Coronavirus impact on CESEE to be worst since global financial crisis, institute says
The Vienna Institute for International Economic Studies (WIIW) said on March 17 that countries in Central, East and Southeast Europe (CESEE) are set for their worst year since the global financial crisis in 2007-2008 due to the coronavirus pandemic, regional news portal SeeNews reports.
The extent of the impact will vary by country, depending on specific areas of vulnerability, WIIW said in an executive summary of its latest economic forecast for the region.
Countries with higher levels of trade integration with China (particularly CIS members such as Moldova) or Italy, but especially Albania, Bulgaria, Croatia, Romania and Slovenia, will be worse affected, the institute noted.
Countries reliant on tourism, like Croatia, Slovenia, Albania and Montenegro will also be greatly affected.
“The capacity of healthcare systems to cope is also likely to vary considerably across the region,” WIIW added, SeeNews said.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.