Tracking economic activity during the pandemic
The COVID-19 pandemic suddenly created new economic conditions across the globe. The speed of those changes created an urgent need for real-time observation of the population’s behaviour and economic reaction to the pandemic and for assessing preventive policies aimed at its combating (i.e. lockdowns). Textbook economic indicators are usually released with lags and thus do not timely provide an understanding of real-time economic activity. Therefore, the Centre for Economic Strategy (CES) recently established an activity tracker for Ukraine based on non-textbook, real-time and high-frequent economic indicators to provide insights into the development of real-time economic activity in the country. Such trackers are new tools that can be used by policymakers for predictions and policy decisions, by businesses for planning their economic activity, and by consumers for a better understanding of the economic state in the country.