Economic Impact of the COVID-19 Pandemic on Western Balkan Countries

Bodroža, Duško and Lazić, Milena (2021) Economic Impact of the COVID-19 Pandemic on Western Balkan Countries. Economic Analysis: journal of emerging economics, 54 (21). pp. 30-40. ISSN 1821-2573

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Abstract

The COVID-19 pandemic has caused major economic imbalances and impeded economic activity in all Western Balkan (WB) countries. This paper analyzes the strength of economic impact of the ongoing health crisis on key macroeconomic variables (GDP, public debt, fiscal balance, and unemployment) in the WB countries. In addition, the paper points out the main challenges that the economies of these countries will face in the years to come. The analysis has shown that the crisis slowed down the WB economies, but its intensity differed among the observed countries. The main economic challenges in the coming period relate to the further course and duration of the pandemic. Due to the great level ofuncertainty, more detailed analysis of the crisis’ impact on the economic potential will be possible only after the end of the pandemic.

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