Economic Archive

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  SMALL AND MEDIUM SIZED ENTERPRISES MANAGEMENT AND BUSINESS IN CRISIS CONDITIONS

  Background: This study examines the management of small and medium-sized enterprises (SMEs) in crisis conditions, with a focus on the impact of the COVID-19 pandemic. It aims to identify strategies and best practices for enhancing SME resilience and sustainability. Methods: The research adopts a comprehensive literature review approach, analyzing ... Background: This study examines the management of small and medium-sized enterprises (SMEs) in crisis conditions, with a focus on the impact of the COVID-19 pandemic. It aims to identify strategies and best practices for enhancing SME resilience and sustainability. Methods: The research adopts a comprehensive literature review approach, analyzing previous studies and reports on SME management during crises. It also incorporates case studies and empirical data to provide practical insights. Results: The analysis reveals that SMEs face unique challenges during crises, such as disrupted supply chains, reduced consumer demand, and financial constraints. However, innovative solutions, collaboration among stake-holders, and supportive government policies have played a crucial role in enabling SMEs to adapt and recover. Conclusions: Based on the findings, it is evident that effective manage-ment practices, including adaptation, digital transformation, financial manage-ment, and crisis planning, are vital for SME survival and growth in crisis conditions. Collaboration and networking among SMEs, along with supportive government policies, contribute to collective recovery and sustainability. The study underscores the importance of ongoing research and development in SME crisis management, with a focus on resilience-building strategies, sustainable business models, and addressing the psychological well-being of SME stakeholders.

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  THE NEW EUROPEAN CUSTOMS REFORM – OPPORTUNITIES AND CHALLENGES

  The customs system of the EU serves as a guardian of the single market, but in recent years, it has been subjected to increased stress due to the rapid growth in trade volume, challenges posed by e-commerce, and the growing number of standards regarding goods that need to be tracked at the borders. As a result, in early May 2023, the European ... The customs system of the EU serves as a guardian of the single market, but in recent years, it has been subjected to increased stress due to the rapid growth in trade volume, challenges posed by e-commerce, and the growing number of standards regarding goods that need to be tracked at the borders. As a result, in early May 2023, the European Commission proposed a reform project aimed at simplifying the customs procedures by reducing bureaucracy and increasing transparency while simultaneously strengthening the protection of the EU's financial and non-financial interests. The changes can be described as revolutionary or even too ambitious, but if successful, the reform would mark the beginning of a new approach to customs control without parallel on a global scale. Every change brings new opportunities, but it can also give rise to a range of problems. In this regard, it is important to be well-prepared to maximize the benefits of the former and adequately respond to and even prevent the latter.

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  STABILIZATION ROLE OF THE MACROECONOMIC POLICY DURING THE COVID-19 CRISIS

  The article presents an analysis of the role of macroeconomic stabilization policy during the economic crisis caused by the COVID-19 pandemic. The analysis covers both monetary and fiscal policy using data on macroeconomic activity, inflation, the severity of restrictive measures, the level of uncertainty, the degree of financial stress on the ... The article presents an analysis of the role of macroeconomic stabilization policy during the economic crisis caused by the COVID-19 pandemic. The analysis covers both monetary and fiscal policy using data on macroeconomic activity, inflation, the severity of restrictive measures, the level of uncertainty, the degree of financial stress on the financial system, etc. It tests two hypotheses formulated as follows: Hypothesis one is that considering the specific characteristics of the COVID-19 exogenous shock, there was a need for a quick and decisive response by means of a macroeconomic stabilization policy. The second hypothesis asserts that expansionary macroeconomic policies played a key role for the recovery of the economies from the COVID-19 recession and their subsequent growth. Both hypotheses are confirmed.