JEL Classifications: E01, C4
THE SCALE OF THE SPREAD OF COVID -19 IN GEORGIA AND EFFECTIVENESS OF PREVENTIVE
MEASURES IMPLIMENTED BY THE GOVERNMENT – WHAT DO MODELS SAY? Author: Iuri Ananiashvili, Levan Gaprindashvili
| Published: 2020-12-28
| Pages: 50 - 57
For Citation: Ananiashvili I., Gaprindashvili L. (2020). The Scale of The Spread of Covid -19 In Georgia And Effectiveness of Preventive Measures Implimented by the Government – What Do Models Say? Globalization and Business, 10, 50-57. https://doi.org/10.35945/gb.2020
In this article we present forecasts of the spread of COVID-19 virus, obtained by econometric and machine learning methods. Furthermore, by employing modelling method, we estimate effectiveness of preventive measures implemented by the government. Each of the models discussed in this article is modelling different characteristics of the COVID-19 epidemic’s trajectory: peak and end date, number of daily infections over different forecasting horizons, total number of infection cases. All these provide quite clear picture to the interested reader of the future threats posed by COVID-19.
In terms of existing models and data, our research indicates that phenomenological models do well in forecasting the trend, duration and total infections of the COVID- 19 epidemic, but make serious mistakes in forecasting the number of daily infections. Machine learning models, deliver more accurate short –term forecast of daily infections, but due to data limitations, they struggle to make long-term forecasts. Compartmental models are the best choice for modelling the measures implemented by the government for preventing the spread of COVID-19 and determining optimal level of restrictions. These models show that until achieving herd immunity (i.e. without any epidemiological or government implemented measures), approximate number of people infected with COVID-19 would be 3 million, but due to preventive measures, expected total number of infections has reduced to several thousand (1555-3189) people. This unequivocally indicates the effectiveness of the preventive measures.
Coronavirus, Forecasting, Compartmental Models, Richards Model, Polynomial Model, Neural Network Model, Basic Reproduction Number
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