[01] Lembo Tanning, Faculty Economics and Business Administration, Tallinn University of Technology, Tallinn, Estonia.

The purpose of this publication is to analyze the impact of the Corona virus (COVID-19) on the European economy, its total impact on the EU and EFTA. This virus has caused the economic and human lives of most countries in the world to decline. This analysis includes the economic development of the normal period of up to a coronavirus (COVID-19) 2020, which resulted in most of the countries of the recession. As a background, we look at the total effect, but then mainly the economy of the European Union together with the EFTA countries. However, not all economies will return in 2020, but some will have annual root growth. Here we look at save space only key economic figures, especially GDP and foreign trade. More specifically, are nominal GDP per capita and extra- and intra-exports of goods. The main focus of the analysis is, as always, on the economies of the major powers, which define the region and also have a strong influence on the global economy. The differences between large countries are also large and sometimes contradictory. The main engine of the EU economy and foreign trade has been Germany. But medium-sized countries such as the Netherlands, the Nordic countries, the Czech Republic, Poland and the Baltic Sea are also successful. As one of Europe's major powers, the United Kingdom, left the EU (Brexit), it is important to analyze how it affects the EU economy. As a rule, since the first half of 2021, the European economy has overcome this crisis, and the level of quarters is now at a record high.

Corona Virus, European Union, EFTA, Economic Downturn, GDP Analysis, Growth of GDP, International Trade, Crisis Lessons, Future

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