The Economy of EU Member Countries in 2020 from Perspective of Magic Square

Lukas Cibik and Leon Richvalsky

Economic Studies journal, 2023, issue 8, 3-21

Abstract: The aim of our article is to quantify the impacts of COVID-19 disease on four basic aggregate economic indicators, which are set in Kaldor's magic square in EU member countries in the year 2020, as well as to identify changes in the area of the square compared to the five-year average. The result of our article is the finding that, compared to the five-year average, the area of the magic square decreased by more than 15% in 2020 from the point of view of the entire EU. The drop in real GDP in 2020 is particularly significant. There is a general economic decline and economic recession in the EU, with significant disparities between individual countries. However, there is also one member country, Lithuania, which managed to increase the area of the magic square in 2020 compared to its five-year average.

JEL-codes: E66 F63 O11 O52 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:bas:econst:y:2023:i:8:p:3-21

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