Managing financial threats in the context of social resilience: a case of the Baltic States

Since regaining independence from the Soviet Union, the Baltic States have faced many challenges and threats, such as financial instability, energy dependence, high levels of emigration, and, more recently, illegal immigration from third countries, encouraged by Belarus, the war between Ukraine and Russia, etc. The dynamic nature of socioeconomic situations, especially during crises such as pandemics and natural disasters, thus affects a country's resilience. The paper aims to estimate indices for social and financial resilience. The paper employs expert assessment, SAW, and correlation methods. The research focuses on filling in the resilience theory gap while focusing on financial and social issues. It has been noted that scientific literature lacks financial and social resilience integration. The research provided an alternative measurement of financial and social resilience. The results showed that financial resilience has been more unstable than social resilience. The decline in financial resilience contributes to external shocks such as the Russian–Ukrainian war and the COVID pandemic. Both financial and social resilience have declined during the period of 2020-2021. Hence, there is no correlation between financial and social resilience in the Baltic States.