• citations in SCIndeks: [1]
  • citations in CrossRef:[1]
  • citations in Google Scholar:[]
  • visits in previous 30 days:22
  • full-text downloads in 30 days:9


article: 3 from 106  
Back back to result list
2022, vol. 24, iss. 1, pp. 59-92
Implications of the Covid-19 pandemic on foreign direct investment in European transition economies
University of Kragujevac, Faculty of Economy, Serbia
Keywords: Foreign direct investment; Covid-19 pandemic; European transition economies
In early 2020, the world faced a serious crisis caused by the Covid-19 pandemic, and the application of restrictive measures to prevent and slow down the spread of the virus had a negative impact on economic flows, including foreign direct investment (FDI). The effects of the Covid-19 pandemic on global FDI flows have been devastating, resulting in a large drop in FDI. Flows to European transition countries have also been affected, but less than the world average. It is expected that the recovery of FDI from the shock of 2020 would be long and that it would be impossible to return to structural and geographical patterns before the pandemic. Having in mind the above, the aim of this paper was to analyze the dynamics of FDI before and during the pandemic in European transition countries in order to examine the effect of Covid-19 pandemic on FDI. The results of the research confirm the negative impact of the pandemic on the flows of FDI in European transition economies, except for Montenegro, Bulgaria, Hungary and Estonia, where an increase in the inflow of FDI was determined.
Ajide, F.M., Osinubi, T.T. (2020) Covid-19 Pandemic and Outward Foreign Direct Investment: A Preliminary Note. Economics, 8(2): 79-88
Alfaro, L., Chen, M.X. (2010) Surviving the Global Financial Crisis: Foreign Direct Investment and Establishment Performance. Harvard Business School Working Paper, 10-110
Arsić, M. (2020) Uticaj pandemije na spoljnu trgovinu i strane direktne investicije u svetu u 2020. godini. Kvartalni monitor, br. 63. oktobar-decembar
Astrov, V., Bykova, A., Pindyuk, O. (2021) FDI in Central, East and Southeast Europe. Vienna Institute for International Economic Studies, Monthly Report May 2021
Camino-Mogro, S., Mary, A. (2020) The effects of COVID-19 lockdown on Foreign Direct Investment: Evidence from Ecuadorian firms. MPRA Paper, 104821
Choi, S., Furceri, D., Yoon, C. (2020) Policy uncertainty and foreign direct investment. Review of International Economics, 29(2): 195-227
Doraisami, A.G. (2007) Financial crisis in Malaysia: Did FDI flows contribute to vulnerability?. Journal of International Development: Journal of the Development Studies Association, 19(7): 949-962
Dornean, A., Işan, V., Oanea, D.C. (2012) The Impact of the Recent Global Crisis on Foreign Direct Investment: Evidence from Central and Eastern European Countries. Procedia Economics and Finance, 3(1): 1012-1017
Dornean, A., Oanea, D.C. (2015) Impact of the Economic Crisis on FDI in Central and Eastern Europe. Review of Economic and Business Studies, 8(2): 53-68
Filipović, S., Petrović, P. (2015) Pozicioniranje privrede u globalnom ekonomskom okruženju. Beograd: Ekonomski institut
Fu, Y., Alleyne, A., Mu, Y. (2021) Does Lockdown Bring Shutdown? Impact of the COVID-19 Pandemic on Foreign Direct Investment. Emerging Markets Finance and Trade, 57(10): 2792-2811
InvestChile (2020) Impact of COVID-19 on the economy and FDI. Santiago, Chile, Investment Ebooks, Ahumada 11, Piso 12, Dostupno na:
Kalotay, K., Sass, M. (2021) Foreign direct investment in the storm of the COVID-19 pandemic and the example of Visegrad countries. Acta Oeconomica, 71(S1): 73-92
Khutko, A. (2020) Despite the Covid-19 Pandemic, 99% of Foreign Direct Investment Projects in Russia will be Implemented. Ernst & Young
Kovačević, R. (2020) Svetska privreda, trgovina Evropske Unije i robni izvoz Srbije pre pandemije koronavirusa. Ekonomske ideje i praksa, (38), 7
Lee, J. (2020) Note on Covid-19 and the police powers doctrine: Assessing the allowable scope of regulatory measures during the pandemic. Contemporary Asia Arbitration Journal, 13: 229-248
Lemi, A., Asefa, S. (2003) Foreign direct investment and uncertainty: Empirical evidence from Africa. African Finance Journal, 5(1): 36-67
Liu, X. (2012) The Impact of financial crises on foreign direct investment: Evidence from developed countries. United Kingdom: University of Nottingham, A Dissertation
Lund, S., Manyika, J., Mehta, A., Goldshtein, D. (2018) A Decade after the Global Financial Crisis: What Has (and Hasn't) Changed. McKinsey & Company, Briefing Note
Paul, J., Jadhav, P. (2019) Institutional determinants of foreign direct investment inflows: Evidence from emerging markets. International Journal of Emerging Markets, 15(2): 245-261
Pindyuk, O. (2020) CESEE Overview: Coronavirus hits: In search of new sources of growth. Wiiw Forecast Report, Spring
Radu, C., Şova, R.A., Popa, A.F. (2020) The impact of fdi over economic growth and how covid-19 crisis can impact the CEE economies. CECCAR Business Review, 4: 64-72
Seric, A., Hauge, J. (2020) COVID-19 and the global contraction in foreign direct investment. dostupno na: COVID-19 and the global contraction in foreign direct investment | Development Matters (
Sharma, B. (2021) Impact of Covid-19 on foreign investment: Covid-19 and recalibration of FDI regimes: Convergence and divergence. Transnational Corporations Review, 13(1)
Thangavelu, S.M., Wei, Y.Y., Chongvilaivan, A. (2009) FDI, Growth and the Asian Financial Crisis: The Experience of Selected Asian Countries. World Economy, 32(10): 1461-1477
Ucal, M., Bilgin, M.H., Özcan, K.M., Mungo, J. (2010) Relationship between financial crisis and foreign direct investment in developing countries using semiparametric regression approach. Journal of Business Economics and Management, 11(1): 20-33
UNCTAD (2020) World Investment Report 2020: International Production Beyond the Pandemic
UNCTAD (2021) World Investment Report 2021: Investing in Sustainable Recovery
Uvalić, M., Cvijanović, V. (2018) Towards A Sustainable Economic Growth and Development in the Western Balkans. Zagreb: Friedrich-Ebert-Stiftung-Regional Office for Croatia and Slovenia, Analysis
World Bank-International Bank for Reconstruction and Development (2021) Western Balkans Regular Economic Report: Greening the Recovery. Washington, DC, No.20
Zhan, J. (2020) Covid-19 and investment: An UNCTAD research round-up of the international pandemic's effect on FDI flows and policy. Transnational Corporations, 27(1): 1-2


article language: Serbian, English
document type: Review Paper
DOI: 10.5937/ep24-38918
received: 19/01/2022
accepted: 08/02/2022
published in SCIndeks: 08/07/2022

Related records

No related records