ANALYSIS OF MACROECONOMIC INDICATORS OF THE VISEGRAD GROUP
Ladislav Mura - University of Economics, Faculty of Commerce, Dolnozemská cesta 1, 852 35 Bratislava, Slovakia
Noémi Fóthy - J. Selye University, Faculty of Economics and Informatics, Bratislavská cesta 3322, 945 01 Komárno, Slovakia
Vivien Pásztóová - J. Selye University, Faculty of Economics and Informatics, Bratislavská cesta 3322, 945 01 Komárno, Slovakia
DOI: https://doi.org/10.31410/Balkans.JETSS.2022.5.2.69-80
Ladislav Mura - University of Economics, Faculty of Commerce, Dolnozemská cesta 1, 852 35 Bratislava, Slovakia
Noémi Fóthy - J. Selye University, Faculty of Economics and Informatics, Bratislavská cesta 3322, 945 01 Komárno, Slovakia
Vivien Pásztóová - J. Selye University, Faculty of Economics and Informatics, Bratislavská cesta 3322, 945 01 Komárno, Slovakia
DOI: https://doi.org/10.31410/Balkans.JETSS.2022.5.2.69-80
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Balkans Journal of Emerging Trends in Social Sciences, (2022) , Vol 5, No 2
ISSN: 2620-164X |
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Abstract: The past two years have been largely defined by an unforeseen threat from the emergence of the COVID-19 pandemic. It has had a huge impact on the economic development of individual countries. SMEs as important contributors to the economy of individual countries felt the negative effects of the pandemic the most. Our research intends to examine the macroeconomic effects of the changes caused by the pandemic in the Visegrad Four countries using comparative analysis. The paper is based on a summary of the literature on which the topic is based, followed by the evaluation and analysis of data from secondary sources. The secondary data was collected using databases published by Eurostat, the OECD, and Statista. The analysis shows that the impact of the pandemic can be monitored for each macroeconomic indicator.
Keywords: Visegrad four, Macroeconomic changes, SMEs, COVID-19, Crisis.
JEL Classification E00 · E24 · E31
Keywords: Visegrad four, Macroeconomic changes, SMEs, COVID-19, Crisis.
JEL Classification E00 · E24 · E31
REFERENCES
Bhargava, A., Jamison, D. T., Lau, L. J., & Murray, C. J. L. (2006). Modeling the effects of health on economic growth. Econometrics, Statistics and Computational Approaches in Food and Health Sciences, 269-286. https://doi.org/10.1142/9789812773319_0020
Czech, K., Wielechowski, M., Kotyza, P., Benešová, I., & Laputková, A. (2020). Shaking Stability: COVID-19 Impact on the Visegrad Group Countries’ Financial Markets. Sustainability, 12(15), 6282. https://doi.org/10.3390/su12156282
Czech, M. (2022). The Impact of COVID-19 Dynamics on SCDS Spreads in Selected CEE Countries. European Research Studies Journal, 25(1), 254-277.
Czech, M., & Puszer, B. (2021). Impact of the COVID-19 Pandemic on the Consumer Credit Market in V4 Countries. Risks, 9(12), 229. https://doi.org/10.3390/risks9120229
Czeczeli, V., Kolozsi, P. P., Kutasi, G., & Marton, Á. (2020). Economic exposure and crisis resistance in case of exogenous shock. Financial Review/Public Finance Quarterly, 65(3), 323-349. https://doi.org/10.35551/PSZ_2020_3_1
European Commission, SME Performance Review Annual Report 2021/2022 (2022), ISBN: 978-92-9469-296-2, available online: https://ec.europa.eu/growth/smes/sme-strategy/sme-performance-review_en (Accessed: 11.07.2022)
Hedvičáková, M., & Kozubíková, Z. (2021). Impacts of COVID-19 on the Labour Market – Evidence from the Czech Republic. HED, Hradec Economic Days, 242-250. https://doi.org/10.36689/uhk/hed/2021-01-000
Jarský, V., Palátová, P., Riedl, M., Zahradník, D., Rinn, R., & Hochmalová, M. (2022). Forest Attendance in the Times of COVID-19—A Case Study on the Example of the Czech Republic. International Journal of Environmental Research and Public Health, 19(5), 2529. https://
doi.org/10.3390/ijerph19052529
Karácsony, P. (2020). Effects of the Coronavirus Crisis on Hungarian Small and Medium-Sized Enterprise. Civic Review, 16, 434-444. https://doi.org/10.24307/psz.2020.1228
