Investment in natural capital as a factor for sustainable post-COVID-19 recovery

Lobanov, Mikhail and Zvezdanović Lobanova, Jelena and Zvezdanović, Milan (2023) Investment in natural capital as a factor for sustainable post-COVID-19 recovery. In: Governance Challenges in Post-Pandemic Era. Institute of Social Sciences, Belgrade, Faculty of Economics, University “J. J. Strossmayer”, Osijek, Institute for Sociological, Political and Juridical Research, University “Ss. Ciryl and Methodius”, Skopje, Belgrade, pp. 106-127. ISBN 978-86-7093-272-2

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Abstract

The COVID-19 pandemic has become an unprecedented phenomenon in the modern history of the world economy, causing the deepest decline in the economic activity since the mid-20th century. As a result, countries had to implement measures to prevent the spread of coronavirus infection. This crisis has been distinguished not only by a significant decline in economic activity, wide territorial coverage and underlying causes that lie outside the economy, but also by a variety of recovery paths in different countries and regions due to their structural heterogeneity. Large scale restrictions imposed to curb the coronavirus disease have significantly affected the performance of enterprises in most sectors of the economy. Public-sector investments in green infrastructure are considered to be of key importance for short-term economic recovery around the world as they have the potential to drive demand for new skills and technologies. The authors highlight the economic, environmental and health benefits of natural capital investment as essential, not only for the post-COVID recovery of sustainable countries, but also for the mitigation of consequences of possible future pandemics. Within the scope of the analysis of positive effects of this type of investment, the authors showcase the 'greenness' of pandemic recovery among a selected group of countries. Keywords: COVID-19 pandemic, anti-crisis measures, green recovery, green transition, natural capital investment

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