Eastern European countries managed to avoid the massive spread of coronavirus, which did not save them from problems.
This was reported by the Bloomberg agency.
According to media reports, the eastern members of the community may face the worst economic crisis since the collapse of the Soviet Union. The quarantine introduced in the states entailed a decrease in company profits and an increase in unemployment. In Hungary, Romania, and Poland, economic growth has halved since the end of 2019.
Until now, the Eurozone has been a key market for products of Eastern European countries. This led to the collapse of exports during the pandemic era.
According to Skoda Auto, shipments in the first three months of 2020 fell by about a quarter compared to last year.
“Forecasts of the impending recession in the former communist EU members evoke the painful transformation of the region more than three decades ago. In the worst case, cumulative GDP reductions ranged from 13% in Poland and post-Czechoslovakia to a quarter of production in Bulgaria and Romania and to more than 40% in the Baltic countries, ”says Bloomberg.