The Impact of Multiple Crises on the Economy. A Comparative Analysis of GFC, COVID-19 and the Ukraine War Period

This paper aims to analyze the correlation between the gross domestic product (GDP) and its components as well as the Harmonized Consumer Price Index (HICP) total, electricity and gas by deploying principal components analysis and factor analysis on wards linkage and compare the results for GFC period, COVID-19 pandemic and the war in Ukraine period for EU27, Romania, Greece, Italy and Hungary. The result obtained show that each crisis has its specificity given their different source, GFC was borne in the financial system the COVID-19 crisis in the medical crisis and the war in Ukraine a military one and that starting with 2020 the economy has faced multiple crisis. Government consumption is found to be one of the significant variables for all crisis as a result of the efforts made by the governments to limit the negative effects of the GFC, pandemic and the war in Ukraine and HICP electricity and HICP gas due to the impact of COVID-19 on the supply chain prior to the war in Ukraine and the shortage of personnel, as well due to the sanctions applied to Russia and the fact that it is the main exporter for the European Union.