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Effects of Coronavirus Pandemic on the Economic Performance of Bulgaria and the EU

Author

Listed:
  • Gergana Ilieva Mihaylova-Borisova

    (University of National and World Economy, Sofia)

Abstract

Purpose : The study examines the negative effects of the coronavirus pandemic, came in 2020, on the economic development of European Union countries, including Bulgaria. The negative impact on the economic performance of the European countries is investigated by analyzing the dynamics of several indicators, such as economic growth, unemployment, production in manufacturing, construction production, retail sales. The results of the analyses showed that the countries, registered the largest total number of coronavirus cases were the most negatively affected in terms of economic growth rates, unemployment, and manufacturing production. In addition, the coronavirus pandemic had stronger negative effects on the economic performance of the European countries than the international financial crisis in 2008-2009. The reason for the stronger negative effect of the health crisis on the economic development of the countries compared to the financial crisis in 2008 is its comprehensiveness and the impact on almost all sectors of the economy, and not only the impact on the financial sector.

Suggested Citation

  • Gergana Ilieva Mihaylova-Borisova, 2020. "Effects of Coronavirus Pandemic on the Economic Performance of Bulgaria and the EU," Finance, Accounting and Business Analysis, University of National and World Economy, Institute for Economics and Politics, vol. 2(2), pages 92-101, July.
    • Handle: RePEc:aan:journl:v:2:y:2020:i:2:p:92-101
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