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

In: Global, Regional and Local Perspectives on the Economies of Southeastern Europe

Author

Listed:
  • Murat Sadiku

    (South East European University)

  • Luljeta Sadiku

    (International Balkan University)

  • Gonul Sare-Kaprolli

    (International Balkan University)

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.

Suggested Citation

  • Murat Sadiku & Luljeta Sadiku & Gonul Sare-Kaprolli, 2023. "The Effects of Covid-19 Pandemic on Economic Development of Western Balkan Countries," Springer Proceedings in Business and Economics, in: Niccolò Persiani & Ilaria Elisa Vannini & Martina Giusti & Anastasios Karasavvoglou & Persefoni Poly (ed.), Global, Regional and Local Perspectives on the Economies of Southeastern Europe, pages 159-171, Springer.
    • Handle: RePEc:spr:prbchp:978-3-031-34059-8_8
    DOI: 10.1007/978-3-031-34059-8_8
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