IMPACT OF COVID – 19 ON THE ECONOMY IN NORTH MACEDONIA
IMPACT OF COVID – 19 ON THE ECONOMY IN NORTH MACEDONIA

Summary/Abstract: The paper presents the economic situation and challenges in North Macedonia during the pandemic, which resulted with economic contraction during 2020, although with different intensities viewed through quarters. The crisis is still going on due to the virus mutation, even why vaccination of the population in many countries of the globe has begun. Currently isolation measures operate in many development countries of the EU and wider. In the paper is presented the global and regional economic performance during 2020. Austerity measures to curb the spread of the corona virus shrink aggregate supply and demand. Almost all sectors of the economy were hit quickly and strongly, household consumption, business investments, etc.To see the relationship between economic development and its determinants in the pandemic, is applied the function of correlation and regression for GDP as a dependent variable and household consumption and the public as independent variable. Their causal relationships are observed, through the quarters since the pandemic spread and until the end of 2020. Hypothesis H1 is tested, p ≠ 0 and α> 0.05, shows that there is a strong correlation between the analyzed indicators.The paper presents the measures taken by the government of Northern Macedonia to mitigate the negative effects of Covid-19, as well as identifies the factors that hinder the recovery of the Macedonian economy after the end of the pandemic.

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