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231006 ||| eng |
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|a Assessment of Firms' Financial Resilience against Pandemic and Disaster Shocks in Albania
|h Elektronische Ressource
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| 260 |
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|a Washington, D.C
|b The World Bank
|c 2021
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| 653 |
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|a Macroeconomics and Economic Growth
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| 653 |
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|a Small and Medium Size Enterprises
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| 653 |
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|a Business Cycles and Stabilization Policies
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| 653 |
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|a Business Environment
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| 653 |
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|a Private Sector Development
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| 710 |
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|a World Bank Group
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|a eng
|2 ISO 639-2
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|b WOBA
|a World Bank E-Library Archive
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|a Other Financial Sector Study
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|a 10.1596/37258
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|u http://elibrary.worldbank.org/doi/book/10.1596/37258
|x Verlag
|3 Volltext
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|a 330
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|a Over the period 2019-21, Albania had to confront dual shocks: the 2019 earthquake and the COVID-19 pandemic. Both had sizable impacts on the country's economy. The COVID-19 pandemic took a heavy toll on an economy already affected by the earthquake in 2019. Key sectors were put in lockdown in the second quarter of 2020, and the economy suffered a severe contraction of -10.6 percent in gross domestic product (GDP). The pandemic hit the travel, tourism, and other services sectors first; then mobility restrictions and post-COVID-19 behavior changes affected firms' supply and demand. Given the structure of the economy, the associated loss in sales and profits had a disproportionate effect on small and medium enterprises
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