Consequences of the Covid-19 pandemic: the case of the Armenian economy
The COVID 19 pandemic has become a real test for humanity in general and the global economy in particular. The events of the last two years have forced the states of the world to actively pursue anti-crisis policies, including support for business and the population. At the same time, taking into account the lockdown and many restrictions, economic activity in almost all countries has suffered greatly. Developing economies, due to the weakness of market institutions and the limited capacity of state budgets, have suffered losses significantly higher than can be observed in developed countries.
The problem of macroeconomic regulation in the context of the pandemic crisis has become very relevant over the past two years, both in developed and developing countries. This article is devoted to the analysis and assessment of the consequences of the COVID19 pandemic crisis in Armenia, in terms of both social and economic effects. The methodological basis of the study was an overview of the key indicators of economic development in Armenia over the past two years. The result of the study was the conclusion that in the context of the COVID19 pandemic crisis, the main macroeconomic indicators indicate a reduction in economic activity and, as a consequence, a decrease in the standard of living in Armenia. The conducted research made it possible to identify the key "sore spots" of the Armenian economy, both from the point of view of its economic development, and the consequences of the crisis, which are of a social nature. The research attempts to assess the effectiveness of macroeconomic policy in the context of the economic crisis of the COVID19 pandemic, as well as the possibilities of overcoming the consequences of the crisis of 2020-2021.