"The measures reducing damage to the economy now need to be carefully planned and delivered in a timely manner," the paper adds under the headline Why Aid to the Economy Comes First.

Otherwise, the country could suffer a double blow - after spending a huge amount of money to help the economy, it could face an even greater social burden in the form of high unemployment.

"What is particularly important for a small and open economy like Slovenia is that the government is aware of the structure of the economy and its needs."

When it comes to the coronavirus, it was able to predict a very strong blow at the beginning, and then gradual or, in certain places, a very quick recovery.

This is a scenario different from economic crises where a period of slow-down turns into a collapse, which is followed by a slow recovery.

It is almost certainly true that coordinated fiscal activity by EU member states could help the economy recover faster, the paper says, adding that companies facing loss of revenue should be provided with liquidity.

This is only the first band aid and the next step will be the key - the great economic powers such as Germany, France and Italy will need to provide incentives for the economy and take measures to encourage consumption.

Orders for the Slovenian manufacturing industry will not be reliable and the structure of orders will also change very soon. "The question is how and how quickly Slovenia will be able to adjust to this," concludes the commentary.