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

Author

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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)

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.

Suggested Citation

  • Henrieta Pavolová & Katarína Čulková & Zuzana Šimková, 2022. "Influence of COVID-19 Pandemic on the Economy of Chosen EU Countries," World, MDPI, vol. 3(3), pages 1-9, September.
    • Handle: RePEc:gam:jworld:v:3:y:2022:i:3:p:37-680:d:907579
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    References listed on IDEAS

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    1. Zhang, Dayong & Hu, Min & Ji, Qiang, 2020. "Financial markets under the global pandemic of COVID-19," Finance Research Letters, Elsevier, vol. 36(C).
    2. Ashraf, Badar Nadeem, 2020. "Economic impact of government interventions during the COVID-19 pandemic: International evidence from financial markets," Journal of Behavioral and Experimental Finance, Elsevier, vol. 27(C).
    3. AKM Mohsin & Lei Hongzhen & Syed Far Abid Hossain, 2021. "Impact of COVID-19 Pandemic on Consumer Economy: Countermeasures Analysis," SAGE Open, , vol. 11(2), pages 21582440211, April.
    4. Hongbo Duan & Shouyang Wang & Cuihong Yang, 2020. "Coronavirus: limit short-term economic damage," Nature, Nature, vol. 578(7796), pages 515-515, February.
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