The Role of The State in Ensuring Macroeconomic Stability in The Face of The Covid-19 Pandemic
Abstract
The COVID-19 pandemic demonstrated that macroeconomic stability depends not only on fiscal, monetary, and real-sector balances but also on the State’s capacity to prevent health shocks from spreading into economic and social instability. This study examines how the State contributes to macroeconomic stability during pandemic-type crises, with evidence from Vietnam. The study uses a quantitative descriptive survey combined with document analysis. A structured five-point Likert questionnaire was administered to experts, public-sector officers, researchers, and business representatives in Vietnam, yielding 569 valid responses. Descriptive statistics were used to evaluate perceived priorities across five state-capacity dimensions: policy coordination, public health capacity, digital continuity, social protection, and risk communication. The results show strong agreement that timely policy steering, vaccination and disease prevention, online public services, support for workers and vulnerable groups, and transparent communication helped reduce disruption and stabilize expectations. At the same time, respondents identified policy inconsistency, uneven health capacity, slow digital transformation, and targeting limitations as important bottlenecks. State capacity functions as an institutional shock absorber in pandemic crises. Strengthening coordination mechanisms, preventive healthcare, data-driven digital governance, adaptive social protection, and trust-based communication is essential for future macroeconomic resilience.
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References
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