Investigating the Impact of the Covid-19 Pandemic on the Economy and the Corresponding Entrepreneurship Support Measures in Europe

Abstract

Covid-19 pandemic continues to cause great losses in human lives and adverse consequences in many sectors of the EU economy. The aim of the paper is to evaluate the effects of the pandemic in small and medium-sized enterprises (SMEs), in culture - entertainment industry and to investigate the effectiveness of the corresponding entrepreneurship support measures have been taken. This review was conducted based on related articles that were published during the years 2020-2021, using the online databases of Google Scholar, Science Direct, Elsevier, PubMed, OECD, IOBE. A total of 16 eligible studies were included in this literature review. EU authorities have launched measures, setting up policy and funding instruments to mobilize the economy. The impact of these measures is of great significance for many EU countries and sectors. However, measures taken for small and medium-sized enterprises, tourism and culture were not evaluated effectively to get the sectors back on track. Those measures were effective in short term and were insufficient to boost the recovery of the EU economy in long term. Since Covid-19 still exists, the fear of a recurrence is fed back. Long-term support measures need to be re-evaluated and new strategies must be established, that will set, sustainability criteria for companies, according to future investment and development policies.

Keywords: Covid-19; EU; containment measures; economy; impact; recovery; small-medium-sized enterprises.