Central and Eastern Europe Countries in the New International Trade Environment at the Beginning of the 21st Century: Global Value Chains and COVID-19

Abstract

Purpose: The paper aims to compare CEECs economies in the context of the 2000s in international trade concerning global value chains and assess their ability to respond to rapid global economic changes. Methodology: For this purpose, I propose a two-stage study. The first focuses on analyzing selected indexes describing countries' shares and positions in global value chains (GVC). The second stage is related to the analysis of the latest economic data and CEECs reaction to the changes in international trade in 2020 in GVC. The study uses data from the OECD and WTO Trade in Value Added Database and Eurostat Database. Findings: The dynamics of changes taking place in the global economy in 2020 were significant and profound. The effects of the pandemic were noticeable in all countries of the world. The economic slowdown was global, but individual economies were susceptible to the changes to a different degree. The ability to adapt to rapidly changing conditions has allowed CEECs economies to adjust without delay. Practical Implications: Strong trade ties under new international trade conditions within global value chains positively impact CEECs trade, which recorded moderate international trade growth in 2020 and the first quarter of 2021. Originality/Value: The article examines the latest trends in CEECs using indexes describing the share and position of countries in GVC.