Europe's Economic Pandemic Shock: How EU Economies Endured the Effects of COVID-19 Restrictions

Abstract

The research relevance is predefined by the fact that the COVID-19 pandemic has affected all socio-economic and political spheres of the European Union countries. The Coronavirus pandemic is one of the serious modern challenges to the sustainability of economic development of both individual countries and the whole world. The research aims to reveal topical issues related to the state of the economy of the European Union countries under the conditions of restrictions from COVID-19. The research goal is to identify how the pandemic affected the economy of the European Union and to learn about the experience of individual countries in the management and stabilization of the economic state in the situation. The primary research method is the analysis of the factors of economic stability in periods of crisis, determining the necessity of their synthesis in the issue of overcoming the negative consequences of COVID-19. The impact of the pandemic on the economic sector of the countries is analyzed, the current state of the economy of the European Union countries is characterized, and the methods of improvement of the process of adaptation of the states to the conditions of restrictions from COVID-19 are proposed. The main research vectors are predetermined by the insufficient theoretical and methodological development of this issue and its increasing practical importance. Based on other publications in this field our research, conclusions were also formed, and ways of economic development after the pandemic was modeled. Materials of foreign specialists were investigated, allowing to consider the significance of economic sustainability in modern conditions in a complex manner. The basic organizational actions in the branch of further development of the economy, based on the modern tendencies in this sphere, were determined as a result of the research. Scientific materials of popular specialists were singled out. Research materials are of practical value and can be used for the development of anti-crisis actions in branches of the economy in the countries of the European Union