Influence of COVID-19 Pandemic on the Economy of Chosen EU Countries

Henrieta Pavolová, Katarína Čulková () and Zuzana Šimková
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Henrieta Pavolová: Institute of Earth Resources, Faculty BERG, Technical University of Košice, Letná 9, 040 02 Košice, Slovakia
Katarína Čulková: Institute of Earth Resources, Faculty BERG, Technical University of Košice, Letná 9, 040 02 Košice, Slovakia
Zuzana Šimková: Institute of Earth Resources, Faculty BERG, Technical University of Košice, Letná 9, 040 02 Košice, Slovakia

World, 2022, vol. 3, issue 3, 1-9

Abstract: The recent outbreak of coronavirus disease (COVID-19) is the worst global crisis, having a considerable influence on the economy of individual states and whole regions. The present paper focuses on the evaluation of macroeconomic indicators influencing the economic development of selected EU countries due to the pandemic situation. The evaluation focuses on the Visegrad group countries through the TOPSIS method, providing a way to find out the best and the worst economic situation of the evaluated countries. Based on the results of the selected indicators in the countries, we found the trend of the economic development in the analyzed period, characterized by development disparities. According to the analyzed data, we constructed the order of the economic development in the countries. The results serve for the prediction of the economic development in the EU due to the pandemic situation from the perspective of the GDP and employment trend, as well as for the creation of future monetary and fiscal policies in the states. The results could also serve for possible scenarios of future pandemic impacts on the economies.

Keywords: Gross domestic product; unemployment; state economy; Visegrad group; TOPSIS method; ranking of the countries (search for similar items in EconPapers)
JEL-codes: G15 G17 G18 L21 L22 L25 L26 Q42 Q43 Q47 Q48 R51 R52 R58 (search for similar items in EconPapers)
Date: 2022
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