The Impacts of COVID-19 in the South Caucasus Region: Consequences and Perspectives

The COVID19 outbreak has presented some challenges to economies worldwide including the South Caucasus region. The research is focused on the economic impacts, government actions and the support received by SME's and economic sectors in the region during the pandemic. The crisis has caused humanitarian, political and economic problems all around the world. Several economic sectors had to suspend their operations and experienced a decline in revenues. The closure of entities caused rise in unemployment levels which led to an increase in loss of income and inequality. The most affected sectors such as tourism, SMEs, trade and pharmaceutical sectors are discussed in the paper. Additionally, economic development of three countries between 2018-2022 is analysed in aim to compare pre-pandemic and post-pandemic economy of the region. The findings reveal the response to access to healthcare, economic and entrepreneurial support. The paper provides a brief overview of the responses of Azerbaijan, Georgia and Armenia. This research was conducted due to a noticeable gap in available information regarding the region’s experience and response measures to the crisis. The understanding of socio-economic dimensions of COVID-19 is necessary to ensure more sustainable recovery in the post pandemic period.

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