THE INFLUENCE OF PANDEMIC COUSED BY COVID - 19 VIRUS ON MACEDONIAN ECONOMY

  • Vesna Georgieva-Svrtinov
  • Olivera Georgieva-Trajkovska
  • Emilija Miteva-Kacarski
  • Blagica Koleva
Keywords: Covid 19, Macedonian economy, economic consequences

Abstract

The pandemic caused by the virus infection Covid - 19 caused serious economic consequences. This is shown by the fact that 30 million Americans lost their jobs in a short period of time, while the eurozone’s GDP fell by 3.8% in the first quarter of 2020 (Eurostat 2020). As a result, governments around the world are implementing a variety of fiscal and monetary measures to mitigate the negative effects, setting relief measures for the population and businesses. Takin into account the openness of our economy, the negative effects can easily spill over from other economies. In addition, with in our economy, consequences can easily spill over from one sector to another, while companies will face reduced liquidity due to reduced production, which in turn will lead to a reduced number of employees, and in the long run cause a decline of gross domestic product.

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References

Eurostat 2020, https://ec.europa.eu/eurostat/web/europe-2020-indicators;

Државен завод за статистика на Република Северна Македонија http://www.stat.gov.mk/SoopstenijaPoOblasti.aspx;

Министерство за финансии на Република Северна Македонија https://www.finance.gov.mk/mk/node/852;

Народна банка на Република Северна Македонија https://www.nbrm.mk/statistika.nspx;

Народна банка на Република Северна Македонија, квартален извештај, мај 2020.

Published
2020-09-29
Section
Economics (Microeconomics, Macroeconomics, International Economics)