Problems of Economic Recovery Planning after the COVID-19 Pandemic
Forbes (Latvian edition) No. 14, September 2020, pp. 12-18
11 Pages Posted: 9 Sep 2020
Date Written: September 4, 2020
As a result of the COVID-19 pandemic, for the first time in contemporary history, countries have faced an extensive and multifaceted negative impact on the economy, affecting almost all areas of socio-economic activity around the world and, accordingly, the drafting of recovery plans.
The drafting of state economic recovery plans to mitigate the consequences of the COVID-19 pandemic is one of the most important factors influencing both the speed of recovery and the further development of the economy.
The preparation of medium-term, regularly drafted government plans differs significantly from the planning required for a more effective economic recovery from the consequences of COVID-19. Some of the main differences are in algorithms and procedures for preparing plans, the required speed of their drafting, a higher level of uncertainty in planning and, accordingly, higher requirements for the coordination and management of the implementation of the drafted plans. In addition, drafting national plans for economic recovery is closely linked to the further development of the economy. Since the problems of economic development differ in different countries, this aspect must also be taken into account when drafting plans for the recovery and further development of the economy. Based on this, the article discusses the specific features and problems that need to be taken into account when drafting national plans for economic recovery after the COVID-19 pandemic.
Keywords: COVID- 19, Economic Recovery Planning, Countries Development
JEL Classification: H12, O21, G28
Suggested Citation: Suggested Citation