GOVERNMENT SUPPORT FOR BUSINESS DURING THE COVID-19 PANDEMIC: ASSESSING EFFECTIVENESS

The article presents a cross-country analysis of the effectiveness of the principal business support strategies deployed during the COVID-19 pandemic. The research builds on existing literature on the relevant issues. The substantial details of the anti-crisis support provided to businesses in different countries have been revealed. The evidence indicates that the volume of anti-crisis support and its coverage of business was, in general, more substantial in high-income countries. Conversely, the analysis does not indicate that the implementation of comparable support measures in high-income countries was more effective than in other countries. The effectiveness of various business support instruments in different countries was predominantly determined by their design and the selection of recipients. In a number of cases, government support was focused on successful companies, which corresponds to the developmental state model. However, this was typical only for some countries (including Russia) and the measures they implemented. The most demanded measures for businesses during the pandemic were those that helped to reduce the liquidity deficit. Both researchers and representatives of the authorities have provided positive evaluations of the effectiveness of such measures. The analysis shows that when implementing anti-crisis policy, it is essential to strike a balance between addressing social and economic challenges, supporting vulnerable firms most affected by the crisis, and stimulating the development of high-performing firms to ensure sustainable economic growth.