Issue:
Ukrainian Special Issue/2024
Yurii Umantsiv, Pavlo Dziuba, Yuliya Yasko, Maryna Shtan, Halyna Umantsiv
The Regulatory Determinants of Economic Growth under Pandemic Challenges: Regional Cluster Issues and Patterns
DOI: 10.7366/15094995S2404
The Regulatory Determinants of Economic Growth under Pandemic Challenges: Regional Cluster Issues and Patterns
The main objective of this paper is to discover the impact of the COVID-19 pandemic and regulatory conditions of doing business on economic growth of different economies, particularly in terms of the combined co-effect of the two mentioned factors. An econometric cluster model using the k-means method is developed. 172 economies were distributed between clusters based on three parameters: 1) rates of GDP growth for individual economies in 2020, as provided by the World Bank; 2) the World Bank Doing Business rating for 2020; and 3) the COVID-19 pandemic factor that is represented by the total accumulated number of cases officially fixed per 100,000 of population, as provided by the World Health Organization. The study proves that the COVID-19 pandemic appeared to be a substantial factor of economic growth for the vast majority of economies, which is reflected by the drop in their GDP even despite favourable conditions of doing business in some countries. Substantial compensating reciprocal influences are observed between the set of doing business factors and the COVID-19 pandemic factor.
The Regulatory Determinants of Economic Growth under Pandemic Challenges: Regional Cluster Issues and Patterns
The main objective of this paper is to discover the impact of the COVID-19 pandemic and regulatory conditions of doing business on economic growth of different economies, particularly in terms of the combined co-effect of the two mentioned factors. An econometric cluster model using the k-means method is developed. 172 economies were distributed between clusters based on three parameters: 1) rates of GDP growth for individual economies in 2020, as provided by the World Bank; 2) the World Bank Doing Business rating for 2020; and 3) the COVID-19 pandemic factor that is represented by the total accumulated number of cases officially fixed per 100,000 of population, as provided by the World Health Organization. The study proves that the COVID-19 pandemic appeared to be a substantial factor of economic growth for the vast majority of economies, which is reflected by the drop in their GDP even despite favourable conditions of doing business in some countries. Substantial compensating reciprocal influences are observed between the set of doing business factors and the COVID-19 pandemic factor.
Affiliation:
Yurii Umantsiv: State University of Trade and Economics, Department of Economics and Competition Policy, 19 Kyoto St., 02156 Kyiv, Ukraine; ORCID: 0000-0003-0788-7110;
y.umantsiv@knute.edu.ua Pavlo Dziuba: Taras Shevchenko National University of Kyiv, Department of International Finance, Institute of International Relations, 36/1 Yuriy Illenko St., 04119 Kyiv, Ukraine; ORCID: 0000-0003-2932-0908;
pavlo.dziuba@gmail.com Yuliya Yasko: State University of Trade and Economics, Department of Economics and Competition Policy, 19 Kyoto St., 02156 Kyiv, Ukraine; ORCID: 0000-0002-8756-4612;
y.yasko@knute.edu.ua Maryna Shtan: National Academy of Management, Department of International Economic Relations, 15 Ushinskogo St., 03151 Kyiv, Ukraine; ORCID: 0000-0002-4938-555Х;
mvsh2307@gmail.com Halyna Umantsiv: State University of Trade and Economics, Department of Accounting and Taxation, 19 Kyoto St., 02156 Kyiv, Ukraine; ORCID: 0000-0002-5410-1363;
h.umantsiv@knute.edu.ua 
