Economic Impact of COVID-19 on Kosovo and its Policy Response

ambarish — Mon, 08 Jun 2020 17:39:16 +0000

After declaring independence on 17^th February 2008, Kosovo’s economy and GDP have consistently grown till 2019. Per capita GDP has increased, and unemployment levels have come down to historical lows at 25.7% of total labor force in 2019. The economy of Kosovo is expected to be adversely affected by COVID-19 pandemic in 2020. The real gross domestic product (GDP) of Kosovo is expected to shrink, unemployment level to increase and current account balance to continue its negative growth due to COVID-19 this year. As of 08^th June 2020, Kosovo had 1142 confirmed COVID-19 cases out of which 871 people have recovered from the disease while 30 have lost their lives.

In this blog post we will be focusing on economic impact of COVID-19 pandemic on Kosovo. We will also be taking a look at the containment, fiscal and monetary related policy measures taken by Kosovo government under following sections –

Impact of COVID-19 on Kosovo Economy in 2020
Coronavirus (COVID-19) Containment Measures of Kosovo
Coronavirus (COVID-19) Related Fiscal Policy Measures by Kosovo
Coronavirus (COVID-19) Related Monetary Policy Measures by Kosovo

We have covered various macroeconomic factors and PESTLE (political, economic, social, technological, legal, and environmental), SWOT (Strengths, Weaknesses, Opportunities and Threats) and risk analysis for Kosovo in separate 91��Ƭ�� reports.

1. Impact of COVID-19 on Kosovo Economy in 2020

Kosovo’s real gross domestic product (GDP) was Euro 6.831 billion in 2019 and due to COVID-19 outbreak it is estimated to shrink by 5.00% to be around Euro 6.49 billion in 2020.

Kosovo’s unemployment rate was 25.7% of total labor force in 2019. Due to slowdown in global economic activity due to COVID-19 pandemic the unemployment is expected to increase by 2.10% and reach 26.25% in 2020.

Kosovo’s current account balance which has been constantly decreasing since 2017. It is expected to decrease its current account balance at -7.401% of GDP in 2020 from -5.499% of GDP in 2019. This means Kosovo will remain net borrower from rest of the...

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