Abstract
The primary objective of the present paper is to explore the impact of COVID-19 on the economy of the North-Eastern Region (NER) of the Republic of Bulgaria in an effort to systematize the appropriate mitigation measures to minimize the effects of COVID-19 outbreak. Determining the probable impact of the COVID-19 crisis on the NER economy is extremely difficult due to the pandemic dynamics and the constant shifts or changes in the forecasts related to its effects on the global economy and the development of the individual countries and regions in particular. The pandemic’s impact on the NER economy is carefully considered in terms of regional GDP per capita analysis; the key indicators of the labour resources; the development of travel and tourism industry, information and communication technologies (ICT), manufacturing industry, trade industry, maritime industry, cultural and creative industries, the level of foreign direct investment (FDI).
Highlights
The economies of the countries across the world were confronted with serious health and economic challenges as a result of the rapid development and viral spread of COVID-19 [2,3,6,8]
According to a study conducted by the Organisation for Economic Co-operation and Development (OECD), there was a substantial decline in the economic development over the past year even among the world’s leaders such as China, Japan, the USA, the UK and others [13]
China’s economy was the first to be affected by the development and spread of the virus, reporting a decline in its gross domestic product (GDP) by about 3,2%
Summary
The economies of the countries across the world were confronted with serious health and economic challenges as a result of the rapid development and viral spread of COVID-19 [2,3,6,8]. The analysis of the COVID-19 effects on the NER economy is based on statistical data from the National Statistical Institute and a survey conducted among 72 enterprises situated on the territory of the region.
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