine have been offered.