Assessment of Firms' Financial Resilience against Pandemic and Disaster Shocks in Albania

• Ngôn ngữ: eng
• Ký hiệu phân loại: 914.96 Geography of and travel in Europe
• Thông tin xuất bản: Washington, DC, 2022
• Bộ sưu tập: Tài liệu truy cập mở
• ID: 306846
• Chủ đề: 1. BUSINESS INTERRUPTION; 2. DISASTER RISK; 3. PRIVATE SECTOR RESILIENCE; 4. SMALL ENTERPRISES; 5. VOLATILITY

Tóm tắt

 Over the period 2019-21, Albania had to confront dual shocks: the 2019 earthquake and the COVID-19 pandemic. Both had sizable impacts on the country's economy. The COVID-19 pandemic took a heavy toll on an economy already affected by the earthquake in 2019. Key sectors were put in lockdown in the second quarter of 2020, and the economy suffered a severe contraction of -10.6 percent in gross domestic product (GDP). The pandemic hit the travel, tourism, and other services sectors first
  then mobility restrictions and post-COVID-19 behavior changes affected firms' supply and demand. Given the structure of the economy, the associated loss in sales and profits had a disproportionate effect on small and medium enterprises