Event Title

Covid-19 pandemic and economic crisis: the experience of North Macedonia

Session

Management, Business and Economics

Description

This paper analyses the COVID-19 situation in North Macedonia, its effect on the economic growth y and the structural causes that worsen the coronavirus (COVID -19) crisis. In this context, this study aims to discuss the economic measures taken by the government of North Macedonia for mitigation of the economic crisis in the country and the potential first reactions of short and long term economic impacts of the pandemic. The findings reveal that the economic downturn in North Macedonia was triggered by spillovers from the COVID-19 outbreak, which not only led to a fall in the demand but also stopped economic activities from taking place when social distancing policies were enforced. The government responded to the crisis by providing financial assistance to businesses and households that were affected by the coronavirus (COVID -19) outbreak. These efforts should have prevented the economic crisis from occurring but it didn’t. The economic measures taken by the government have supported the companies to keep their business open. The government need to develop new strategies to adjust to the new world order created by pandemic COVID -19.

Keywords:

North Macedonia, pandemic COVID-19, economic measures, public health infrastructure, social welfare

Proceedings Editor

Edmond Hajrizi

ISBN

978-9951-550-47-5

Location

UBT Kampus, Lipjan

Start Date

30-10-2021 12:00 AM

End Date

30-10-2021 12:00 AM

DOI

10.33107/ubt-ic.2021.508

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Oct 30th, 12:00 AM Oct 30th, 12:00 AM

Covid-19 pandemic and economic crisis: the experience of North Macedonia

UBT Kampus, Lipjan

This paper analyses the COVID-19 situation in North Macedonia, its effect on the economic growth y and the structural causes that worsen the coronavirus (COVID -19) crisis. In this context, this study aims to discuss the economic measures taken by the government of North Macedonia for mitigation of the economic crisis in the country and the potential first reactions of short and long term economic impacts of the pandemic. The findings reveal that the economic downturn in North Macedonia was triggered by spillovers from the COVID-19 outbreak, which not only led to a fall in the demand but also stopped economic activities from taking place when social distancing policies were enforced. The government responded to the crisis by providing financial assistance to businesses and households that were affected by the coronavirus (COVID -19) outbreak. These efforts should have prevented the economic crisis from occurring but it didn’t. The economic measures taken by the government have supported the companies to keep their business open. The government need to develop new strategies to adjust to the new world order created by pandemic COVID -19.