Impact of the COVID-19 pandemic and crisis on the economies of the EAEU countries: inflation trends and the scientific rationale for state price regulation of commodity markets

Sozinova A.A.1, Meteleva O.A.1
1 Вятский государственный университет, Russia

Journal paper

Journal of Central Asia Economy (РИНЦ, ВАК)
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Volume 6, Number 3 (July-september 2022)

Citation:

Indexed in Russian Science Citation Index: https://elibrary.ru/item.asp?id=50020791
Cited: 1 by 28.06.2023

Abstract:
The COVID-19 pandemic and the economic crisis have caused profound transformations in the world economy, including the EAEU countries. This period is characterized by unfavorable socio-economic development, increased inflationary risks, and the fight against poverty. The aim of the study is to examine the impact of the pandemic and the crisis on the economies of the EAEU countries. One of the variables in the analysis was the dynamics of the inflation rate, including food and non-food products. To assess the impact of the pandemic and the crisis, the method of plan-fact analysis was used. The author conducted a comparative analysis of the compliance of inflation with the estimated value established by the EAEU Treaty. Measures to combat the virus threat and measures of economic crisis management are considered. THey are as follows: social distancing measures (limited effect), health measures (limited opportunities), financial measures (highly differentiated in the EAEU countries), and vaccination measures. The situation related to COVID-19 and developing in the EAEU countries is developing unevenly. Under the influence of deep transformations, the level of poverty has increased. This made it possible to apply measures of state regulation of prices for goods and prevent an increase in the level of poverty.

Keywords: state regulation, commodity markets, EAEU, COVID-19 pandemic, economic crisis, inflationary trends, scientific rationale

JEL-classification: E31, F02, F29, I31, I32

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