Economic recovery modelling from COVID-19 impact

Lviv Polytechnic National University, Department of Administrative and Financial Management, 79000, Lviv, Ukraine

^* Corresponding author: sokil.oleg@gmail.com

Abstract

This article is devoted to the development of an economic model for assessing the possibilities of overcoming the consequences of the COVID-19 pandemic. Various economic indicators (GDP, Investment, Consumption, Government expenditure, Taxes, Export, Import, Unemployment rate, Capital, Interest rate level) are integrated into the research to examine how economic growth fluctuated during the pandemic and to forecast possible paths out of it. The research involves analyzing a mix of indices, a quadratic-correlated regression, and constructing the Integral economic indicator for correcting and overcoming COVID-19 outcomes after checking out their effectiveness from different adjustments launched to address global coronavirus crises from 2021. However, in order to stimulate economic growth and increase financial stability, it is necessary to take comprehensive measures. In this study, it is underscored that the key to building resilient economies; they should be able to withstand shocks that may occur tomorrow is the integration of economic, social environmental and political factors into the recovery model. The paper underscores how critical it is to come up with economic models able to tackle general issues presented by global crises that are multifaceted in nature such as COVID-19 pandemic.