Europe, due to higher growth rates. The poorest states are those that just emerged from communism, fascist dictatorships and civil wars, namely those of the former Soviet Union and Yugoslavia, with some exceptions. Former Western Bloc itself presents some living standards and development differences, with the greatest contrast seen between the Nordics (Norway, Denmark, Sweden, Finland) and Greece, Portugal, Spain and Italy. Below is a map of European countries by gross national income per capita. High income in blue ($12,616 or more, as defined by the World Bank), upper middle income in green ($4,086 – $12,615) and lower middle income ($1,036 – $4,085) in yellow. The predicted impact of the COVID-19 pandemic on GDP is greatest in Southern Europe, where structural improvements are expected to enhance GDP levels by up to 5% by 2030, with the effect decreasing to 2.5% by 2040. The effect is projected to be a little less than 1% in Western Europe and Northern Europe, with cross-border spillover effects from the rest of Europe accounting for half of the predicted impact. A survey conducted in 2021 found that many businesses cut back on operations as a result of the COVID-19 epidemic, resulting in a significant decline in revenue and job changes. Due to the pandemic, over 40% of the businesses surveyed had to close temporarily. Sales in the region declined by roughly 25% on average, but there was substantial variation within sub-regions. One out of every five businesses launched or grew their online business or distribution of products and services, while one out of every four businesses started or increased their remote operations. The pandemic has also hastened corporate transformation, with over 30% of companies altering or transforming their output as a result of it. Chemical manufacturers and wholesalers were the first to respond, with one in three expanding online business activity, beginning or boosting delivery of products and services, increasing remote employment, and changing manufacturing. Economic activity decreased by almost 4% in the majority of sub-regions in 2020, which was similar to the global average of 3.2%. However, the variance between nations is prominent. The high infection and mortality rates of the pandemic in countries in the Western Balkans, the Eastern Neighbourhood, and Central and Eastern Europe meant they faced deeper recessions. European Union The European Union has the second largest economy in the world, behind that of the United States. Trade within the Union