Socio-Economic Response to Coronavirus Challenges: Comparative Study of Serbia and the Selected European Countries

Stanojević, Nataša and Kotlica, Slobodan (2021) Socio-Economic Response to Coronavirus Challenges: Comparative Study of Serbia and the Selected European Countries. In: International Organizations and States' Response to COVID-19. Institute of International Politics and Economics, Belgrade, pp. 243-260. ISBN 978-86-7067-291-8

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Abstract

The strong negative socio-economic implications of the COVID-19 pandemic have spurred governments around the world into interventionism, which goes far beyond its response to the World Financial Crisis (WFC) in the past decade. The interventions of the Serbian government in this area are primarily analysed, but the measures of other European countries are also comparatively researched, as illustrations of different approaches to responding to the pandemic. The aim of the research is to determine the appropriateness of the socio-economic measures in Serbia. In this context, the research question is: Are the implemented socio- economic measures appropriate and sufficient to protect the domestic economy and to maintain the necessary level of supply and demand? The methods used in the research are descriptive statistics, classification and comparison. Socio- economic measures are divided into three groups. The first one comprises support to employment, the second includes direct support to households, and the third deals with the coverage of the socio-economic measures, distinguishing measures according to whether they apply only to the formal sector or both the formal and the informal sectors. The effects of the Serbian government’s measures will be assessed by: a) analysing the success of the fight against unemployment, indicated by the rates of formal and informal employment, b) data on the number of closed SMEs, c) assessing the impact on the revenues of the surveyed population by the World Bank, d) the results of the survey of state aid beneficiaries, by CEVES and the Government of the Republic of Serbia.

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