How do European countries differ in terms of government support during the “economic” pandemic?
Time marches on, and it has been a year since the global economy found itself in a worrying situation with an economic pandemic. Many businesses have been forced to close, some permanently, putting workers out of work. The COVID-19 outbreak is not only a health crisis that has taken away so many aspects of life, but it has also risen as a sharp economic wave.
Today, countries are struggling with the unimaginable economic impact of the coronavirus, and it is the governments’ responsibility to help economies and business recover. That is why the European Chamber published a new research that showcases the efforts of European countries to support sectors affected by the economic situation that has arisen as a result of the virus.
This research aims to compare the total value of economic support and recovery packages from March 2020 to date that each of the analysed countries has provided for the mitigation of the negative impacts for the COVID-19 crisis. Taking into account that economies vary in their capacity for provision of recovery packages, the score will be based on the ratio between the country’s total amount of recovery packages and its gross domestic product of 2019. The obtained data has been made with the help of each country’s ministry of economy or ministry of finance, their representations to the EU (European Union), and their representations to OECD (Organisation for Economic Co-operation and Development).
EuCham, the non-governmental organization dedicated to promoting business ethics in Europe, also publishes annually the Best European Countries for Business research, developed by considering transparency and integrity as important factors in the overall business environment. This research is meant to do the same, as it aims to highlight noteworthy governmental efforts in making their country an appealing place to do business.
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