Assessment of the Impact of the Covid-19 Pandemic on the Balance of Payments and the International Investment Position of Russia

Abstract

The article analyzes the current situation in the world economy in 2020, caused by the energy crisis due to the failure of OPEC agreements, political conflicts, trade wars, and the COVID-19 pandemic. The pandemic and its socio-economic consequences have become the main cause of the global crisis.The author conducted statistical analysis of the effects of the COVID-19 pandemic on the balance of payments and the international investment position of Russia, which in aggregate form reveals the results of the country's foreign economic activity. The author analyzes country's external sector statistics summarizing the results of Russia's activities with the rest of the world in 2020 and identifies the trends of the impact of the coronavirus pandemic on the Russian economy and the results of the foreign economic activity of the Russian state. The paper analyzes in detail all the enlarged items of the balance of payments and the international investment position of the Russian Federation and quantifies the impact of the COVID-19 pandemic in 2020–2021 on them and also provides an overview of the development of the external sector of the Russian economy at the end of the year.While analyzing the statistical data of the balance of payments and the international investment position of Russia in 2000–2021, a comparison is made with the current situation in the economy and foreign economic sphere in connection with the global crisis of 2008 and the introduction of international financial and economic sanctions after 2014. The author with regard to the effects of the COVID-19 coronavirus pandemic on the balance of payments and the international investment position of the Russian Federation in 2020–2021 substantiates a forecast of further prospects for the development of the foreign economic sector of the Russian economy in the medium term.