How are the European Union countries dealing with the economic crisis caused by the COVID-19 pandemic? Cover Image

Jak państwa Unii Europejskiej radzą sobie z kryzysem gospodarczym wywołanym pandemią COVID-19?
How are the European Union countries dealing with the economic crisis caused by the COVID-19 pandemic?

Author(s): Marian Gorynia, Jan Polowczyk
Subject(s): Economy
Published by: Kancelaria Sejmu
Keywords: COVID-19 pandemic;economic crisis;economic effects of the pandemic;prospects for the development of the economic situation of the European Union countries

Summary/Abstract: The COVID-19 pandemic has sparked a global economic crisis. Different economies have been hit by the effects of this crisis to varying degrees. The aim of the article is to answer the question: what are the consequences of the pandemic in individual European Union countries in terms of three basic indicators describing the economic situation? These indicators are: the rate of increase/decrease of the Gross Domestic Product (GDP), the unemployment rate and the budget balance. The period of analysis included in the article is 2019 (pre-pandemic year), 2020 and 2021 (two pandemic years). The article proposes three approachesto building a ranking arranging European Union countries according to the criterion of the degree to which they coped with the effects of the pandemic crisis in the three mentioned areas. The results obtained in the individual rankings differ from each other, which can be interpreted as the lack of clear relative winners and losers of the pandemic. In addition, on the basis of the three specified approaches, a meta-ranking was prepared, including the findings of these rankings. The article ends with comments on the prospects for the development of the economic situation of the European Union countries in the post-pandemic future.

  • Issue Year: 2022
  • Issue No: 1
  • Page Range: 69-84
  • Page Count: 16
  • Language: Polish