Karácsony, P., & Paszto, V. (2021). Analysis of the situation of the European Union in the labour market during the coronavirus crisis. European Mirror, 24(2), 101-115. https://doi.org/10.32559/ET.2021.2.6
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Klimovský, D., Nemec, J., & Bouckaert, G. (2021). The COVID-19 Pandemic in the Czech Republic and Slovakia. Scientific Papers of the University of Pardubice, Series D: Faculty of Economics and Administration, 29(1), 1-12. https://doi.org/10.46585/sp29011320
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Petrovič, F., Murgaš, F., & Králik, R. (2021). Happiness in Czechia during the COVID-19 Pandemic. Sustainability, 13(19), 10826. https://doi.org/10.3390/su131910826
Plaček, M., Špaček, D., & Ochrana, F. (2020). Public leadership and strategies of Czech municipalities during the COVID-19 pandemic - municipal activism vs municipal passivism. International Journal of Public Leadership, 17(1), 108-117. https://doi.org/10.1108/ijpl-06-2020-0047
Poór, J., Dajnoki, K., Éva Kovács, I., Tóth, A., & Kálmán, B. (2021). The COVID-19 pandemic and Hungarian human resources: challenges and responses. The Impact of COVID-19 on Human Resource Management. https://doi.org/10.51432/978-1-8381524-4-4_10
Schmidt, J., Waldova, E., Balkova, S., Suchanek, J., & Smucler, R. (2021). Impact of COVID-19 on Czech Dentistry: A Nationwide Cross-Sectional Preliminary Study among Dentists in the Czech Republic. International Journal of Environmental Research and Public Health, 18(17), 9121. https://doi.org/10.3390/ijerph18179121
Szocska, M., Pollner, P., Schiszler, I., Joo, T., Palicz, T., McKee, M., Asztalos, A., Bencze, L., Kapronczay, M., Petrecz, P., Toth, B., Szabo, A., Weninger, A., Ader, K., Bacskai, P., Karaszi, P., Terplan, G., Tuboly, G., Sohonyai, A., … Gaal, P. (2021). Countrywide population movement monitoring using mobile devices generated (big) data during the COVID-19 crisis. Scientific Reports, 11(1). https://doi.org/10.1038/s41598-021-81873-6
Toth, A., Kálmán, B., & Poór, J. (2021). Employment in Hungarian economy as a result of the COVID-19 pandemic. Acta Oeconomica Universitatis Selye, 10(1), 84-96. https://doi.org/10.36007/Acta.2021.10.1.7
Túróczi, I., Master, N., & Zéman, Z. (2020). Hungary versus COVID-19: actions, experiences, vision. Civil Review, 16(1-3) 78-93. https://doi.org/10.24307/ps.2020.0706
Tyniewicki, M., & Kozieł, M. (2021). Current Problems of Financial Law in Poland and in the Czech Republic Including Effects of the COVID-19 Pandemic. Białostockie Studia Prawnicze, 26(4), 53-71. https://doi.org/10.15290/bsp.2021.26.04.04
UNCTAD, World Investment Report 2022 (2022), ISBN 978-92-1-113049-2, Available online: https://digitallibrary.in.one.un.org/PdfViewer.aspx?FileName=7005_1.pdf&Resourcekey=fb4tZMLWEOY= (Accessed: 11.07.2022)
World Population Review. (2022). Czech Republic Population 2022. Available at: Czech Republic Population 2022 (Demographics, Maps, Graphs) (https://worldpopulationreview.com)
Żak, M., & Garncarz, J. (2020). Economic policy towards the challenges of the COVID-19 pandemic in selected European Union countries. International Entrepreneurship Review, 6(4), 21-34. https://doi.org/10.15678/ier.2020.0604.02
Zinecker, M., Doubravský, K., Balcerzak, A. P., Pietrzak, M. B., & Dohnal, M. (2021). The COVID-19 Disease and Policy Response to Mitigate the Economic Impact in the EU. Technological and Economic Development of Economy, 27(3), 742-762. https://doi.org/10.3846/tede.2021.14585
REFERENCES
Bhargava, A., Jamison, D. T., Lau, L. J., & Murray, C. J. L. (2006). Modeling the effects of health on economic growth. Econometrics, Statistics and Computational Approaches in Food and Health Sciences, 269-286. https://doi.org/10.1142/9789812773319_0020
Czech, K., Wielechowski, M., Kotyza, P., Benešová, I., & Laputková, A. (2020). Shaking Stability: COVID-19 Impact on the Visegrad Group Countries’ Financial Markets. Sustainability, 12(15), 6282. https://doi.org/10.3390/su12156282
Czech, M. (2022). The Impact of COVID-19 Dynamics on SCDS Spreads in Selected CEE Countries. European Research Studies Journal, 25(1), 254-277.
