The impact of the economic and COVID-19 crises on the Visegrad Group countries
/ 2
- Details
- Category: Content №6 2022
- Last Updated on 31 December 2022
- Published on 29 December 2022
- Hits: 2559
Authors:
M.Michňová, orcid.org/0000-0002-9954-6788, University of Economics in Bratislava, Faculty of Business Economy, Košice, the Slovak Republic
S.Megyesiova*, orcid.org/0000-0002-6815-5629, University of Economics in Bratislava, Faculty of Business Economy, Košice, the Slovak Republic, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
* Corresponding author e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Naukovyi Visnyk Natsionalnoho Hirnychoho Universytetu. 2022, (6): 142 - 146
https://doi.org/10.33271/nvngu/2022-6/142
Abstract:
Purpose. To analyze the development of individual economic indicators, that are key aspects in evaluating the economy of countries in the context of international comparison and competitiveness. Through year-on-year changes, to monitor the development of indicators such as gross value added, total employment and hours worked in the last two crisis periods. To compare the impact of the economic and COVID-19 crises on the mentioned economic indicators and labor productivity in the Visegrad Group countries.
Methodology. Several scientific methods suitable for the detection of the impact of crises were used in the article. In particular, elementary time series analysis and index numbers were calculated to detect the most important development trends of selected indicators. Chain indexes and fixed base indexes were figured for the gross value added, employment, number of hours worked, labor productivity per person employed and labor productivity per hour worked. Within the indicators it was searched for the impact of economic and COVID-19 crises.
Findings. Analysis of labor productivity and its development in crisis periods, as well as analysis of development of individual indicators from which the productivity was calculated was the key issue of the study. Despite the assumptions of some authors that the pandemic crisis will have a more significant impact on the change of countries economies than the global economic crisis, the study did not support this assumption. The year-on-year changes of the indicator in time of both crises were approximately the same, in some cases we recorded a higher year-on-year decrease in indicators due to the economic crisis and not due to the COVID crisis.
Originality. The development of selected indicators including two types of labor productivity within the global economic crisis and the pandemic crisis COVID-19 was subjected to analysis among Visegrad Group countries.
Practical value. The analysis of economic indicators carried out on a country-by-country basis can later be used as a support in a deeper analysis of individual indicators and productivity, either within regions of countries or individual sections of national economies, in examining the impact of economic and COVID-19 crises.
Keywords: economic crisis, COVID-19, labor productivity, gross value added, employment
References.
1. Galindo-Martin, M.A., Castano-Martinez, M.S., & Mendez-Picazo, M.T. (2021). Effects of the pandemic crisis on entrepreneurship and sustainable development. Journal of Business Research, 137, 345-353. https://doi.org/10.1016/j.jbusres.2021.08.053.
2. Wahidin, D., Akimov, A., & Roca, E. (2021). The impact of bond market development on economic growth before and after the global financial crisis: Evidence from developed and developing countries. International Review of Financial Analysis, 77, 101865. https://doi.org/10.1016/j.irfa.2021.101865.
3. World Bank (2022). World development indicators. Retrieved from https://databank.worldbank.org/source/world-development-indicators.
4. Islam, M.R., Suraiya, S., Zayed, N.M., Hasan, K.B.M.R., Bipasha,M.S., & Nitsenko, V. (2021). Assessing the effect of the COVID-19 pandemic on the government revenues: a study on individual taxpayers of Bangladesh. Naukovyi Visnyk Natsionalnoho Hirnychoho Universytetu, (5), 154-159. https://doi.org/10.33271/nvngu/2021-5/154.
5. Sungmoon, J., Jeong-Dong, L., Won-Sik, H., & Yeongjun, Y. (2017). Growth versus equity: A CGE analysis for effects of factor-biased technical progress on economic growth and employment. Economic Modelling, 60, 424-438. https://doi.org/10.1016/j.econmod.2016.10.014.
6. Corrado, C., Haskel, J., & Jona-Lasinio, C. (2019). Productivity growth, capital reallocation and the financial crisis: Evidence from Europe and the US. Journal of Macroeconomics, 61, 103120. https://doi.org/10.1016/j.jmacro.2019.04.006.
7. Borio, C., Drehmann, M., & Xia, F.D. (2018). The financial cycle and recession risk. EconPapers, BIS Quarterly Review. Retrieved from https://econpapers.repec.org/article/bisbisqtr/1812g.htm.
8. Hamrouni, D. (2022). International diffusion of knowledge labor productivity and catching up between North and South. International Review of Economics & Finance, 77, 170-178. https://doi.org/10.1016/j.iref.2021.09.011.
