ǂthe ǂimpact of COVID-19 and the war in Ukraine on the European Union
Ivan Todorov (Author), Gergana Angelova (Author), Aleksandar Aleksandrov (Author)

Abstract

This paper aims to explore the economic effects of the COVID-19 pandemic and the war in Ukraine on the twenty-seven European Union (EU) member states, known as the EU-27. A vector autoregression (VAR) of quarterly data for the period 2020–2022 was employed to study the impact of the coronavirus and the Russian invasion of Ukraine on growth, unemployment and inflation in the EU-27. The results from the empirical analysis indicated that the war in Ukraine lowered growth and raised inflation and unemployment, while the COVID-19 pandemic did not affect growth, increased unemployment and decreased inflation in the EU-27. It may be concluded that the war in Ukraine shifted the EU aggregate supply curve to the left, whereas the coronavirus pandemic resulted in inflation-unemployment trade-off in the EU.

Keywords

European Union;COVID-19;war in Ukraine;economic effects;

Data

Language: English
Year of publishing:
Typology: 1.01 - Original Scientific Article
Organization: UM EPF - Faculty of Economics and Business
UDC: 33:005.931.1(4-6EU)
COBISS: 237801475 Link will open in a new window
ISSN: 0547-3101
Views: 0
Downloads: 1
Average score: 0 (0 votes)
Metadata: JSON JSON-RDF JSON-LD TURTLE N-TRIPLES XML RDFA MICRODATA DC-XML DC-RDF RDF

Other data

Secondary language: Slovenian
Secondary title: Transformacijski izzivi gospodarstva
Secondary abstract: Namen članka je raziskati gospodarske učinke pandemije covid-19 in vojne v Ukrajini na sedemindvajset držav članic Evropske unije (EU-27). Za preučevanje vpliva koronavirusa in ruske invazije na Ukrajino na rast, brezposelnost in inflacijo v EU-27 je bila uporabljena metoda vektorske avtoregresije (VAR) na četrtletnih podatkih za obdobje 2020–2022. Rezultati empirične analize so pokazali, da je vojna v Ukrajini zmanjšala gospodarsko rast ter povečala inflacijo in brezposelnost, medtem ko pandemija covid-19 ni vplivala na rast, povečala je brezposelnost in znižala inflacijo v EU-27. Zaključimo lahko, da je vojna v Ukrajini premaknila agregatno krivuljo ponudbe EU v levo, medtem ko je pandemija koronavirusa povzročila kompromis med inflacijo in brezposelnostjo v EU.
Secondary keywords: Evropska unija;covid-19;vojna v Ukrajini;gospodarski učinki;
Type (COBISS): Scientific work
Pages: str. 71-82
Volume: ǂVol. ǂ70
Issue: ǂno. ǂ3
Chronology: sep. 2024
DOI: 10.2478/ngoe-2024-0017
ID: 26471638
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