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

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