Assessments on the Effects of the Coronavirus Pandemic on the Economies of the Central and South-East European Union Countries

Abstract

The infectious diseases can easily cross state borders and threaten the economic stability nationally, regionally or globally, as demonstrated by HIV, SARS or the flu epidemics H1N1 and H5N1. However, forecasts show that COVID 19 will have a much more destructive impact on the economy than any other virus of the modern period. We analyzed the main consequences of the pandemic in the European Union countries of Central and South-Eastern Europe. A severe recession is expected in all these countries, since most of them have vulnerabilities due to either high budget deficits and negative current account balances or dependency on certain economic sectors.

Keywords

• coronavirus
• pandemic
• economic impact
• depressions
• macroeconomics