Comprehensive assessment of the economic consequences of the COVID-19 pandemic

Simak, S.V.; Davydiuk, Yu; Burdeina, N; Budiaiev, M; Таран, О.А.; Ingram, Keisha LaRaine

doi:10.33271/nvngu/2020-6/168

Cited by 4 publications

(2 citation statements)

References 1 publication

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“…In every part of the cosmos, it creates an atmosphere that is insecure and always changing. COVID-19 (Coronavirus) has been confirmed in around two million people in 185 countries worldwide (Simak et al, 2020;Coker et al, 2011;Wu et al, 2017; UNWTO, 2020). As a result, international travel in April and May 2020 was nearly halted totally.…”

Section: Literature Reviewmentioning

confidence: 99%

A Reflection of Covid-19 Pandemic on the Tourism Sector in Bangladesh: Financial and Economic Aspects

Khan,

Chowdhury,

Stavska

et al. 2024

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Bangladesh has been experiencing the tourism industry as one of the most potential sectors proving a great contribution to the economy in recent years. However, at the beginning of 2020, this sector has transformed reversely by the consequences of the outbreak of COVID-19. Continuous restrictions on movement in domestic and international borders make the tourism sector employees jobless and generate fewer turnovers. This research attempts to quantify the adverse effect of COVID-19 on the tourism sector as well as the country's economy, spheres of tourism and business and suggests some short-term and long-term approaches to recover the situation. The study draws a contrast between past and present year trends, from where we may get vigorous and prevailing information about the pandemic significance and may contribute to initiating and implementing some suitable tactics for retrieval from the state in further heightening the tourism industry. This study may aid in the better understanding and identification of the demands of the general public in terms of tourism by the relevant authorities in the tourist sector. This will also assist in developing the potential of domestic tourism and preparing the tourism sites in Bangladesh for the post-pandemic phase by implementing appropriate measures in the short term.

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Section: Literature Reviewmentioning

confidence: 99%

A Reflection of Covid-19 Pandemic on the Tourism Sector in Bangladesh: Financial and Economic Aspects

Khan,

Chowdhury,

Stavska

et al. 2024

ФКДПТП

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“…Simak et al [14] focus on the significant economic impacts of the pandemic. Their work provides an analytical assessment of the global and Ukrainian economies, thereby detailing the decline in GDP, increasing unemployment, and the contraction of various economic sectors.…”

Section: Literature Reviewmentioning

confidence: 99%

Analyzing the Impact of COVID-19 on Economic Sustainability: A Clustering Approach

Nicolis,

Maidana,

Contreras

et al. 2024

Sustainability

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This work presents a comprehensive analysis of the economic impact of the COVID-19 pandemic, with a focus on OECD countries and the Chilean case. Utilizing a clustering approach, the research aims to investigate how countries can be categorized based on their pandemic mitigation strategies, economic responses, and infection rates. The methodology incorporates k-means and hierarchical clustering techniques, along with dynamic time warping, to account for the temporal variations in the pandemic’s progression across different nations. The study integrates the GDP into the analysis, thereby offering a perspective on the relationship between this economic indicator and health measures. Special attention is given to the case of Chile, thus providing a detailed examination of its economic and financial indicators during the pandemic. In particular, the work addresses the following main research questions: How can the OECD countries be clustered according to some health and economical indicators? What are the impacts of mitigation measures and the pension fund withdrawals on the Chilean economy? The study identifies significant differences (p-value < 0.05%) in the GDPs and infection rates between the two identified clusters that are influenced by government measures, particularly in the banking sector (55% and 60% in clusters 1 and 2, respectively). In Chile, a rebound in the IMACEC index is noted after increased liquidity, especially following partial pension fund withdrawals, thereby aligning with discrepancies between model forecasts and actual data. This study provides important insights for evidence-based public policies, thus aiding decision makers in mitigating the socioeconomic impact of global health crises and offering strategic advice for a sustainable economy.

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Management of the Development of the Tourist Industry in the Condition of a Pandemic

Fatkhutdinova

Bazhanova²,

Tyshchenko³

et al. 2021

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Abstract. The tourism industry occupies an important place in the development of many countries around the world. Revenues from the provision of tourist services support about 50 related economic activities, which employ about 5% of the working population. Despite the gradual recovery of the economy caused by hostilities in eastern Ukraine during 2015—2020, its sharp decline in 2020, following the declaration of a global pandemic, was perhaps the largest in the last 20 years. The tourism industry has undergone significant transformations. If in 2019 the export of tourism amounted to 29.3 million people, a year later it was 2.5 times less. A similar deterioration is observed in tourism imports, where the decline in 2019/2020 ranged from 13.7 million to 3.4 million, respectively. The decline in tourist flows to Ukraine and abroad has caused negative chain changes in the functioning of Ukraine’s largest transport carriers. Thus, the fall in passenger air traffic in 2020 by 64.2% led to an increase in losses by UAH 0.4 billion in the national airline Ukraerorukh, the fall in passenger traffic by rail by 64.2% increased the loss by UAH 14.9 billion in PJSC Ukrzaliznytsia. And if air travel is more focused on the export of tourist flow, then rail transport is focused on the domestic market. Thus, the program of development of air communication within national borders needs detailed revision. At the same time, the closure of the Ukrainian border and the limited ability to travel have attracted the Ukrainian tourism market. During 2020, there was an increase in the cost of leisure services by an average of 25—30%, with the same quality of services provided. Due to the underdevelopment of premium-class recreation, approaches to investing in the expansion of this segment need to be reconsidered. The lack of sufficient investments of the state and business in the development of roads, reduces access to many quality places of nature, architectural monuments and so on. Thus, making appropriate adjustments to the development programs of the tourism industry at the national, regional and local levels becomes a priority in bringing the quality of tourism services to a new level and will provide an opportunity to increase revenues from the provision of tourism services. Keywords: tourism industry, tourism export, tourism import, tourist services, pandemic, quarantine measures. JEL Classification Z32 Formulas: 0; fig.: 3; tabl.: 1; bibl.: 22.

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Comprehensive assessment of the economic consequences of the COVID-19 pandemic

Cited by 4 publications

References 1 publication

A Reflection of Covid-19 Pandemic on the Tourism Sector in Bangladesh: Financial and Economic Aspects

A Reflection of Covid-19 Pandemic on the Tourism Sector in Bangladesh: Financial and Economic Aspects

Analyzing the Impact of COVID-19 on Economic Sustainability: A Clustering Approach

Management of the Development of the Tourist Industry in the Condition of a Pandemic

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