Less developed countries note smaller decrease  

Less developed countries note smaller decrease

Less developed countries note smaller decrease

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The economy of the European Union, according to the data of the European statistical agency Eurostat, in the second quarter recorded a decline of as much as 13.9 percent year-on-year. The economy of Spain suffered the most from the COVID 19 pandemic, decreasing by as much as 22.1 percent from April to July, compared to the same period last year. With a decline of 6.4 percent in the second quarter, Serbia is among the most resilient economies in Europe. The crisis affected us less than the EU members from the neighborhood - Croats lost 15.1 percent of GDP, Hungarians 13.5 percent, Slovenes 12.9 percent, Romanians 10.5 percent, and Bulgarians 8.5 percent. It can be noticed that less developed countries also recorded a smaller decline in economic activity in the quarter most affected by the crisis. For Ivan Nikolić, the editor of the Macroeconomic Analysis and Trends (MAT), the slow recovery of European countries, to which the weak recovery of the automotive industry contributes the most, could be a problem for our economy as well. 

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