Czech, M., & Puszer, B. (2021). Impact of the COVID-19 Pandemic on the Consumer Credit Market in V4 Countries. Risks, 9(12), 229. https://doi.org/10.3390/risks9120229
Czeczeli, V., Kolozsi, P. P., Kutasi, G., & Marton, Á. (2020). Economic exposure and crisis resistance in case of exogenous shock. Financial Review/Public Finance Quarterly, 65(3), 323-349. https://doi.org/10.35551/PSZ_2020_3_1
European Commission, SME Performance Review Annual Report 2021/2022 (2022), ISBN: 978-92-9469-296-2, available online: https://ec.europa.eu/growth/smes/sme-strategy/sme-performance-review_en (Accessed: 11.07.2022)
Hedvičáková, M., & Kozubíková, Z. (2021). Impacts of COVID-19 on the Labour Market – Evidence from the Czech Republic. HED, Hradec Economic Days, 242-250. https://doi.org/10.36689/uhk/hed/2021-01-000
Jarský, V., Palátová, P., Riedl, M., Zahradník, D., Rinn, R., & Hochmalová, M. (2022). Forest Attendance in the Times of COVID-19—A Case Study on the Example of the Czech Republic. International Journal of Environmental Research and Public Health, 19(5), 2529. https://
doi.org/10.3390/ijerph19052529
Karácsony, P. (2020). Effects of the Coronavirus Crisis on Hungarian Small and Medium-Sized Enterprise. Civic Review, 16, 434-444. https://doi.org/10.24307/psz.2020.1228
Karácsony, P., & Paszto, V. (2021). Analysis of the situation of the European Union in the labour market during the coronavirus crisis. European Mirror, 24(2), 101-115. https://doi.org/10.32559/ET.2021.2.6
Karácsony, P., Krupánski, K., & Antalík, I. (2022). Analysis of the Impact of the COVID-19 Crisis on the Hungarian Employees. Sustainability, 14(4), 1990. https://doi.org/10.3390/su14041990
Klimovský, D., & Nemec, J. (2020). The Impacts of the COVID-19 Pandemic and Responses from Various Policy Actors in the Czech Republic and Slovakia in 2020: An Introduction to a Special Issue. Scientific Papers of the University of Pardubice, Series D: Faculty of Economics and Administration, 29(1), 1-10. https://doi.org/10.46585/sp29011255
Klimovský, D., Nemec, J., & Bouckaert, G. (2021). The COVID-19 Pandemic in the Czech Republic and Slovakia. Scientific Papers of the University of Pardubice, Series D: Faculty of Economics and Administration, 29(1), 1-12. https://doi.org/10.46585/sp29011320
Kowalski, T. (2021). The economy battling COVID-19: A macroeconomic approach. E. Mińska-Struzik, & B. Jankowska (Eds.), Toward the „new normal” after COVID-19 – a post-transition economy perspective, 11-29. https://doi.org/10.18559/978-83-8211-061-6/I1
McKibbin, W., & Fernando, R. (2021). The Global Macroeconomic Impacts of COVID-19: Seven Scenarios. Asian Economic Papers, 20(2), 1-30. https://doi.org/10.1162/asep_a_00796
Nemec, J., & Špaček, D. (2020). The COVID-19 pandemic and local government finance: Czechia and Slovakia. Journal of Public Budgeting, Accounting & Financial Management, 32(5), 837-846. https://doi.org/10.1108/jpbafm-07-2020-0109
Nemec, J., Drechsler, W., & Hajnal, G. (2020). Public Policy during COVID-19: Challenges for Public Administration and Policy Research in Central and Eastern Europe. NISPAcee Journal of Public Administration and Policy, 13(2), 11-22. https://doi.org/10.2478/nispa-
2020-0011
Nyikos, G., Soha, B., & Béres, A. (2021). Entrepreneurial resilience and firm performance during the COVID-19 crisis - Evidence from Hungary. Regional Statistics, 11(3), 29-59. https://doi.org/10.15196/rs110307
