Threats to the Global Economy in the Context of the COVID Pandemic on the Example of Russia and China

Abstract

Annotation-In a crisis, different economic systems react differently to the emergence of imbalances. If the state regulation of economic processes is minimized in the market economic system, then in the command and administrative system the state has many tools for regulating the economy. The purpose of the study is to empirically demonstrate the co-directional and opposite dynamics of the development of modern economic systems in order to assess the conjuncture of socio-economic development in the conditions of the COVID pandemic. In the course of the study, it was revealed that the market economic system and the command and administrative system have both co-directional and multi-vector dynamics of economic development, which is reflected in the dynamics of the values of economic indicators. The study of empirical data showed that the co-directional vector of development has GDP, GDP per capita, gross savings, consumer spending, the share of income of 20% of the poorest population. A multidirectional vector of development of the economic systems of Russia and China is observed for such indicators as the level of inflation, imports of goods and services, external debt, and unemployment. It is worth noting that the indicators of co-directional dynamics are effective. GDP, GDP per capita, gross savings are the result of economic activity.