Opening Asia for Russia

Moscow, Seoul and Shanghai coped best with economic difficulties during the pandemic

09.09.2020 48 просмотров

Moscow entered the top three world cities in terms of the effectiveness of economic policy during the pandemic. 


Seoul, Shanghai and Moscow are among the top three cities in the world in the effectiveness of economic policy during the coronavirus pandemic. This was reported on the website of the National Research University Higher School of Economics (NRU HSE).


“The Higher School of Economics presented the results of a study of world cities that pursued the most effective and balanced economic policies during the COVID-19 pandemic. Moscow took third place in the rating, beating such world capitals as New York (9th), Paris (11th) and London (13th). Seoul, Shanghai, Singapore and  Stockholm were also in the top five, - the study says.


The authors of the study proposed an index calculated on three sub-indices: the situation in the labor market, the recovery of economic activity and readiness of digital infrastructure. Thus, Seoul took the first place in the HSE rating (composite efficiency index 75.3), the second place went to Shanghai (67.9 index). The composite index of Moscow in the HSE study was 63.8. The high results of Moscow and  Asian megacities are due primarily to the preservation of a stable situation in the labor market and effective measures to restart the economy after the lifting of the imposed restrictions.


Stockholm also entered the top five, along with the cities of Eastern Asia, and nbsp; To a lesser degree suffered from the consequences of the coronavirus, but because of this, Stockholm lost 0.24% of its population (2.38 thousand people) - six times more than Moscow. The weakest economic policy during the pandemic, according to the authors of the study, was carried out in London (38.6 index), Berlin (37.9) and Montreal (27.3). In total, the authors analyzed the situation in the 15 largest cities in the world.


“The coronavirus pandemic has hit the labor market of the world's largest agglomerations most severely, in the employment structure of which is dominated by the service sector, and there is also a high level of part-time and partial employment . Before the pandemic, the lowest unemployment rate remained in the labor markets of Moscow, St. Petersburg, and New York. The highest unemployment rate was in Madrid, Berlin and Paris, characterized by a highly regulated labor market, - the study specifies.


The authors note that in Moscow, despite the relatively high incidence of coronavirus and  in 2020 it was only 2%, being the lowest among world cities with population over 10 million people. Grocery store attendance began to recover in May-July after falling by 20-60% at the peak of the pandemic. Trade in non-food products suffered the most, and only two world capitals, Moscow and Shanghai, were able in June to show sales of these goods at the level of pre-crisis June 2019.


Expert opinions


“The pandemic has become a serious stress test for the Moscow economy and proved its sustainability due to a balanced income structure, a high level of digitalization of public services, and most importantly a comfortable business environment, we were managed to quickly return to economic growth. One of the most important working tools during the lockdown period was the economic headquarters, created on instruction of Moscow Mayor Sergey Sobyanin - all support measures were developed jointly with business, and we helped enterprises solve all current problems online" , & nbsp; - Vladimir Yefimov, Deputy Mayor of Moscow for Economic Policy and Property and Land Relations, told TASS.


According to Vladimir Platonov, President of the Moscow Chamber of Commerce and Industry, Moscow has managed to avoid the worse forecasts. The margin of safety developed both by the city's economy as a whole and its non-state segment, the business community, allowed the city to go over the border and resist from collapse.


“Of course, it’s too early to celebrate the complete and final victory over the coronavirus, the disease is very insidious, which we see in many countries where the second wave is rising . But at the moment of the beginning of September, it is possible to fix a completely satisfactory state of the economy and the city as a whole,  - said Vladimir Platonov to TASS.


He added that the achieved results are the result of absolutely precise, well-considered business support measures taken by the authorities. The main task of the Moscow government was not to find some kind of comprehensive remedy against the consequences of falling demand and closure of markets, but to give small and medium-sized businesses the opportunity to hold out until the removal of the main anti-epidemic restrictions. A series of point multidirectional solutions helped to do this.


President of the association of consumers and  manufacturers of children's goods and services "Parents' Choice" Tatyana Butskaya believes that Moscow deservedly took third place, overtaking the megacities of Europe and America, because the business support measures taken in the Russian capital were unprecedented.


Business support


adopted four packages of anti-crisis support measures for a total of 85 billion rubles. By the beginning of September, these measures covered more than 41,000 people. organizations.


To today, almost all sectors of the Moscow economy enjoy support to one degree or another. A special area of assistance is support for small and medium-sized businesses in Moscow - organizations of the hotel business, catering, and personal services.

Новости партнёров