Papava, V. (2020). Coronomic Crisis: When the Economy is a Hostage to Medicine. Eurasia Review, March 29, online at https://www.eurasiare-view.com/29032020-coronomic-crisiswhen-the-economy-is-a-hostage-tomedi-cine-oped/
Petrovič, F., Murgaš, F., & Králik, R. (2021). Happiness in Czechia during the COVID-19 Pandemic. Sustainability, 13(19), 10826. https://doi.org/10.3390/su131910826
Plaček, M., Špaček, D., & Ochrana, F. (2020). Public leadership and strategies of Czech municipalities during the COVID-19 pandemic - municipal activism vs municipal passivism. International Journal of Public Leadership, 17(1), 108-117. https://doi.org/10.1108/ijpl-06-2020-0047
Poór, J., Dajnoki, K., Éva Kovács, I., Tóth, A., & Kálmán, B. (2021). The COVID-19 pandemic and Hungarian human resources: challenges and responses. The Impact of COVID-19 on Human Resource Management. https://doi.org/10.51432/978-1-8381524-4-4_10
Schmidt, J., Waldova, E., Balkova, S., Suchanek, J., & Smucler, R. (2021). Impact of COVID-19 on Czech Dentistry: A Nationwide Cross-Sectional Preliminary Study among Dentists in the Czech Republic. International Journal of Environmental Research and Public Health, 18(17), 9121. https://doi.org/10.3390/ijerph18179121
Szocska, M., Pollner, P., Schiszler, I., Joo, T., Palicz, T., McKee, M., Asztalos, A., Bencze, L., Kapronczay, M., Petrecz, P., Toth, B., Szabo, A., Weninger, A., Ader, K., Bacskai, P., Karaszi, P., Terplan, G., Tuboly, G., Sohonyai, A., … Gaal, P. (2021). Countrywide population movement monitoring using mobile devices generated (big) data during the COVID-19 crisis. Scientific Reports, 11(1). https://doi.org/10.1038/s41598-021-81873-6
Toth, A., Kálmán, B., & Poór, J. (2021). Employment in Hungarian economy as a result of the COVID-19 pandemic. Acta Oeconomica Universitatis Selye, 10(1), 84-96. https://doi.org/10.36007/Acta.2021.10.1.7
Túróczi, I., Master, N., & Zéman, Z. (2020). Hungary versus COVID-19: actions, experiences, vision. Civil Review, 16(1-3) 78-93. https://doi.org/10.24307/ps.2020.0706
Tyniewicki, M., & Kozieł, M. (2021). Current Problems of Financial Law in Poland and in the Czech Republic Including Effects of the COVID-19 Pandemic. Białostockie Studia Prawnicze, 26(4), 53-71. https://doi.org/10.15290/bsp.2021.26.04.04
UNCTAD, World Investment Report 2022 (2022), ISBN 978-92-1-113049-2, Available online: https://digitallibrary.in.one.un.org/PdfViewer.aspx?FileName=7005_1.pdf&Resourcekey=fb4tZMLWEOY= (Accessed: 11.07.2022)
World Population Review. (2022). Czech Republic Population 2022. Available at: Czech Republic Population 2022 (Demographics, Maps, Graphs) (https://worldpopulationreview.com)
Żak, M., & Garncarz, J. (2020). Economic policy towards the challenges of the COVID-19 pandemic in selected European Union countries. International Entrepreneurship Review, 6(4), 21-34. https://doi.org/10.15678/ier.2020.0604.02
Zinecker, M., Doubravský, K., Balcerzak, A. P., Pietrzak, M. B., & Dohnal, M. (2021). The COVID-19 Disease and Policy Response to Mitigate the Economic Impact in the EU. Technological and Economic Development of Economy, 27(3), 742-762. https://doi.org/10.3846/tede.2021.14585
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Registration number.: 28157347