Globalization and its impact on Slovak economy during corona crisis

Abstract

Research background: The presented article analysis major impacts of corona crisis on global and subsequently Slovak economy. It divides major impacts into several basic categories. These categories are presented in the methods part of the article. First of all, we analyze and discuss economic impacts, subsequently shocks in supply and demand and at last impacts of policies. These categories contain wide literature research in order to offer complex overview of the topic. The results and discussion part offers comparison of three important economic indicators. Namely gross domestic product, inflation rate and unemployment rate in periods before, during and shortly after the corona crisis. Some of the selected countries play major role in global economy – China, United States and European union. Other selected economies have the most direct impact on Slovak economy like Germany, Czech Republic, Hungary, Poland and Austria. For complex overview, we also included results of Euro area and Italy as a country with the worst course of pandemic. Purpose of the article: Major purpose of presented article is description of major impacts of corona crisis on Global and Slovak economy. The need to shut down individual parts of economies and in some cases total lock down results in important damages. The article underlines these damages. Methods: Among the methods used in this article, the most important one have descriptively analytical character. We also used other methods of formal logic like analysis, graphic method, comparison and synthesis. Findings & Value added: Overview of the major corona crisis impacts on Slovak and global economy during corona crisis.

Keywords

• global economy
• gross domestic product
• unemployment rate
• economic impact
• globalization
• economic policy