Print ISSN: 2204-1990

Online ISSN: 1323-6903

Keywords : economic crisis


Public Debt Increase Challenge Under COVID-19 Pandemic Economic Crisis in the Caucasian Countries

CHARAIA VAKHTANG; PAPAVA VLADIMER

Journal of Contemporary Issues in Business and Government, 2021, Volume 27, Issue 3, Pages 18-27
DOI: 10.47750/cibg.2021.27.03.003

Paper provides an analysis of public debt problem in the Caucasusian countries of Armenia, Azerbaijan, Georgia, Iran, Russia and Turkey during the economic crisis under the COVID-19 pandemic. It also discussed some closely related issues, sauch as inflation, economic growth, employment, international rankings and etc. The paper analysis the different realities and perspectives of current and future developments of COVID-19 pandemic on selected countries economy. While recognizing that public debt increase was unavoidable during the global pandemic challenge, paper concludes that its effectiveness is hugely depended on when global economy can finally overcome the fact of being a hostage of COVID-19.

Economic Impact of Covid-19 And Revival Measures: Way Forward for South Asian Countries

SHAHEEN FATIMA; AQEEL AHMAD; RASHID MUMTAZ; SAMREEN FATIMA

Journal of Contemporary Issues in Business and Government, 2021, Volume 27, Issue 3, Pages 2271-2277
DOI: 10.47750/cibg.2021.27.03.279

COVID-19 has been declared and proven as a source of continuing global economic loss and world shattering over the last 100 years. This dilemma has encouraged global economy to run slow when international flights were shutdown, universities were closed, complete lockdown, ban on tourism and so on. This study aims at investigating economic perspective of Covid-19 on south Asian countries and revival measures adopted by them. Data was collected from already published research articles from various databases. By having a systematic review of latest related articles available online it is concluded that Covid-19 pandemic has severely affected nations globally. Factors responsible for such severe economic crisis are termination of daily wages jobs, labor immobility in lockdown, decline in production level, supply chain discontinuation, decline in exports, foreign direct investment, projects etc. Several measures were also suggested in light of literature to mitigate the economic impact. Implication of this study is useful in developing strategies and policies so as to combat the severe intensity of economic crisis on South Asian economies.

WORLD EXPERIENCE OF SOCIAL PROTECTION OF THE POPULATION IN THE CONTEXT OF ECONOMIC CRISES

Kodirova Zulaykho, Abdullaeva Shakhnoza

Journal of Contemporary Issues in Business and Government, 2021, Volume 27, Issue 4, Pages 196-204
DOI: 10.47750/cibg.2021.27.04.020

The article looks at the concept of social protection of population in a state of crisis and the
development of waysthe mechanism of social protection, which makes research topic relevant.
The scientific article gives scientific definitions to such categories as "social protection","social
policy" by various scholars and authors. In addition, the article groups social protection
programs, summarizes and comprehensively, analyzes the theoretical and scientific approaches
to improving their effectiveness.
Having done an extensive analysis of the research materials, the author makes a conclusion about
the urgency strengthening measures for social protection of the population in order to avoid
furthereconomic recession.

Development of innovative import substitution in the agro-industrial complex as a key factor in overcoming interregional differentiation and depression of agrarian-oriented and highly subsidized North Caucasian republics

FATIMAT KHASBIEVNA TSKHURBAEVA; NAZGUL’ BAKYTOVNA DAVLETBAEVA; VALENTINA BATRAZOVNA DZOBELOVA; FERDAUS YAKHIEVNA POLONKOEVA; AINAGUL MAKSUTOVNA IMANBEKOVA

Journal of Contemporary Issues in Business and Government, 2021, Volume 27, Issue 2, Pages 3955-3960
DOI: 10.47750/cibg.2021.27.02.405