9. Havlovska, N., Rudnichenko, Y., & Lisovskyi, I. (2019). Transformation processes in the system of providing economic security of investment activities of industrial enterprises. Baltic Journal of Economic Studies, 5(2), 18-23. https://doi.org/10.30525/2256-0742/2019-5-2-18-23.
10. Han, E.J., & Sohn, S.Y. (2016). Technological convergence in standards for information and communication technologies. Technological Forecasting and Social Change, 106, 1-10. https://doi.org/10.1016/j.techfore.2016.02.003.
11. Kim, J., & Lee, S. (2017). Forecasting and identifying multi-technology convergence based on patent data: The case of IT and BT industries in 2020. Scientometrics, 111(1), 47-65. https://doi.org/10.1007/s11192-017-2275-4.
12. Perevozova, I., Shmygol, N., Tereshchenko, D., Kandahura, K., & Katerna, O. (2019). Introduction of creative economy in international relations: Aspects of development security. Journal of Security and Sustainability Issues, 9(1), 139-154. https://doi.org/10.9770/jssi.2019.9.1(11).
13. Abramova, N., & Grishchenko, N. (2020). ICTs, Labour Productivity and Employment: Sustainability in Industries in Russia. Procedia Manufacturing, 43, 299-305. https://doi.org/10.1016/j.promfg.2020.02.161.
14. Green, D., & Loualiche, E. (2021). State and local government employment in the COVID-19 crisis. Journal of Public Economics, 193, 104321. https://doi.org/10.1016/j.jpubeco.2020.104321.
15. Li, J., An, Y., Wang, L., & Zhang, Y. (2022). Combating the COVID-19 pandemic: The role of disaster experience. Research in International Business and Finance, 60, 101581. https://doi.org/10.1016/j.ribaf.2021.101581.
16. Ru, H., Yang, E., & Zou, K. (2021). Combating the COVID-19 pandemic: the role of the SARS Imprint. Management Science, 67(9), 5606-5615. https://doi.org/10.1287/mnsc.2021.4015.
17. Erdem, O. (2020). Freedom and stock market performance during Covid-19 outbreak. Finance Research Letters, 36, 101671. https://doi.org/10.1016/j.frl.2020.101671.
18. Zhang, D., Hu, M., & Ji, Q. (2020). Financial markets under the global pandemic of COVID-19. Finance Research Letters, 36, 101528. https://doi.org/10.1016/j.frl.2020.101528.
19. Brada, J.C., Gajewski, P., & Kutan, A.M. (2021). Economic resiliency and recovery, lessons from the financial crisis for the COVID-19 pandemic: A regional perspective from Central and Eastern Europe. International Review of Financial Analysis, 74. 101658. https://doi.org/10.1016/j.irfa.2021.101658.
20. European statistics. Database (n.d.). Retrieved from https://ec.europa.eu/eurostat/data/database.
Newer news items:
- Innovative intellectual capital in the system of factors of technical and technological development - 25/12/2022 02:37
- Identification of determinants of corruption in government: a mar-spline approach - 25/12/2022 02:37
- Management system for neutralizing the impact of risks on logistics processes during their dynamic changes - 25/12/2022 02:37
- The impact of internationalization to improve and ensure quality education: a case study of Daffodil International University (Bangladesh) - 25/12/2022 02:37
- The impact of professional accountancy organizations on the quality of accounting education - 25/12/2022 02:37
- Legal management and regulation of the activities of professional participants in the stock market of Ukraine - 25/12/2022 02:37
Older news items:
- Digital technologies and their impact on economic and social spheres in Ukraine - 25/12/2022 02:37
- Improving transport logistics of extractive industry products in the context of capacity constraints on the railways - 25/12/2022 02:37
- Computer modeling of territory flooding in the event of an emergency at Seredniodniprovska Hydroelectric Power Plant - 25/12/2022 02:37
- Study on accumulation of heavy metals by green plantations in the conditions of industrial cities - 25/12/2022 02:37
- Heavy metals removal using natural zeolite adsorption from Tigris river water at Samarra city (Iraq) - 25/12/2022 02:37
- Improvement of the safe work system - 25/12/2022 02:37
- Impact of digital maturity on sustainable development effects in energy sector in the condition of Industry 4.0 - 25/12/2022 02:37
- Influence of misalignment of connection of electrical machine shafts on the nature of electric power of the induction motor - 25/12/2022 02:37
- Determination of the deformation parameters of the steel reinforcing phase inside the aluminum matrix during hot rolling - 25/12/2022 02:37
- Minimization of dynamic changes in the tension of long products behind the outlet cage in rolling stock production in coils - 25/12/2022 02:37
