The Effects of Covid-19 Pandemic on Economic Development of Western Balkan Countries

Murat Sadiku (), Luljeta Sadiku () and Gonul Sare-Kaprolli ()
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Murat Sadiku: South East European University
Luljeta Sadiku: International Balkan University
Gonul Sare-Kaprolli: International Balkan University

A chapter in Global, Regional and Local Perspectives on the Economies of Southeastern Europe, 2023, pp 159-171 from Springer

Abstract: Abstract The spread of Coronavirus around the globe was in a relatively short period of time, resulting in the most severe socio-economic crisis in the modern history. Therefore, the aim of this research article is to estimate the effects of COVID-19 pandemic on the main economic indicators through an empirical investigation, using annual data for the period 2001–2020. The research methodology consists of a panel regression analysis, including a dummy variable for the COVID-19 crisis, taking the value 1 for the years 2020–2021 and 0 otherwise. The empirical results reveal that COVID-19 had strong negative impact on the real sector in the Western Balkan countries, mostly affecting the countries’ output, while causing minor increase in the average unemployment rate and keeping the average price level stable.

Keywords: Covid-19; Economic output; Unemployment rate; Panel regression; Western Balkan (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-031-34059-8_8

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DOI: 10.1007/978-3-031-34059-8_8

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