The growth of globalization processes, the aggravation of competition and the protracted economic and technological sanctions against the Russian Federation have necessitated adjusting the strategic goals that are being addressed within the context of import substitution. The Russian policy of import substitution in the agricultural sector should be implemented on the basis of large-scale technological modernization of agro-industrial production, the systematic use of innovations at all stages of the production cycle and the creation of conditions for diversification of production. The practice of implementing the strategy of import substitution in the Russian agrarian economy over the past five years has already made it possible to form a stable trend of growth in production of certain types of agricultural products. At the same time, the competitiveness of Russian agricultural products is still quite low due to the low productivity of agricultural machinery, backwardness of selection and genetic engineering, the lack of domestic seeds, etc. No less relevant limiting factor is the lack of an integral concept of innovative import substitution, the imperfection of tools for neutralizing and squeezing out imports by business entities. In these conditions, in our opinion, it is necessary to direct the entire natural resource and scientific and technical potential of the national economy to import substitution, because under current conditions there is no other way to ensure the economic and food security of the Russian Federation. The study of the morphogenesis of the process under consideration made it possible to establish that the features of building and implementation of the import substitution policy in the conditions of an innovation-oriented economy have not yet been analysed; the specific advantages and weak links of import substitution strategies have not been identified. There is still no single interpretation of the main categories; the possibilities and limitations of implementation of import substitution policy in the context of the need to increase the level of innovative activity have not been substantiated. All this, of course, requires the immediate development of theoretical and methodological approaches to the content of the strategy and tools for import substitution, taking into account the peculiarities of the Russian agrarian economy, all this determined the choice of our research topic.

A REVIEW ON CHANGED CONSUMER BEHAVIOR DURING COVID-19 CRISIS

Dr. Anjan Mishra

Journal of Contemporary Issues in Business and Government, 2020, Volume 26, Issue 2, Pages 2250-2254
DOI: 10.47750/cibg.2020.26.02.274

Human behavior is pushed in many directions by a critical situation, with certain aspects of behavior being irreversible. Because the COVID-19 pandemic is not a typical crisis, several methods were implemented to restrict the disease's spread, including complete and then partial lockdown. Because all aspects of the economy are inextricably intertwined with public health measures and lockdown, the nations' economies have become unstable, indicating a shift in market dynamics. Customers are the drivers of competition in the market, growth, and economic integration in any market. Consumer behavior is changing as a result of
economic uncertainty, albeit how much of the change witnessed during the crisis will last remains to be seen. This essay examines consumer behavior during the COVID-19 crisis and the accompanying global standstill that lasted over a quarter of a year. Furthermore, the article tries to weave through the maze of available literature about consumer behavior in regular and downturn times, strengthens it with rapid review culled out by various consulting organizations during the lockdown stage, and substantiates the same with first-hand telling and retelling of experiences by consumers and professionals with marketing backgrounds to bring up a hypothesis of the pandemic causing a paradigm shift where consumer spiritualism has evolved
from consumer materialism. The thesis proposes more testable hypotheses for future study to better understand consumer attitudes or requirements in purchasing "what is enough" in a marketing setting, and how this may be reinforced post-COVID crisis to ensure business model sustainability. To build new consumer behavior theories, researchers should investigate the correlations of this forced consumer behavior with other variables such as learning from crises, changing demands, personality, nationality, culture, emerging market segment, and age.

South Korean Trade Strategies in the Post Global Financial Crisis

Sang-Chul Park

Journal of Contemporary Issues in Business and Government, 2014, Volume 20, Issue 1, Pages 59-76

Korea has developed rapidly since the 1960s to become one of the four Asian tiger economies. Korea is an example to other nations of how a developing country can develop its economy rapidly and become industrialized. Its development strategy has mainly been based on an export oriented trade policy. As a result, its trade volume has increased from USD1 billion at the beginning of the 1960s to USD1 trillion in 2011, which is a 1,000 time increase within five decades. However, the Korean economy has experienced turbulence as well as positive changes. It has faced severe economic crises such as the Asian financial crisis in 1997 and the global financial crisis in 2008. This paper discusses Korea’s trade policy and the strategies utilized over the last five decades to develop the national economy. It also explores how the government reacted and adapted its policy when the economy was hit by external economic crises. Moreover, it investigates and analyses the role that trade policy and strategy has played in developing the nation’s sustainability.