The aim of our paper is to underline the main characteristics of the business and economical environment and emphasise the negative implications of the recent economic crisis on a panel of EU member countries, namely: Bulgaria, Hungary, Latvia, Lithuania and Romania. The results of our research are pointing out the challenges and difficulties that the business environment from the panel countries is facing and also the need for the decision and policy makers to intensify their preoccupations and efforts in order to help and stimulate the enhancement of the business environment and thus achieve a sustainable long term economic growth.