The countries of Eastern Europe managed to avoid the large-scale spread of coronavirus, which did not save them from problems.
This is reported by Bloomberg.
According to the media, the eastern members of the commonwealth may face the worst economic crisis since the collapse of the Soviet Union. The introduction of quarantine in the states has led to a decline in company profits and rising unemployment. In Hungary, Romania and Poland, economic growth has halved since late 2019.
So far, the Eurozone has been the key market for products from Eastern European countries. This led to the collapse of exports in the era of the pandemic.
According to Skoda Auto, car deliveries in the first three months of 2020 fell by about a quarter compared to last year’s figures.
“Projections of an impending recession in the former communist members of the EU bring back memories of the painful transformation of the region more than three decades ago. In the worst case, cumulative declines in GDP ranged from 13% in Poland and post-Czechoslovakia to a quarter in Bulgaria and Romania and more than 40% in the Baltic States”, – Bloomberg reports.