Impact of Covid-19 to the economy of EU

Shukhrat Saidmurodov

Bachelor's thesis

Abstract:

The global pandemic of Coronavirus 2019 (Covid-19) not only caused illnesses and fatalities but also caused havoc on the global economy on a scale not seen since at least the Great Depression. The outbreak has the potential to destroy individual livelihoods, enterprises, markets, and economies as a whole. The mining sector is not resistant to these impacts, and the crisis has the potential to have serious short, medium, and long-term implications for economic industries. Before researching the impacts of the pandemic it is important to know the history and potential implications of the outbreaks, and this thesis provides general knowledge about pandemics and their effect on humanity and the economy. Furthermore, the thesis delivers an understanding of these impacts and analysing their significance for the industry. The main goal of the thesis to research the economic impacts of Covid-19 on the economy of the European Union. The thesis examines how the outbreak has impacted economic sections such as Unemployment, Inflation, Import-Export, GDP, and Governmental Debt based on reliable data collected from Eurostat and UN Comtrade database, and it will also graphically represent losses in each indicator as a result of COVID-19. Thanks to all information we were able to properly analyse and calculate monthly and annual economic changes caused by Covid-19 using the method of comparing the data. This research reveals the annual changes for the European Union as a whole and its 27 members. The average annual unemployment rate in European Union in 2020 indicated 2% of growth. The trade sector was hit seriously, European Union’s exports fell by 10% and imports fell by 18% in contrast with previous periods. The inflation rate in European Union in 2020 has an annual increase of 0.7%. The government debt of the European Union in the 3rd quarter was 5% higher than the 1st quarter of 2020. And the overall annual gross domestic product of the European Union and its 27 members has fallen by an average of 6%.

Keywords

Covid-19, European Union, Economy

Language used: English

Date on which the thesis was submitted / produced: 11. 3. 2021

Thesis defence

• Supervisor: Ing. Pavel Kotyza, Ph.D.

Czech University of Life Sciences Prague

Faculty of Economics and Management

Bachelor programme / field:
Economics Policy and Administration / Business Administration