The Restart of European Economy and Its Impact on Central and Eastern Europe

The COVID-19 pandemic health crisis has had severe consequences on European economic activity since March 2020. The aim of the study is to assess how the recovery from the economic crisis in the European Union due to the COVID-19 will affect  the CEE countries and what will be its impact on the CEE-Chinese economic relations. 

The study was conducted in cooperation of three institutes: Kopint-Tárki Economic Research Institute as the leader of the consortium, the Institute of World Economy, Centre for Economic and Regional Studies (IWE-CERS) and the Institute of East European, Russian, and Central Asian Studies (IEERCAS, Chinese Academy of Social Sciences, Beijing). 

The study consists of 2 main chapters, within this, 7 subchapters.  

The first main chapter provides an overview  

  • on the global economic situation and outlooks of the European Union,  
  • on the fiscal processes, trends in government debts in the EU as well as its consequences in the near future 
  • on the intensity of intra-European trade relations, which is a major factor of the interdependency between Eastern and Western Europe.  

The second main chapter deals with some major specific issues of recovery and restart in Europe 

  • potential changes in the global value chains (GVC)   

European economic recovery policy focuses on future investment in the green economy and digitalization in the framework of Next Generation EU program.  

  • the growing role of investments in digital capacities and capabilities in the recovery of European economy, also in CEE.  
  • the attitudes of CEE countries towards green economy, investment in renewable energy sources and/or nuclear energy. 

The last subchapter addresses the possible impact of the pandemic on economic and trade relations between China and CEE.


Restart Europe study (in English)

Restart Europe study (in Chinese)

China CEE Institute, Budapest
September 2020
Project leader:
Éva Palócz
Rozália Bogó, Miklós Losoncz, Zoltán Matheika, Katalin Nagy, Péter Vakhal (Kopint-Tárki), Andrea Éltető, Gábor Tury (KRTK-KTI) és He Ting (IREECAS, Peking)