CORONAVIRUS VS. REAL CAUSE OF THE EUROPEAN ECONOMIC CRISIS – COMPARING SLOVAK AND GERMAN NATIONAL MODEL EXAMPLE
CORONAVIRUS VS. REAL CAUSE OF THE EUROPEAN ECONOMIC CRISIS – COMPARING SLOVAK AND GERMAN NATIONAL MODEL EXAMPLE

Summary/Abstract: The main purpose of this study is to present possible causes of the economic crisis in most European countries considering not only the coronavirus, but mainly the development of economic indicators such as wages and labour productivity in the period of 2000-2019. The authors try to prove, that the economic crisis was clearly predictable in the Slovak Republic (and many other European countries) despite the whole coronavirus issue, and they identify the spectrum of the correlation of these developmental features and predictors, but also point out that the interconnection of the analysed issues cannot always represent direct dependence on the long-term sustainable growth of the economy. The authors focus on the question of the possible sustainability of wage development in the Slovak Republic based on the analysis of the relevant determinants as well as in comparison with the often discussed German European example. Comparing the development level and wages structure in the period before and after the national accession into the EMU, the authors try to warn about the resulting problem of the country's economy in connection with the current unsustainability of the growth of wages and labour productivity, which in final was not caused, just accelerated by both government and economic limitations related to coronavirus issue.

• Details
• Contents