Coronavirus in the V4 countries – social, economic impacts, government interventions Cover Image

Koronavírus-járvány a V4-országokban – társadalmi, gazdasági hatások, regionális összefüggések, kormányzati beavatkozások
Coronavirus in the V4 countries – social, economic impacts, government interventions

Author(s): Zoltan Andras Daniel, Katalin Molnárné Barna, Tamás Molnár
Subject(s): Social Sciences, Economy, Geography, Regional studies
Published by: Központi Statisztikai Hivatal
Keywords: Visegrad countries; economic downturn; intervention; automotive industry; tourism; GDP

Summary/Abstract: The COVID-19-epidemic, which began in China at the end of 2019, appeared in the early spring of 2020 in Europe and began to spread rapidly. Each country tried to respond to the rolling out of the epidemic at different speed and in different ways. The interventions were related to nonproliferation mainly. Despite interventions to flatten the epidemic curve, the crisis negatively affected all economies. Experts brought to the fore pessimistic and tragic scenarios. Everyone agreed that the epidemic would affect every country and every industry. Experts also agreed that there are industries (e.g. tourism, hospitality, entertainment) where the crisis will have a very strong negative impact both in the short and long term, while other industries (eg pharmaceuticals) may have cautiously optimistic expectations. During the first wave of the epidemic, countries tried to mitigate the negative effects of the crisis with various economic protection and compensation measures. In our research, we show the impact of the economic crisis caused by the epidemic on the economy of the Visegrad countries between spring 2020 and that of 2021. We analysed which industries are most exposed to the negative effects. We examined how this affected related industries and the society. Considering the regional concentration of the most affected industries, we present the regional aspects of the economic consequences of the crisis in the four countries concerned. We show how infection and mortality rates evolved from the outbreak to March 2021, and what interventions were taken by each state by looking at the economy in a more broad perspective as well as in a narrower sense at each of the key industries. We paid special attention to the measures taken in order to protect the smallest players of the economy (SME sector, consumers) and we also try to estimate the expected impact of the interventions.

  • Issue Year: 61/2021
  • Issue No: 05
  • Page Range: 555-576
  • Page Count: 22
  • Language: Hungarian